Implementation of Long Term Visas in UAE
January 15, 2019
Investors, entrepreneurs, students, aged people and specialists working in fields of medicine, science or research will be eligible for a 5 or 10-year residency visa depending on the size of their investment in the UAE. The investor's spouse, children, one executive director, and one adviser will also be able to obtain long-term visas
- Investors with property worth AED 5 million or more could soon be granted five-year residency visas. Visa renewal is subject to maintaining ownership of the property.
- Investors having public investments through a deposit, an established company, business partnership of AED 10 million or more, or a total investment of not less than AED10 million, provided real estate investments are less than 60% of the total investment shall be granted renewable visa for 10 years ;
- Entrepreneurs with a former business worth a minimum of AED 500,000, or those boasting the approval of an accredited business incubator in the UAE, will be given a 5-year visa. An entrepreneur's business partners, three executive directors, spouse, and children will also be granted visas under the scheme;
- Aged people with the age of 55 or above eligible for 5-year retirement visa upon meeting the criteria of ownership of property worth at least AED 2 million or proof savings worth AED 1 million or proof of income of AED 20,000 per month;
- Professionals consisting of Doctors, scientists, inventors, specialists in culture and art and researchers working in science and knowledge will be granted a 10-year visa;
- Students with an average marks of 95% in school and a grade point average of at least 3.75 on graduation from universities in the UAE and abroad will qualify for a five-year visa.
full ownership of companies based in the UAE is currently limited to free zones, the new law is expected to attract foreign investors looking to set up or acquire local companies in the Gulf country.
Last Updated: 15th January 2019This article is contributed by: