UAE cabinet approves long-term visa system

Muscat: The UAE cabinet approved the long-term visa system on Saturday that includes granting 10 year residency visa to investors as well as specialists, and five year visa for exceptional students.
The recently approved decision by the cabinet will create an attractive and encouraging investment environment for the growth of business for investors, entrepreneurs and professional talents.
It will assist investors, entrepreneurs, specialised talents, researchers along with their spouses and children.
However, the decision includes terms and conditions for obtaining long-term visas for the aforementioned categories including outstanding students to attract talents in all vital sectors of the national economy. The visa benefits also ensure a cohesive social structure for the family that will help create a stimulating environment for stability and growth.
For investors, there are two categories they could benefit from.
First, investors in a property of a value of Dh5 million or more will be granted a residence for five years. Second, investors in public investments through a deposit, an established company, business partnership of Dh10 million or more, or a total investment of not less than Dh10 million in all areas mentioned as long as non-real estate investments – not less than 60 per cent of the total investment – will be granted a renewable residency visa every 10 years.
The cabinet decision outlines some conditions for both categories that includes that the amount invested shall be wholly owned by the investor and not loaned, and should be proven by supporting documents; investment retention for at least three years; a standard financial liability with a financial solvency not exceeding Dh10 million; the long-term visa could also be extended to include business partners, provided that each partner contributes Dh10 million, the spouse and the children, as well as one executive director and one advisor.
Moreover, the decision allows investors to enter the country for a six-month period, multiple entry, to apply for the long-term visa requirements. Talking about entrepreneurs, the decision also includes two categories – having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country.
Entrepreneurs will be granted a 5-year visa with a possibility for upgrading to an investor’s visa provided they meet the requirements.
The benefits of the entrepreneurial visa include entrepreneurs, partners, three executive directors, spouse and children.
The entrepreneur is allowed entry into the country for six months, multi-entry visa period, with renewal for another six months.
The decision also includes provisions for granting a 10-year visa for specialised talents and researchers in the fields of science and knowledge for doctors, specialists, scientists, inventors as well as creative individuals in the field of culture and art.
The visa’s advantages include the spouse and the children.
Lastly, the decision also includes provisions for granting a five-year visa to outstanding students with a grade of at least 95 per cent in public secondary schools in public and private schools, and a distinction of at least 3.75 GPA upon graduation from universities within and outside the country. Benefits include families of the outstanding students.