In the latest update to the United Arab Emirates (UAE) visa system, the UAE Cabinet has approved the highly anticipated long-term visa for investors, entrepreneurs, specialized talents, researchers in the fields of science and knowledge and outstanding students.
The purpose of the new visa will be to encourage investment within the UAE as well as to encourage the growth of business and to maintain the position of the UAE as an investment and business orientated environment by supplementing and growing the vital areas of the economy.
There are two categories of renewable visas available to investors within the UAE who can:
- Invest in property with a value of AED 5,000,000 and in return investors will be awarded a five-year residence visa.
- Make public investments whether by deposit or in business of AED 10,000,000 or more and which may include property investments, provided they do not make up more than 40% of the investment. Such individuals will be entitled to a 10-year visa.
Both categories need to fulfill the following conditions.
- The investment amount shall be debt free and singularly owned by the investor
- In cases with business partners, provided each partner invests AED 10,000,000 they will also be entitled to have the 10-year visa extended to them as well as including one advisor and one executive director.
- The investment must be retained for at least 3 years.
- The investors can enter the country for a period of six months with multiple entry to apply for long term visa.
The visa can include the immediate family of the investor without the need for further investment.
There are two categories of long-term visas for entrepreneurs with two separate requirements, namely:
- They must have had a previous project worth a minimum of AED 500,000.
- They must have the approval of an accredited business incubator within the UAE.
As with the investor visa, this visa would extend to the entrepreneur’s immediate family and can further be extended to partners and three executive directors.
Entrepreneurs may enter the country for 6 months (multiple entry) with the chance to renew for another six months.
Specialized talents & researchers in the fields of science and knowledge.
This visa is applicable to researchers in the fields of science and knowledge, for doctors, specialists, scientists and inventors and to creative individuals in the field of culture and art.
Each person under this visa must have valid employment in one of the applicable fields and a fulfil the various conditions for each category: (Note not all categories require every requirement but the relevant categories must fulfil at least one of the requirements for their field)
- Published articles or scientific books in distinguished publications within the field of work of the applicant.
- Membership to an exclusive organization with high requirements within the field of work of the applicant.
- Holder of a PhD from one of the top 500 (five hundred) universities in the world.
- Holder of a PhD in addition to 10- year professional experience in the applicant’s field of work.
- Holder of awards related to the field of work for the applicant.
- Contributions to the research and the field of the applicant.
- Specialization in areas of priority in the UAE (required for doctors).
- Scientists must be accredited by the Emirates Scientists Council.
- Holders of the Mohammed bin Rashid Medal for Scientific Excellence.
- Creative individuals in culture and art must be accredited by the Ministry of Culture Knowledge Development Inventors.
- Hold a patent of value from the Ministry of Economy Exceptional Talents.
- Owners of well-known internationally leading companies or specialists in a field that are recognized as such and hold a university degree supporting that specialty.
Again, the visa extends to the applicant’s immediate family.
Where students have shown to be exceptional in their schooling they will be eligible for a 5 year visa. Students with a grade of at least 95% in secondary public or private schools or a student with a GPA of at least 3.75 upon graduation from a local or international university will be eligible to apply for this visa. The visa will extend to the student’s families of the outstanding student.
How Can We Help?
The new 10-year visa policy is a landmark decision that has been welcomed by residents and investors throughout the UAE. It will undoubtedly bring new investment to and allow for more opportunities within the UAE. Given the various requirements to be fulfilled before a person may qualify such visas, applicants may feel a certain degree of uncertainty as to whether they qualify or regarding the application process itself. BSA can assist with any queries pertaining to long-term visa and the application process. Should you require assistance, do not hesitate to contact us at firstname.lastname@example.org