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3 Things to Know about the Long-term Visa announcement in the UAE
The UAE Government is currently in the process of issuing long term visas for 5-year and 10-year period to the foreign investors, entrepreneurs, scientists, professionals, and outstanding students.
The figures shared by the officials indicate that more than 6000 applications were received for long-term visa processing since the announcement on the issuance of the long-term visa was made.
The recent announcement by UAE on issuing long-term Visa is to trigger foreign investment, retain talent, and offer a long term residence guarantee to the foreign investors and the expat population of the UAE.
1. Who Qualifies for the Long-term Visas in the UAE?
Investors, entrepreneurs, executives, as well as specialists working in medicine, science or research and outstanding students are granted permission to stay in the country for up to 10 years.
The government of the UAE is shifting its focus from the Oil and Gas sector to Knowledge-Based economy. The new Visa change is a start to that.
To be eligible for the long term visas there are certain series of requirements the individual must meet.
2. What are the Criteria for the Issuance of Long-term Visa in the UAE?
The investors or the public will be eligible for either a 5 or 10-year residency visa depending on their size of investment in the UAE, educational & professional qualifications.
General Investors with Dh 10 Million+ Investment in the UAE
While those who have an investment through a deposit in an established company or a business partnership worth Dh10m or more will be granted a renewable residency visa every 10 years. An Investor’s spouse, children, as well as one executive director and one adviser can also obtain long term visas.
Real Estate Investment of Dh10 Million+ in the UAE
The property investment of Dh 10 Million must be wholly owned and must be proven by documents showing investment retention of at least three years. There must be a standard financial liability with financial solvency not exceeding Dh 10m.
Those who own property worth Dh 5 million or more will be eligible for a five-year residency visa.
Entrepreneurs with 5 Million+ Investment in the UAE
Entrepreneurs with a previous project worth a minimum of Dh 500,000, or those with the approval of an accredited business incubator in the UAE, will be granted a five-year visa. They will be upgraded to an investor visa provided they meet the requirements.
The start-ups business partners, three executive directors, spouse, and children will also be granted visas under the scheme.
Scientist, Researchers, Doctors – with Accreditation, Work experience, Doctorate
Researchers working in the field of science, as well as doctors, specialists, scientists, and investors, will be granted a 10-year visa. Also, professionals in the field of the creative sector also are eligible for this visa.
In addition, doctors and scientists must meet at least two of the following conditions in their work to qualify for the Visa application:
- A Doctorate degree from one of the world’s top 500 universities
- An Award/Certificate of Appreciation for their work
- A contribution to major scientific research
- Published articles or scientific books in distinguished publications
- Membership of an organization which requires excellence to qualify
- 10 Years of professional experience in the field of work
- Scientists must be accredited by the Emirates Scientists Council.
Holders of the Mohammed bin Rashid Medal for Scientific Excellence are also eligible for the 10-year visa
Creative Professionals with Accreditation and Patents
Creative Professionals working in the fields of the culture and art are also eligible for the long term visas.
Requirements for Creatives to apply for Long Term Visas
- Accredited by the Ministry of Culture and Knowledge Development Inventors
- Holds a patent that adds value to the UAE’s Economy
- Patents documented by patents or scientific research published in world-class journals
Outstanding Students with 95% mark and 3.5 GPA in Graduation
Outstanding students with a grade of at least 95% in school and GPA of at least 3.75 on graduation from universities in UAE & Abroad will be qualified for a 5-year visa for themselves and their families.
Executives with Dh 30,000 Monthly Salary
A recent addition to the long term visa norms is that executive with a monthly salary of Dh30000 or more is eligible for the long term visas. To be eligible they must hold a bachelor’s degree and 5+ years of work experience.
All the long term visa holders are eligible to enter UAE for a 6months period with multiple entry, option to renew for another 6 months, and then apply for the 5 or 10-year visas.
What are the Key Benefits to the UAE Economy from the Long-term Visa reforms?
The new long term visa reforms will significantly change the perception towards UAE from an expat destination to more of a long-term settlement option for foreign investors.
Also, the new Visa reform will invite a lot of foreign investment and help in shaping up a stronger economy in the future with a focus on innovation, entrepreneurship, and non-oil sector growth.
For any assistance regarding the long-term visa processing, feel free to reach out to us right away!
Contact Us: Aurion Business Consultants