The UAE cabinet on Monday approved the regulatory framework for the issuance of residence permits to investors, entrepreneurs and innovators.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has announced on Twitter that the regulatory framework to start issuing long-term residence permits for investors, entrepreneurs, innovators and specialised talents is now in place. Departments in the UAE will now start receiving applications, he tweeted on Monday.
“The UAE has been and will remain a destination for talents… and a land to fulfill the dreams of all pioneers”, Shaikh Mohammad added in the tweet, as part of his announcements following a cabinet meeting held at the Presidential Palace in the capital on Monday.
In November 2018, the UAE issued a decision to adopt a new system of entry visas for investors and professional talents by providing them with long-term visas.
The UAE Cabinet has approved a long-term visa system for investors, entrepreneurs, specialised talents and researchers in the fields of science, knowledge and outstanding students to facilitate business and create an attractive and encouraging investment environment for the growth of business for investors, entrepreneurs and professional talents.
The decision aims to maintain the position of the UAE as an optimal business environment. The visa benefits also include the spouse and the children to ensure a cohesive family and social structure and to create a stimulating environment for stability and growth.
The provision defines two categories for investors:
- Investors in a property of a value of Dh5 million or more will be granted a residence for five years.
- 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 are not less than 60 per cent of the total investment – will be granted a renewable residency visa every 10 years.
The decision also includes the terms to grant long-term visa to two categories of entrepreneurs:
- Those 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 five-year visa with a possibility for upgrading to an investor’s visa provided they meet the requirements.
The benefits of the entrepreneurial visa cover entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multiple-entry visa period, with renewal for another six months.
For professional talents
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 and creative individuals in the field of culture and art. The visa also covers the spouse and children.
All people categorised as professional talents are required to have a valid employment contract in a specialised field, which is of priority to the UAE. Depending on this field, the requirements can include a doctorate degree, publications or global organisation memberships etc.
The UAE government has already granted the first batch of long-term visas to 20 expatriates who are the winners and finalists of the Mohammed bin Rashid Medal for Scientific Distinction.
Published on 11 March 2019 - Courtesy: Gulf News