Cabinet approves long-term visa system

CABINET DECISION TO ALSO BENEFIT TWO CATEGORIES OF ENTREPRENEURS, SPECIALISED TALENTS, THEIR SPOUSES AND CHILDREN

The UAE Cabinet announced yesterday that it has approved a long-term visa system for investors, entrepreneurs, academics, students and people with “specialised talents.” According to the statement, the new visa will “facilitate business and create an attractive and encouraging investment environment for the growth of business“and aims to maintain the position of the UAE as an optimal business environment.

The new system will include 10-year residency visas, including visas for spouses and children. The decision also includes provisions for granting a 5-year visa to outstanding students. In May the UAE announced sweeping new reforms to allow 100 per cent foreign ownership in companies and long-term residence visas for skilled and creative employment categories.

“Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents to the UAE,” said Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, at that time.

The decision outlines the terms and conditions for obtaining the new long-term visas.

Investors in public investments — through a deposit, an established company, business partnership of Dh10 million or more — will be granted a renewable residency visa every 10 years.

The UAE Cabinet yesterday announced terms of a long-term visa system for investors, entrepreneurs, specialised talents, including doctors and researchers in the fields of science and knowledge, as well as outstanding students.

The new decision of the cabinet follows its previous decision approved earlier this year to grant investors a 10-year residency visa, as well as to grant residency visas of up to 10 years for specialists in the medical, scientific, research and technical fields, and for scientists and creative talents in culture and arts.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.

For investors, the decision includes the provisions to grant investors from the UAE and abroad a long-term visa. It 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.

Meanwhile, investors in public investments — through a deposit, an established company, business partnership of Dh10 million or more — will be granted a renewable residency visa every 10 years.

Investors with a total investment of not less than Dh10 million in all the areas mentioned (as long as non-real estate investments are not less than 60 per cent of the total investment) are also eligible.

“The cabinet decision outlines the following conditions for both categories: 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 and a standard financial liability with a financial solvency not exceeding Dh10 million,” an official statement said.

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 adviser.

The decision allows investors to enter the country for a sixmonth period, multiple entry, to apply for the long-term visa requirements, it explained.

Entrepreneurs

“The decision also includes the terms to grant long-term visas to two categories of entrepreneurs — having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country,” it said, adding that entrepreneurs will be granted a five-year visa with the possibility to upgrade 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, multiple entry visa period, with renewal for another six months.

Specialised 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 as well as creative individuals in the field of culture and art. The visa’s advantages include the spouse and the children. All categories are required to have a valid employment contract in a specialised in fields of priority for the UAE.

The conditions for each are defined as follows:

Doctors and specialists require at least two of the conditions from the following: holder of a PhD degree from one of the top 500 universities in the world; holder of an award or certificates of appreciation for the work in the applicant’s jurisdiction; contribution to a major scientific research related to the work of the applicant; published articles or scientific books in distinguished category publications in the field of work of the applicant; membership in an organisation related to the work of the applicant, which requires excellent work to accept membership; a PhD degree in addition to 10-year professional experience in the applicant’s field of work.

For creative individuals, they need to obtain a patent of value added to UAE’s economy with the approval of the Ministry of Economy. They include those who have exceptional talents that are documented by patents or scientific research published in world-class journals.

Also included in the category are executives who are owners of leading, well-known and internationally recognised companies; holders of high academic achievement, professional experience, and position (eg, an engineer in a rare speciality with a university degree and working in a private company in the UAE).

Outstanding students

The decision also includes provisions for granting a fiveyear 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.