Expats welcome new visa rules
Some analysts call for further clarity on eligibility criteria
The UAE’s strategic decision to offer long-term visas for investors and top talent expats was applauded by a wide cross-section of residents yesterday, who said the new system would increase stability and business confidence in the country.
The new 5- and 10-year visas will be given to entrepreneurs, investors, specialist doctors, scientists and top students.
“The decision will promote economic growth and further consolidate the UAE’s position as one of the world’s most competitive economies,” Adeeb Ahamed, chief executive officer of LuLu International Exchange, told Gulf News.
According to Sultan Butti Bin Mejren, Director-General of the Dubai Land Department, the move will help Dubai “remain on the list of destinations most attractive to investors.” Some analysts, however, sought further clarity on the eligibility criteria, such as whether real estate valuations will count with retrospective effect or on existing property.
Dr Ashraf Khalil, professor of computer science at Abu Dhabi University, said longterm stability was crucial for scientists and the decision would benefit higher education institutions.
The UAE’s decision to offer long-term visas to property investors, scientists and entrepreneurs is part of its ongoing efforts to support the country’s move towards a globally competitive knowledge economy and diversify its businesses away from the traditional reliance on oil, according to analysts.
On Saturday, the UAE Cabinet announced long-term visas of up to 10 years. Until now, visas for expats have been valid for two or three years.
Under the new rules, fiveyear residency visa will be granted to owners of UAE real estate worth at least Dh5 million, while renewable 10-year visas will be provided to expats with investments of at least Dh10 million if non-real estate assets account for at least 60 per cent of the total. Investors will be allowed to bring spouses and children into the country.
Other rules offer five-year visas to entrepreneurs and 10year visas for scientists and researchers with top qualifications. Outstanding students can stay for five years.
Analysts welcomed the government’s long-term strategic direction, and said the decision would positively impact investment and employment trends. Jean-Paul Pigat, head of research at Lighthouse Research in Dubai, said the new visas were a step in the right direction and hoped that the policies would be further broadened so that even larger numbers of residents could qualify.