A new long-term visa system has been approved in the UAE that aims to boost the country’s economy and real estate market.
Foreign investors who have put over 10 million dirhams into the economy can now avail of renewable 10-year visas, while owners of real estate worth at least five million dirhams can apply for five-year residencies.
The new rules follow an announcement earlier this year by the UAE government stating it would ease visa and residency rules. The 10-year visas are available if at least 60 percent of the investment is in non-real estate assets, and allows investors to bring their spouse and children into the country.
The five-year residencies for property owners is applicable if the ownership is not based on loans. Other rules offer five-year visas to entrepreneurs and 10-year visas for scientists and researchers with top qualifications. Outstanding students can stay for five years.
A government spokesperson said: “The decision of the Cabinet will facilitate visas for investors, entrepreneurs, specialised talents, researchers – including their spouses and children – and create an encouraging environment for the growth of business for investors, entrepreneurs and professional talents.
“The decision includes the terms and conditions for obtaining long-term visas for all the above-mentioned categories as well as outstanding students to attract talents in all vital sectors of the national economy. The visa benefits for the family ensures a cohesive social structure that will create a stimulating environment for stability and growth.”