The UAE will officially begin accepting applications for long-term residence visas for investors, entrepreneurs and key professionals from 3 February 2019.
In November 2018, the UAE cabinet approved new long-term residence visas, and announced further details of the qualifying requirements. Under the previous rules, residence visas were only valid for up to three years.
Who will qualify?
A ten-year visa is available for specialists in science and knowledge subject to certain conditions.
The eligible categories include: doctors, specialists, scientists, exceptional talents, executives and educational specialists. There are specific conditions to be fulfilled by each of these categories to qualify.
Executives may be granted this visa is they have a minimum bachelor’s degree, have a minimum professional experience of five years, earn a minimum salary of AED 30K, have a valid employment contract in the UAE and health insurance.
A multi-entry visa with a validity of six months will be issued to these categories of applicants to facilitate the completion of all immigration procedures in the UAE.
Dependent family members may also be eligible for a long-term visa.
Investors in a property worth at least AED 5 million can obtain a five-year visa;
Investors in public investments (not property) through a deposit, an established company a business partnership of at least AED 10 million or a total deposit of at least AED 10 million can obtain a ten-year visa.
The amount invested must be wholly owned by the investor (not a loan) and invested for at least three years.
Dependents of the investor, as well as one executive director and one adviser, are also eligible for a long-term visa.
Investors can enter the country multiple times over a six-month period to apply for the long-term visa.
A five-year multiple-entry visa will be available for entrepreneurs either having a previous project of at least AED 500,000 or the approval of an accredited UAE business incubator.
An upgrade to an investor visa may be possible. Dependents, a business partner and three executive directors are also eligible for long-term visas.
Employers who may benefit from the new long-term visas are advised to contact Visa Lounge Global Immigration for the latest information.