UAE Cabinet approves long-term visa system
November 25, 2018
UAE Cabinet approves long-term visa system. The decision aims to maintain the position of the UAE as an optimal business environment. Long term visas will be granted to investors, entrepreneurs, specialists in the medical, scientific, research and technical fields and outstanding students.
The UAE Cabinet approved 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 of the Cabinet follows the decision approved earlier this year to grant investors a ten-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 of culture and arts, including their spouses and children. The decision aims to maintain the position of the UAE as an optimal business environment.
The decision includes the terms and conditions for obtaining long-term visas for investors, entrepreneurs, specialized talents, researchers in the fields of science and knowledge, and outstanding students to attract talents in all vital sectors of the national economy. 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.
- Investors: There are two defined categories for investors: Investors in a property of a value of 5 million dirhams or more will be granted a residence for five years, and investors in public investments through a deposit, an established company, business partnership of 10 million dirhams or more, or a total investment of not less than 10 million dirhams in all areas mentioned as long as non-real estate investments are not less than 60% of the total investment, will be granted a renewable residency visa every 10 years.
- Entrepreneurs: Those having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country can receive a long-term visa. 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 include entrepreneurs, partners, three executive directors, spouse and children.
- Specialised talents and researchers in the fields of science and knowledge: The decision also includes provisions for granting a 10-year visa for specialized 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.
- Executives: Owners of leading, well-known and internationally recognised companies - Holders of high academic achievement, professional experience, and position (eg, an engineer in a rare specialty with a university degree and working in a private company in the UAE). The inclusion of this category aims at maintaining current competencies and attract new competencies.
- Outstanding students: The decision also includes provisions for granting a five-year visa to outstanding students with a grade of at least 95% 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.
The 10-year-visa policy announced this week by the UAE opens up new vistas of enduring opportunities in many domains, but the health and education sectors, understandably, enjoy a particular accentuation. The longevity of the visa for highly skilled health professionals directly translates into an enhanced profile of specialised, intensive, health-care skills that are critical assets, particularly in the lead-up to the UAE’s 2021 National Agenda goals. The sooner the top tier of medical professionals opt to make the UAE their operational base, the stronger the incentive for investors to come flocking to this market.
The true worth of experience can only be realised in its applicability and by helping retain specialised brain power, the UAE will fortify its appeal as a medical hub, which also includes the medical tourism objective, that is witnessing impressive growth year upon year. The long-term visa policy will also directly lead to a more stable demographic reality that will anchor progress as more of a guarantee than a projection. This principle works equally well in the field of education, with the five-year visa for students, and a 10-year-visa for high performers, working as a trigger for students to pursue a career in the UAE. For parents who opt to educate their children in UAE schools and universities, the prospects of their wards making a life here provides exceptional comfort and gratitude.
This strategy fulfills the oldest known success formula: Retention of home-grown talent and its indigenous contributions to the full spectrum of national contribution. The new visa policy, thus, will further strengthen the sectors, making UAE the country of choice for people from all walks of life.