Ten-year visas will be granted to investors, entrepreneurs and specialists in the fields of science and knowledge…
Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced that the UAE cabinet is to begin receiving applications for five and 10 year visas to stay in the UAE as a resident.
The new system will apply to investors, entrepreneurs, innovators and specialists in the fields of science and knowledge. In a Tweet, Sheikh Mohammed said that the new visa system will ensure that the UAE remains ‘a global incubator for talents and a permanent destination for pioneers’.
Those seeking a ten-year visa will also be able to include their spouse and any children.
We also adopted the framework of long-term visas for investors, entrepreneurs, innovators and professional talents. The UAE’s residency departments will start receiving applications. The UAE will remain a global incubator for talents and a permanent destination for pioneers. pic.twitter.com/IL7U2aVApt
— HH Sheikh Mohammed (@HHShkMohd) March 11, 2019
Outstanding students with a grade of 95 per cent in secondary school, and a GPA of at least 3.75 upon graduation from university, will be eligible for a five-year visa for them and their family.
So, who qualifies for the extended visa?
There will be two categories for investors: those purchasing property worth Dhs5 million or more will be granted residency for five years. Those involved in public investments through a deposit, an established company, a business partnership of Dhs10 million or more, or a total investment of at least Dhs10 million (as long as real estate makes up no more than 40 per cent of the total investment) will be granted a renewable residence visa every 10 years.
Entrepreneurs who have a prior project worth a minimum of Dhs500,000, or those who have the approval of an accredited business incubator in the country will be granted a five-year visa with the possibility of upgrading to an investor’s visa.
Specialists in science and medicine
Inventors and doctors, as well as specialists and researchers in medicine, science and creatives in culture and art, will have the opportunity to apply for a 10-year visa.