São Paulo – The UAE government has approved the regulatory framework for issuance of five- and ten-year residence visas. In the first half of last year, the Arab country had announced it would grant long-term visas to investors, entrepreneurs and some scientists and students.
Vice president and prime minister Mohammed bin Rashid Al Maktoum tweeted this Monday (11) that the regulatory framework for issuance of long-term visas is in place, and applications are being accepted at this time. “The UAE has been and will remain a destination for talents… and a land to fulfill the dreams of all pioneers,” he wrote.
In addition to investors and entrepreneurs, ‘specialized talents’ and researchers in the fields of science, knowledge and outstanding students are eligible for the visas. The goal is to “create an attractive and encouraging investment environment” in the country, Gulf News reported.
Ten-year visas are available to those investing at least AED 10 million (USD 2.7 million at current exchange rate), through a deposit, an established company or a business partnership.
The amount invested must not be loaned, the investment should be retained for a least three years and there should be a financial solvency up to AED 10 million. Visas may include a spouse, children, one executive director and one advisor.
Five-year long visas will be made available to persons with specialized talents and researchers in the fields of science and knowledge such as doctors, specialists, scientists, inventors, as well as creative individuals in the field of culture and art. All categories are required to have a valid employment contract in a specialized field of a priority in the UAE. Inventors must obtain a patent of value approved by the Ministry of Economy.
Also eligible for five-year residence visas are those investing in a property with a gross value of at least AED 5 million (USD 1.3 million), provided that the amount invested is not on loan, and that the property be maintained for at least three years.
Entrepreneurs can apply provided they have an existing project with a minimum capital of AED 500,000, or those the approval of an accredited business incubator in the country. Visas here include a partner and three executives.
Outstanding students are required a minimum grade of 95% in public and private secondary schools. University students within and outside the country are required to have a distinction GPA of at least 3.75 upon graduation. These visas include students’ families. Some of the visas – including those for investors, entrepreneurs and talents – are extended to spouse and children.
For more on the visas get in touch with the Federal Authority for Identity and Citizenship (ICA) at the toll-free number +971 600522222 or through ICA’s feedback platform. Visa issues can be checked with the General Directorate of Residency and Foreigners Affairs (GDRFA) in each of the emirates.
People outside the UAE should get in touch with the local UAE consulate or embassy for information and procedures. Further information on the new long-term visas is available here.
Translated by Gabriel Pomerancblum
