The long-term residency visas for expatriates from five select categories has come into force, permitting them to stay in the UAE for up to 10 years.
It grants long-term stay in the country to investors, real estate investors, entrepreneurs, talented people like doctors, researchers, innovators and outstanding students.Applicants under all these five categories — including outstanding students — will be granted a renewable residency visa and will be permitted to sponsor their spouses and children.
These categories include general investors who will be granted a 10-year visa, real estate investors, who can get a visa for five years, along with entrepreneurs and talented professionals such as doctors, researchers and innovators 10 years.
The fifth category — outstanding students — will also be permitted residency visas for five years. All categories of visas can be renewed upon expiry.
Expats can apply under investors category, once they qualify during their stay.New long-term visa categories
INVESTORS - 10 YEAR VISA
Conditions:
■ Public investment via deposit or company (not less than Dh10 million)
■ Non-real estate investments shouldn’t be less than 60 per cent of total investments
■ Investor should hold full ownership – not loan. Or he can prove that he reserves rights of investments for three years as minimum.
■ Asset should not be encumbered by claims that impair the appropriateness of the financial value of Dh10 million
Benefits:
■ 10-year visa is renewable
■ Possibilities of having partners with a condition that each partner should invest Dh10 million
■ Visa for spouse and children for 10 years
■ 10-year visa for one executive director and one advisor
■ Six month validity entry visa with permits for multiple travels
Visa Cost: Dh1350 (family visa also available at the same cost)
REAL ESTATE INVESTORS - 5 YEAR VISA
Conditions:
■ Total investment in real estate should not be less than Dh5 million
■ Investor should hold ful lownership – not loan. Or he can prove that he reserves rights of investments for three years as minimum
■ Financial asset should not be encumbered by claims that impair the appropriateness of the financial value
Benefits:
■ Five years renewable residency visa
■ Five years visa for spouse and children
■ Five years visa for one executive director and one advisor
■ Six month validity entry visa with permits for multiple travels
Visa Cost: Dh650
ENTREPRENEURS - 5 YEAR VISA
Conditions:
■ Owning a project with a value of not less than Dh500,000 with accreditation certicates from the government
Benefits:
■ Five year visa, which can be upgraded to investors visa
■ Five year visa for spouse and children
■ Six month validity entry visa with permits for multipletravels. This also can be extended for another six months
■ Five year visa for three executive directors.
Visa Cost: Dh650
RESEARCHERS/SCIENTISTS, DOCTORS, INNOVATORS - 10 YEAR VISA
Conditions:
■ Existence of a valid work contract and with specialisation in fields that are prioritised in the country
Benefits:
■ 10 year renewable visa
■ 10 year visa for spouse and children
OUTSTANDING STUDENTS - 5 YEAR VISA
Conditions:
■ Student should have at least 95 per cent in secondary school with a distinction of 3.75 GPA upon graduation from any university
Benefits:
■ Five year renewable visa
■ Five year renewable visa for his family
Visa Cost: Dh650
Website
Those interested in obtaining these visas can apply online at the authority’s website
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The UAE has done this to retain talent and maintain an attractive environment for business and investors.
Such visas are only available to entrepreneurs, investors and specialist talents in the field of science and research, as well as exceptional students. Visas include spouse and children of the recipient.
1-Investors (10-yr visa)
Two categories of investors benefit from this, and the decision includes provisions to grant them the visas.
Investors in a property of a value of Dh5 million or more will be granted a residence for five years, while investors in public investments through a deposit, an established company, business partnership of Dh10 million or more, or a total investment of not less than Dh10 million in all areas mentioned as long as non-real estate investments [ not less than 60 per cent of the total investment [will be granted a renewable residency visa every 10 years.
The Cabinet decision outlines the following conditions for both categories:
>The amount invested shall be wholly owned by the investor and not loaned, and should be proven by supporting documents
>Investment retention for at least three years
>A standard financial liability with a financial solvency not exceeding Dh10 million
> The long-term visa could also be extended to include business partners, provided that each partner contributes Dh10 million, the spouse and the children, as well as one executive director and one advisor.
However, the decision allows investors to enter the country for a six-month period, multiple entry, to apply for the long-term visa requirements.
2-Outstanding students
The decision also includes provisions for granting a 5-year visa to outstanding students with a grade of at least 95 per cent 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.
3-Entrepreneurs (5-yr visa)
Entrepreneurs will be granted a 5-year visa with a possibility for upgrading to an investor's visa provided they meet the requirements. The decision also includes the terms to grant long-term visa to two categories of entrepreneurs; having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country.
The benefits of the entrepreneurial visa include entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multi-entry visa period, with renewal for another six months.
The decision also includes provisions for granting a 10-year visa for specialised 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.
All categories are required to have a valid employment contract in a specialised in fields of priority for the UAE, and the conditions for each category are defined as follows:
>Scientists:
- To be accredited by the Emirates Scientists Council
- Holders of the Mohammed Bin Rashid Medal for Scientific Excellence.
>Creative individuals in culture and art
- Accredited by the Ministry of Culture and Knowledge Development
>Inventors
- Obtain a patent of value added to UAE's economy with the approval of the Ministry of Economy
>Exceptional Talents:
- Those who have exceptional talents that are documented by patents or scientific research published in world-class journals
>Executives:
- Owners of leading, well-known and internationally recognised companies
- Holders of high academic achievement, professional experience, and position (Example, 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
Criterion for doctors and specialists
Requires at least 2 of the conditions mentioned below:
1-Holder of a PhD degree from one of the top 500 universities in the world
2- Holder of an award or certificates of appreciation for the work in the applicant's jurisdiction
3-Contribution to a major scientific research related to the work of the applicant
4-Published articles or scientific books in distinguished publications in the field of work of the applicant
5-Membership in an organisation related to the work of the applicant, which requires excellent work to accept membership
6- A PhD degree in addition to 10-year professional experience in the applicant's field of work.
7-Specialisation in areas of priority to the UAE (additional requirement for the doctor)
8-Scientists accredited by Emirates Scientists Council.
9-Holders of Mohammed Bin Rashid Medal for Scientific Excellence.
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100% ownership
2019 will witness approval for 100 per cent foreign ownership of UAE companies, which is currently only permitted in the free zones.
Allowing 100 per cent foreign ownership of companies will make the UAE a much more attractive destination for investors looking to acquire local companies or set up operations in the UAE.
UAE retirement law which will allow expatriates above 55 years to stay in the UAE for five years. The law outlines the requirements to qualify for the long-term visa as having an investment in a property worth Dh2 million, or having financial savings of no less than Dh1 million, or having an active income of no less than Dh20,000 per month.
The retirement age of expatriates in the UAE is between 60 to 65 years old.
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The list of scientists, who have been granted the 10-year residency visas include:
1. Dr. Lihadh Al Gazali, Senior Consultant at the Clinical Genetics and Paediatrics at the UAE University who won the second edition of the Mohammad Bin Rashid Medal for Scientific Excellence.
2. Dr Hassan Arafat, a professor at Khalifa University, who won the medal in its first edition in recognition of his contributions to scientific research and development of technology for water desalination and treatment based on renewable energy.
3. Dr. Omar Yaghi, Founding Director — Berkeley Global Science Institute, who received Lifetime Achievements Award for his scientific works.
4. Dr. Andrea Macchio. Associate Professor at the Physics Department and Head of the Physics Programme, New York University-Abu Dhabi.
5. Dr. Fikri Abu Zeedan, Professor and head the Incidents Research Group at the Department of Surgery, Faculty of Medicine and Health Sciences, UAE University.
6. Dr. Enas Al Nashef, Associate Professor at the Department of Chemical Engineering, Khalifa University.
7. Professor Linda Zou, Khalifa University
8. Dr. Afaf Kamal Al Deen, Professor at the Department of Food Science, UAE University
9. Dr. Ala’a Al Dahhan, Professor at the Department of Geology in the UAE University
10. Dr. Lourdes F. Vega, Honorary Professor at the Gas Research Centre, Khalifa University.
11. Dr Lakmal Seneviratne, director of Khalifa University Centre for Autonomous Robotic Systems at Khalifa University.
12. Professor Wesley Cantwell, Director of Aviation Innovation Research Centre (ARIC) and Professor in the Department of Aerospace Engineering at Khalifa University.
13. Dr. Ernesto Damiani, Founding Director of Khalifa University Centre of Physical Cyber Systems.
14. Dr. Galeb Al Hussaini, Professor of Chemical Engineering and Head of Chemical Engineering at Dana Gas.
15. Dr. Abdul Rahim Nimar, Professor of Physiology at the Faculty of Medicine and Health Sciences, UAE University.
16. Dr. Omar Amin, Professor of Biology at UAE University
17. Dr. Ehab Al Saadani, Professor of Chemical Engineering at Khalifa University.
18. Dr. Abdo Adam, Professor at the Faculty of Medicine and Health Sciences, UAE University.
19. Dr Ernest Adghati, Professor at the Department of Anatomy in the Faculty of Medicine and Health Sciences at UAE University.
20. Dr. Hatem Zeineldin, Professor of Electrical and Computer Engineering at Khalifa University
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