Why the UAE rolled out new visa schemes
Long-term residency will attract top expat talents and spur innovation
The UAE’s decision to offer long-term visas to property investors, scientists and entrepreneurs is part of its ongoing efforts to support the country’s move towards a globally competitive knowledge economy and diversify its businesses away from the traditional reliance on oil, according to analysts.
On Saturday, the UAE Cabinet announced long-term visas of up to 10 years. Until now, visas for expats have been valid for two or three years.
10years
Under the new rules, five-year residency visa will be granted to owners of UAE real estate worth at least Dh5 million, while renewable 10-year visas will be provided to expats with investments of at least Dh10 million if non-real estate assets account for at least 60 per cent of the total.
Investors will be allowed to bring spouses and children into the country.
5year
Other rules offer five-year visas to entrepreneurs and 10-year visas for scientists and researchers with top qualifications. Outstanding students can stay for five years.
Analysts welcomed the government’s long-term strategic direction, and said the decision would positively impact investment and employment trends.
Jean-Paul Pigat, head of research at Lighthouse Research in Dubai, said the new visas were a step in the right direction and hoped that the policies would be further broadened so that even larger numbers of residents could qualify.
Investors/Real Estate Entrepreneurs
The Fineprint
- The amount invested in real estate must be paid and not loaned
- The property must be retained for at least 3 years
- The visa could be extended to include business partners, provided that each partner contributes Dh10 million
The Questions
- Will the property valuation of Dh5 million (5-year visa) and Dh10 million (10-year visa) extend to all types of commercial real estate?
- Does the visa eligibility apply to existing property that had been acquired for Dh5 million or more?
Outstanding Students
The Fineprint
- Five-year visa for students with a grade of at least 95% in secondary schools, with a distinction of 3.75 GPA upon graduation from any university
- The long-term visa benefit will be extended to include families of the outstanding students
Special Talents: Innovators and Executives
The Fineprint
- Creative individuals must be accredited by the Ministry of Culture and Knowledge Development
- Inventors must obtain a patent of value added to UAE’s economy with the approval of the Ministry of Economy
- Exceptional talents must be documented by patents or scientific research published in world-class journals
- Executives must be owners of well-known and globally-recognised companies
- They must also be holders of high academic achievement, professional experience and position
Doctors and Scientists
The Fineprint
- Holder of a PhD degree from one of the top 500 universities in the world
- Holder of an award for the work in the applicant's jurisdiction
- Contribution to a major scientific research related to the work of the applicant
- Published articles or books in distinguished publications in the field of work of the applicant
- Membership in a selective entry organisation related to the work of the applicant
- PhD in addition to 10-year professional experience
- Specialisation in priority areas to the UAE for doctors
- Scientists accredited by Emirates Scientists Council
- Holders of Mohammad Bin Rashid Medal for Scientific Excellence