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Shaikh Mohammad, Shaikh Mansour, Shaikh Hamdan
Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance,
Shaikh Nahayan Mabarak Al Nahayan, UAE Minister of Tolerance; Mohammad Abdullah
Al Gergawi, Minister of Cabinet Affairs and the Future at the cabinet meeting.
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The UAE cabinet on Monday approved the
regulatory framework for the issuance of
five and 10-year UAE residence visas to certain categories of applicants.
His Highness Shaikh Mohammad Bin Rashid Al
Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has
announced on Twitter that the regulatory framework to start issuing long-term
residence permits for investors, entrepreneurs, innovators and specialized
talents is now in place. Departments in the UAE will now start receiving
applications, he tweeted on Monday.
“The UAE has been and will remain a destination
for talents... and land to fulfil the dreams of all pioneers", Shaikh
Mohammad added in the tweet, as part of his announcements following a cabinet
meeting held at the Presidential Palace in the capital on Monday.
The UAE Cabinet approved a 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 aims to maintain the position of
the UAE as an optimal business environment. 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.
For investors
The provision defines two categories for
investors:
- Investors in the property of a value of Dh5 million or more will be granted a residence for five years.
- 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 are not less than 60 per cent of the total investment - will be granted a renewable residency visa every 10 years.
For entrepreneurs
The decision also includes the terms to grant a
long-term visa to two categories of
entrepreneurs:
- Those having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country.
- 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 cover
entrepreneurs, partners, three executive directors, spouse and children. The
entrepreneur is allowed entry into the country for six months, multiple-entry
visa period, with renewal for another six months.
For professional talents
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 and
creative individuals in the field of culture and art.
The visa also covers the spouse and children.
All people categorized as professional talents
are required to have a valid employment contract in a specialised field, which
is of priority to the UAE. Depending on this field, the requirements can
include a doctorate degree, publications or global organisation memberships
etc.
