The Cabinet of the United Arab Emirates has approved a new visa system for entrepreneurs and outstanding professionals.
The UAE Cabinet of Ministers approved a long-term visa system for investors, entrepreneurs, professionals, researchers and outstanding students. The goal of the initiative is to promote and create an attractive investment environment for business growth.
The Cabinet of Ministers approved the conditions for obtaining long-term visas to attract personnel in all strategically important sectors of the national economy. It is stated that visas are also granted to spouses and children of people from the above categories.
The decision defines two categories of investors: real estate investors worth 5 million dirhams ($ US 1.36 million) and above (they are granted a five-year visa) and investors in state assets through a deposit, company formation, business partnership for a total value of 10 million dirhams ($ US 2.72 million) and above (they are granted a renewable visa for 10 years). The latter category also includes investors who have invested at least 10 million dirhams in UAE assets, of which real estate investments account for no more than 40%.
The new system assumes that the invested amount is wholly owned by the investor and is not a loan. Investments are held for at least 3 years. A long-term visa can also be granted to business partners, provided that each partner contributes 10 million dirhams, spouses and children, as well as one executive director and one legal adviser.
The initiative also involves the granting of a long-term visa to two categories of entrepreneurs: people who already have a project in the UAE jurisdiction (with a minimum valuation of 500 thousand dirhams; $ US 136 thousand) or with the approval of an accredited business incubator. Entrepreneurs are granted a five-year visa with the possibility of switching to an investor visa if they meet the requirements at the time of application. An entrepreneurial visa also extends to partners, three top managers, spouses and children.
According to a new decision of the Cabinet of Ministers, specialists, scientists, doctors and figures in the field of culture and art can also apply for a visa for a period of 10 years. Representatives of all categories need to have a valid labor contract in specialized areas.
Long-term visas apply to doctors and specialists who meet at least two of the following conditions:
- They have a PhD in one of the 500 best universities in the world;
- Have awards or certificates of appreciation for work in the jurisdiction of the applicant;
- Contributed to major scientific research related to the work of the applicant;
- Scientific articles were published in significant sources in the field of the applicant's work;
- Have a membership in an organization related to the work of the applicant, which requires outstanding success to apply;
- Have a Ph.D. in addition to 10 years of professional experience in the field of work of the applicant;
- They have specialization in priority areas for the UAE (additional requirement for doctors);
- Accredited by the Emirates Scientists Council (condition for researchers);
- Possess Mohammed bin Rashid Medal for achievements in science.
Representatives of creative professions need accreditation from the UAE Ministry of Culture and Knowledge Development, a patent with the approval of the Ministry of Economy or other confirmation of outstanding talents.
A long-term visa is also available to outstanding students, owners of leading, well-known and internationally recognized companies, owners of significant academic achievements, professional experience and skills (for example, engineers with a rare specialty).
