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New UAE long-term visas to start in February
| Published: | 25 Jan at 6 PM |
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The UAE government has announced the start date of its new long-term residence visas as February 3.
UAE long-term residence visas due to be issued from February
The new visas are intended for entrepreneurs, investors, outstanding students and expats with specialised talents and will allow holders to study, live and work in the emirates without having to provide a sponsor. Those lucky enough to get one will also be allowed to have 100 percent ownership of their businesses as long as they are located on the UAE’s mainland. The visas are to be issued for either five or ten years and will be automatically renewed, making living long-term in the UAE far less stressful for wealthy expats.
10-year visas will be granted in exchange for either an investment of AED 10 million or more in a UAE-based fund, a company investment with the same financial requirement, partnering in a new or established business with a share value of the same amount, or making a total investment of 10 million in all the above on condition that property investment makes up only 40 per cent of the total. Conditions include that the investment must come from capital rather than a loan, it must be retained for at least a three year period and financial solvency of up to AED10 million must be proven.
The visa can include business partners who are able to make the same donation, overseas investors can get a six-month multiple entry visa and 10-year visa holders can include spouses, children, one advisor and one executive director. Five-year visas will now be granted to real-estate investors on the purchase of a property valued at AED five million or more. Again, the amount invested cannot be a loan and the property must be kept for at least three years. Entrepreneurs whose project is capitalised at AED500,000 or more and those who are approved by an accredited UAE business incubator may also apply. The five-year visa can also include spouse and children, three executives and one partner.
UAE long-term residence visas due to be issued from February
The new visas are intended for entrepreneurs, investors, outstanding students and expats with specialised talents and will allow holders to study, live and work in the emirates without having to provide a sponsor. Those lucky enough to get one will also be allowed to have 100 percent ownership of their businesses as long as they are located on the UAE’s mainland. The visas are to be issued for either five or ten years and will be automatically renewed, making living long-term in the UAE far less stressful for wealthy expats.
10-year visas will be granted in exchange for either an investment of AED 10 million or more in a UAE-based fund, a company investment with the same financial requirement, partnering in a new or established business with a share value of the same amount, or making a total investment of 10 million in all the above on condition that property investment makes up only 40 per cent of the total. Conditions include that the investment must come from capital rather than a loan, it must be retained for at least a three year period and financial solvency of up to AED10 million must be proven.
The visa can include business partners who are able to make the same donation, overseas investors can get a six-month multiple entry visa and 10-year visa holders can include spouses, children, one advisor and one executive director. Five-year visas will now be granted to real-estate investors on the purchase of a property valued at AED five million or more. Again, the amount invested cannot be a loan and the property must be kept for at least three years. Entrepreneurs whose project is capitalised at AED500,000 or more and those who are approved by an accredited UAE business incubator may also apply. The five-year visa can also include spouse and children, three executives and one partner.
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