The UAE has introduced a six-month multiple-entry interim visa for non-UAE residents seeking long-term investment visa in the country.
Those eligible for the long-term visa and currently residing in the UAE can transfer their existing residency permits to investor visa if they fulfil conditions, the government announced on Wednesday.
Investors, experts and talented students who are eligible for the long term visa — ranging from five to ten years — under the Cabinet Decree No. (56) of 2018 can avail of the interim visa to “identify opportunities in their field and make appropriate decisions for them and families”, the Federal Authority for Identity and Citizenship said in a press statement.
The authority said it has activated three new services on its portal: a six-month visa with multiple entry to complete the procedures for residency of an investor, a six-month visa with multiple entry to complete long-term residency procedures for both entrepreneurs and outstanding students, and a six-month visa with a single entry to complete the residency procedures for the talented individuals. Residents can submit their applications on the ICA portal.
The authority revealed that it received about 6,000 applications from investors and entrepreneurs for the long-term visa during the first week of its announcement itself.
Major General Saeed Rakan Al Rashidi, Director General of Foreigners Affairs and Ports, said that there is a great demand for the new facilities as it enhances UAE’s attractiveness as a distinct investment destination. He said the facilities will increase UAE’s economic and social competitiveness, and also promote it as a global destination that offers the right and best environment for investors and capital owners who are looking for the ease of procedures. It will also offer flexibility, freedom of movement and also stability for families and enable them to achieve their aspirations and ambitions.
Al Rashidi said the six-month visa aims at providing those wishing to obtain long-term residency to visit the UAE and to review the facilities provided in various fields and to identify the opportunities available in their field of interest and then study their options and make the most appropriate decision for them and their family members.
The official said the ICA will issue emirates ID to those who obtain interim visa in order so that they can complete their procedures with ease and flexibility. It will also enable them to make use of direct licensing procedures and open bank accounts and property registration and other transactions.
UAE residents who meet the conditions for obtaining long-term residency in various categories can apply for it through e-channels and through their accounts on the system without the need to obtain a 6-month visa. And at the time of the residency renewal, the transfer to the long-term residency system can be requested as per the category to which the conditions apply.
The conditions to be eligible for long-term visa
Category 1
Investor residency visa for a period of 10 years, under which the applicant obtains a residency permit for 10 years without a sponsor in the UAE. The visa is offered to all family members including wife and children. Up to three domestic workers can be sponsored. There is also a possibility of obtaining residency for one of the senior employees (advisor or executive director) for 10 years with their family members and the possibility of obtaining a multiple-entry visa for a period of six months renewable for a similar period for the purpose of incorporation.
Conditions:
– A deposit of not less than Dh10 million dirhams in an investment fund in the UAE.
– or to own a company in the UAE with a capital of not less than Dh10 million.
– or a partner in an existing or new company with a share of not less than Dh10 million.
– or has a total investment in the country not less than Dh10 million, provided that investment in non-real estate shall not be less than 60 per cent.
– The amount shall be wholly owned and not a loan.
– To keep the investment at least 3 years from the date of obtaining the residency.
– A creditworthiness with minimum Dh10 million in case of financial claims or civil judgments.
– Inclusive health insurance document for him and his family members for the duration of the stay.
Category 2
The residency of an investor in real estate under which the applicant obtains a residency permit for five years without sponsor within the UAE, as well as his family members, wife and children, and the possibility of sponsoring domestic workers up to a maximum of 3 workers.
Conditions:
– Own one or more properties in the UAE with a total value of not less than Dh5 million.
– The property shall be wholly owned.
– To keep the investment at least 3 years from the date of obtaining the residency.
– Inclusive health insurance document for him and his family members for the duration of the stay.
Category 3
Entrepreneurs residency: The owner is entitled to a 5-year residency visa and with the ability to be qualified for having 10-year investors visa, a five-year residency for three executive managers, a five-year residency visa for his family member (husband, wife and children), five-year residency visa for three executive directors, and they have the opportunity to obtain a six-month visa for with multiple trips and with a possibility of renewal for another six months.
Conditions:
– A previous and successful project worth a minimum of Dh500,000.
– Approval from a certified business incubator in the state.
Source: khaleejtimes
