The UAE is constantly reinventing itself. It has recently introduced a long-term residency visa. Here is everything you must know about UAE long-term residency visa.
The country is now a major commercial and cultural center of the world – some of the things you will experience here are unique to this part of the world.
Staying in the UAE is a dream for many – cities like Dubai and Abu Dhabi have provided the route to prosperity for many people across the world, including India.
For many years though, UAE residency has been restricted to short-term periods that are related to the time you can spend working there.
The year 2019 has seen some changes in that department and the UAE has introduced long term residences – 5-year visas and 10-year visas for investors and senior professionals. Let us learn more about these great opportunities in detail.
UAE Long Term Residency Visa For Ten Years
Investors, specialized talents and science can get this visa. Let’s find out more about the eligibility criteria:
Eligibility Parameters For General Investors
The 10-year UAE visa is aimed at certain groups of professionals – prominent amongst them are general investors, real estate investors, entrepreneurs, medical practitioners, innovators, and researchers.
Let us look at the eligibility parameters set for general investors:
- Public investments of 10 million AED or more
- 60% of the investment should be in non-real estate sectors
- The applicant (investor) must have full ownership of the assets. In case the capital is under a loan or mortgage, the investors must prove that they have the rights of investments for at least three years.
- The assets/investment should not be involved in a dispute
- In case of a business being the investment, members of the business can each apply for the visa provided they individually cover the above criteria
Eligibility Criteria Specialized Talents
Specialized talents scuh as researchers, scientists, doctors, and innovators need a valid work permit that specifies the disciplines and roles that are prioritized by the UAE government. The elbiblity parementers are as follows:
- Scientists: They must be accredited by the Emirates Scientists Counciland holder of the Mohammed Bin Rashid Medal for Scientific Excellence.
- Creative individuals: Creative minds in culture and art has to be recognized by the Ministry of Culture and Knowledge Development and obtain a patent of value added to UAE’s economy with the approval of the Ministry of Economy
- Exceptional Talents: Such individulas must hold patents or must be published autors in world-class journals
Doctors And Specialists
Doctors and specialists are required to have at least 2 of the recognitions listed below:
- A PhD from any one of the best 500 universities in the world
- Contribution recognized scientific research relevant to the filed of the applicant
- Published author in illustrious publications in the field of work of the applicant
- Membership in an esteem organisation related to the work of the applicant
- Specialisation in areas relevant the UAE (additional requirement for the doctor)
UAE Long Term Residency Visa For 5 Years
The 5-year UAE visa is another attractive opportunity for many aspiring individuals and firms to make their mark in this new direction that the country is taking.
Let us look at the eligibility criteria for real estate investors, entrepreneurs, and outstanding students.
Real Estate Investors And Entrepreneurs
Real estate investorsneed to have a property investment of at least 5 million AED, with clauses similar to the general investors applying for the 10-year visa (listed above).
Entrepreneurs, on the other hand, need to have ownership of a project that is worth a minimum of 500,000 AED. They should also have the accreditation certificates that allow them to apply for the 5-year UAE visa.
Entrepreneurs can upgrade their visas to investor visas and they can also apply for a 6-month validity entry visa that allows for multiple entrances and can be extended by another six months. The purpose of the latter visa is to give them enough time to set up a project or arrange investments.
Outstanding students are also eligible for the 5-year visa. They need a minimum of 95% in their secondary school accompanied by a distinction of 3.75 GPA after graduation from a recognized university.
Five-Year Retirement UAE Visa For Expats
The 5-year retirement visa is for expats who are over the age of 55 provided that they meet certain parameters. This visa offering is part of the overhauled UAE residential policy and is effective from 2019 onwards.
Apart from being above the age of 55, applicants need to tick one of the following three criteria:
- Must have a minimum of 1 million AED in savings
- Should possess properties that are worth at least 2 million AED
- Must have an active income of more than 20,000 AED per month
UAE Long Term Residency Visa – Cost?
- The 5-year visa will cost 650 AED which includes 150 AED fee for the application.
- The price of the 10-year visa – 1,150 AED and the application cost -150 AED.
The UAE – A Land Of Opportunity And Innovation
The main benefit of these new long-term visas for UAE is that applicants are going to look at the country as a place for longer investments.
Along with the new visa offerings, after fulfilling certain clauses, investors can also wholly own property in the country, adding more security to their investments.
In this build-up to the World Expo 2020, the UAE is opening its doors in unprecedented ways. Use the above information to plan your next steps. Take part in the Emirates’ continuing story and reap the benefits.