As it is known, over 85% of those who live in the UAE are the citizens of other countries. In order to stay in the country legitimately, to live and to work here, one needs a resident visa. Long-term visas give confidence to investors and foreign expats.
So, this month, a decision was made to liberate visa requirements for employees and investors. When investing a certain amount in the local economy, foreigner receives a resident visa for a longer period, so the UAE managed to rise even higher in the ranking of countries regarding ease of doing business.
Given the fact that expats have become an integral part of the country's economy, the development of more favorable visa conditions for scientists, investors and property owners is another step in creating ideal living conditions. Liberalization of the visa policy is the part of a global plan to attract new people and retain the main employment reserves that support the local economy. So, already in December 2018, the government announced the future introduction of new resident visas for a period of 10 years (in the current version, resident visas are issued for 2 or 3 years).
Thus, according to new visa rules, a foreigner who has bought a real estate property with the price of at least 5 million dirhams can get a resident visa for five years, and ten-year visas will be received by those investors who invest the equivalent of ten million dirhams in the local economy. Just as it was before, investors can bring spouses and children to the country. Among other novelties is the possibility to stay in the country for the best international students from local universities.
International analysts praised such visa novelties. Liberalization of the visa regime for foreign investors and specialists will make the country more attractive and accessible. New rules will undoubtedly have a positive impact on the UAE economy as a whole. This is the step towards openness and attractiveness of the country for foreign citizens – investors, specialists, scientists and others.
Entrepreneurs/Real Estate Investors
- The amount of investment in real estate should not be loaned; it must be paid in full.
- The property owner must hold it for at least 3 years.
Talented people: leaders and innovators
Creative and talented foreigners can receive accreditation from the Ministry of Culture and Knowledge Development of the UAE. Here are the requirements for such foreign citizens:
- Foreigners who have exceptional abilities and ingenuity can confirm their achievements with patents or scientific studies published in world-class journals and qualify for a residence visa.
- Managers and owners of well-known and internationally recognized companies can also obtain a resident visa.
- They must also have high academic achievements, professional experience, and positions.
Scientists and doctors
These categories of foreign citizens can also get an investor visa.
- Those who have a Ph.D. degree from one of the top 500 universities in the world.
- Those who received special international awards for success in their jurisdiction.
- Scientists who have made an outstanding contribution to major research projects and research
- The applicant has published articles, monographs or other materials in the best publications in his field.
- A person has a doctorate degree and at least 10 years of experience in their field.
- Specialization in a number of priority areas for the UAE, for example, medicine
- Persons accredited by the UAE Scientific Council
The new visa rules will allow the categories of individuals mentioned above to pursue a career in a country with good opportunities for professional advancement in one of the fastest growing economies in the world.
According to the World Bank report, the UAE has risen in the ease of doing business by 10 positions in a year, ranking 11th in the world as of the beginning of 2019 – great progress! UAE for several years in a row is the leader among the Arab countries in this indicator. A number of reforms that have been introduced here, including visa liberalization reforms, have contributed to this growth and will contribute further. Among other advantages of the UAE, the availability of electricity, ease of paying taxes, obtaining a building permit, protecting investors, ensuring the implementation of contracts.
Visa novelties of the government will contribute to the further development and growth of the local economy and the strengthening of its position in the world rankings of competitive economies.
Scientists, doctors, the best specialists from various fields, and investors - the UAE's new visa policy will attract the best people to the local economy. The UAE is making great efforts to diversify its industry, attracting the most talented people to the country!