UAE Begins the Implementation of 10-year Visa for Expats

Posted By Admin   -   Posted On February 19, 2019

Not resting on its promise to position the country to become the economic hub of the world, the UAE’s government has officially begun the implementation of the 10-year residency visa for expats, investors, and businesspeople.

The exercise which began on the 3rd of February is modeled after similar initiatives in order developed countries such as the H1B program in the United States and is geared towards attracting and retaining highly-skilled talent to the country.

Contrastingly, foreign entrepreneurs seeking to get a business license in the mainland are mandated to work with a local partner who by law must hold a minimum of 51 percent stake in the business.

Two committees were formed to evaluate candidates for the long-term residency visa, the first one for investors and the other for entrepreneurs, scientists, and specialized talent.

The committees UAE cabinet stated that the committees will evaluate the applications based on the criteria set out in the regulations.

Below are the criteria for evaluating each category:

Investors:

  1. Investors will be granted a 10-year visa while property investors will be granted a 5-year visa.
  2. Investors and their families (spouse and children) will be eligible for the residency visas.
  3. Minimum of AED 10 million worth of investment in the UAE or AED 5 million for property investors. This must be an investment in one or more properties; it can't be mortgaged.
  4. An Investor is eligible to apply for a 10-year residency visa for either an Executive Manager or a Consultant (and their families) working for the company under the investor's ownership. However, this is subject to the approval of a special committee.
  5. An investor must provide health insurance for himself/herself and any dependents under his/her sponsorship.
  6. An investor is eligible for a renewable multi-entry visa with a validity of six months, this is to allow investors to facilitate the procedures of completing their businesses in the UAE.

Specialized Talents:

  1. Specialized talents and their families (spouse and children) will be granted a 10-year visa
  2. The people in this category include doctors, specialists, scientists, exceptional talents, executives and specialists in the educational disciplines. And the conditions to qualify the visa vary from one field to another.
  3. Executives are expected to have a minimum bachelor's degree, five years of professional experience of five years, a valid employment contract in the UAE and health insurance and earn a minimum salary of AED 30K to qualify for the visa.
  4. People in this category will be eligible to sponsor one domestic helper.
  5. People in this category are eligible for a renewable multi-entry visa with a validity of six months, this is to allow investors to facilitate the procedures of completing their businesses in the UAE.

Entrepreneurs:

  1. Entrepreneurs and their families (spouse and children) will be eligible for a 5-year residency visa.
  2. To be eligible, an entrepreneur must own a business worth at least AED 500,000 ($136,000) in the UAE or get the approval of an accredited business incubator in the UAE.
  3. An entrepreneur is eligible to apply for a 5-year residency visa for up to three Executive Directors working for the company under the investor's ownership. However, this is subject to the approval of a special committee.
  4. An entrepreneurs can sponsor one domestic helper.
  5. An entrepreneur will be eligible for a renewable multi-entry visa with a validity of six months, this is to allow investors to facilitate the procedures of completing their businesses in the UAE.

While the initiative is still new and certain aspects of the evaluation process are still unclear to us, we are optimistic that this will further bolster the confidence of investors and entrepreneurs interested in setting up businesses in the country.

For further information about the 10-year residency visa and business set up in the UAE, feel free to contact us.

Subscribe to our Newsletter

or Contact us