The photo has been used for illustrative purpose only.
A six-month multiple-entry visa has been introduced for non-UAE residents seeking long-term investment to explore opportunities in the country.
The Federal Authority for Identity and Citizenship (ICA) has received about 6000 applications during the first week since its announcement of the long-term visa system.
The bulk of the applications came from investors and entrepreneurs, it said.
The Federal Authority for Identity and Citizenship revealed that it received about 6,000 applications from investors and entrepreneurs during the first week of its announcement to start receiving long-term residency applications for these categories pursuant to the Cabinet Decree No. (56) of 2018 stipulating the provision of residency facilities for the persons who meet the conditions set out in each category and for their family members.
ICA announced that details can sought by applicants from its website, which can be accessed through the public page and without the need to create an account with a user name and password.
Three new services have been added:
A six-month visa with several trips to complete the procedures for residency of an investor.
Issuing a 6-month visa with several trips to complete long-term residency procedures for both entrepreneurs and outstanding students.
Issuing a 6-month visa with only one trip to complete the residency procedures for the talented individuals.
Major General Saeed Rakan Al Rashidi, Director General of Foreigners Affairs and Ports, said that there is a great demand on these facilities, which contribute actively to enhancing the attractiveness of the UAE as a distinct investment environment and supporting its economic and social competitiveness, enhancing its regional leadership and advanced position worldwide in providing the right and best environment for investors and capital owners who are basically looking for the ease of procedures and freedom of movement and the possibility of stability for them and their families to serve their interests and enable them to achieve their ambitions and aspirations.
He said that the 6-month visa aims at providing those wishing to obtain long-term residency to visit the state 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.
He explained that ICA issues to those who receive this type of visas, whether it is multiple trips or one trip, Emirates ID Card in order to make it easy for them and enable them to complete their procedures with ease and flexibility, including direct licensing procedures and opening bank accounts and property registration and other transactions.
He added that this type of visa is dedicated to the investors and entrepreneurs from outside the state in order to attract the capitals, investments, owners of the leading companies with international expertise and the competencies in all vital sectors of the national economy and then keep them to contribute to the journey of renaissance and progress witnessed by the State in various fields.
He pointed out that those who meet the conditions of obtaining long-term residency in various categories of residents in the State can apply for it if they wish to do so through e-channels and through their accounts on the system without the need to obtain a 6-month visa, so that at the time of the residency renewal, the transfer to the long-term residency system is requested according to the category to which the conditions apply.
The visa is dedicated to the investors and entrepreneurs from outside the state in order to attract the capitals, investments, owners of the leading companies with international expertise.
Major General Al Rashidi praised the great attention paid by ICA to the long-term residency system through the close follow-up and direct supervision of Ali Mohammed Al Shamsi, Chairman of the Board of Directors, who constantly emphasizes the facilitation of procedures for the customers and expediting the processing of their applications and providing all facilities that ensure saving their time and effort and enable them to start their business as soon as possible.
Al-Rashedi explained the conditions that must be met in each of the categories of beneficiaries and the privileges obtained:
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 State, as well as his family members, wife and children, and the possibility of sponsoring domestic workers for no more than 3 workers and obtaining residency for one of his 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 6 months renewable for a similar period for the purpose of incorporation, provided that he has:
- A deposit of not less than Dhs10 million in an investment fund in the State.
- or to own a company in the State with a capital of not less than Dhs10 million.
- or a partner in an existing or new company with a share of not less than Dhs10 million.
- or has a total investment in the State not less than Dhs10 million provided that investment in non-real estate shall not be less than 60%.
- 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 10 million dirham, in case of financial claims or civil judgments.
- Inclusive health insurance document for him and his family members for the duration of the stay.
2. The residency of an investor in real estate under which the applicant obtains a residency permit for 5 years without sponsor within the state, as well as his family members, wife and children, and the possibility of sponsoring domestic workers up to a maximum of 3 workers. He is required to:
-Own one or more properties in the UAE with a total value of not less than 5 million dirhams.
-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.
3. Entrepreneurs residency: The owner is entitled to a 5-year residency visa and with the ability to be qualified for having10-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, provided that he / she has:
- A previous and successful project worth a minimum of Dhs500 thousand.
- Approval from a certified business incubator in the State.
According to the report, which assesses the competitiveness landscape of 141 economies, providing unique insight into the drivers of economic growth, the UAE gained two positions since the last edition.
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