02 09 2020

Who is eligible for a long-term UAE resident visa?

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In order to increase the level of business activity, the UAE authorities decided to introduce long-term visas with the option of permanent residence in the territory of the United Arab Emirates. List of those who can stay in the UAE for a long period:

- a foreign worker with investments totaling over 10 million dirhams (2.7 million dollars);

- a businessman with an operating business, the cost of which is more than 500 thousand dirhams (136,239 dollars);

- an investor who invests in the real estate market, the investment amount is more than 5 million dirhams (1.4 million dollars).

As we can see, the new rules cover different categories of foreign citizens and form a certain standard for selecting the best investors, entrepreneurs, students, businessmen, employees and scientists.

Also, there is another group of people who are eligible for a long-term visa. This group includes senior managers and employees with more than 5 years of experience in the UAE, and a salary of at least AED 30,000 per month.

Long-term visas allow expats to plan their business and family life for longer periods.

The UAE's leadership is primarily focused not only on attracting investment to the economic sector from abroad, but also on investment in knowledge and innovative technical development. The new visa program makes available benefits for scientists, artists, doctors, people with special skills.

What has been achieved by the UAE authorities through the introduction of the new visa program?

In just one month, the Dubai Land Department has raised over AED 200 million through the issuance of a new 5-year visa to twenty foreign investors working in the real estate sector. Also, the visa was issued to family members of investors. Each investor has invested at least 5 million dirhams in Dubai real estate.

After the introduction of long-term visas, the level of confidence in the real estate segment as a whole has increased. More than 80% of investors from the UAE were active. The activity was aimed at finding additional opportunities to increase the investment portfolio in the Arab Emirates. 68% of foreign investors showed similar activity. Also, this could not but affect investors who have not yet worked with the UAE and their inflow has also increased significantly.

Sales in the real estate sector are also moving forward. In the first 6 months, the number of completed transactions in Dubai increased by 8% and reached 199 billion dirhams. Abu Dhabi also recorded a significant increase, and there were absolutely more than 10 thousand transactions worth more than 31 billion dirhams.

The level of confidence in the future and trust on the part of foreign citizens can be fixed already in such a short period of time. The government's strategy to introduce new long-term visas is yielding results and raises the position of the UAE in the ranking of the most promising countries for business investment.