The New Year has brought in a bouquet of good news for expatriate investors, entrepreneurs, executives and specialists working in medicine, science or research. Outstanding students and retirees also have reason to cheer.
The UAE Cabinet has approved a plan to allow foreigners to remain in the country even after retirement, from 2019 onwards. Expatriates aged 55 or above will now be eligible to secure a five-year retirement visa if they meet certain criteria: If one has property worth at least Dh2 million, or at least Dh1 million in savings, or an active income of more than Dh20,000 per month.
Al Suwaiji added that new long-term visas for retirees — along with other rules allowing 100 per cent foreign ownership of companies in the UAE with a 10-year visa for investors, scientists, doctors, engineers, entrepreneurs and innovators will be a major incentive to attract foreign direct investment (FDI) as well as top talent into the UAE.
During this year, investors, entrepreneurs, executives and specialists working in medicine, science or research will be granted permission to stay in the country for up to ten years on one visa. Outstanding students will also be eligible for a long-term visa as part of the changes, which are expected to encourage professionals to settle in the UAE long term.
Investors will be eligible for either a five or ten-year residency visas, depending on the size of their investment in the UAE. An investor’s spouse, children, as well as one executive director and one adviser will also be eligible to obtain long-term visas.
An entrepreneur’s business partners, three executive directors, spouse and children will also be granted visas under the scheme.
Researchers working in the disciplines of science and knowledge, as well as doctors, specialists, scientists and inventors will be granted ten-year visas, along with those working in the fields of culture and art.
Spouses and children will also be included under the visa for researchers, scientists and doctors.
Outstanding students with an average of at least 95 per cent in school and a grade point average of at least 3.75 on graduation from universities in the UAE and abroad will qualify for a five-year visa for themselves and their families.
Source Credit: Gulf News