The United Arab Emirates Cabinet has outlined the details of a previously-announced decision to issue long-term visas for investors, entrepreneurs, talented individuals and outstanding students, according to Emirates News Agency, WAM.

The announcement followed a cabinet decision in May to introduce a 10-year visa to investors and entrepreneurs, which was announced at the same time as a plan to allow foreign investors 100 percent ownership of onshore businesses. Previously, private businesses operating outside of the country’s free zones were only allowed to own 51 percent of their local businesses.

In June, the cabinet announced a group of similar measures that included a six-month, fee-free jobseekers’ visa for residents who lose their jobs and are seeking work opportunities in the country, two-year visas for talented students, allowing for the voluntary departure of people who have overstayed their exit visas, exempting transit tourists from entry visa fees for periods of up to 48 hours and allowing people to change their visa status without having to leave the country.

Saturday’s cabinet decision was reported on WAM and reported by several other local media outlets, although it has not yet been published on the UAE Cabinet’s official website.

Below are the main highlights of the resolution, as reported by WAM:

Investors:  Local and foreign investors who invest in a property worth at least 5 million dirhams ($1.4 million), will be granted a five-year residence visa.

Investors in public investments (including those who are partners in public businesses) with an amount of 10 million dirhams or more will be granted a 10-year visa, with the possibility of renewal.

The investors should be fully owning the investments.

The l0-year visa could be extended to an investor’s business partner who is investing a similar sum of money, as well as spouses, children, one executive director and one advisor. It did not specify if there are other conditions needed to guarantee visa issuances.

Entrepreneurs: Entrepreneurs with a previously accomplished project worth at least 500,000 dirhams, or those approved by an accredited UAE incubator, will be granted a five-year visa. The five-year visa could also be given to the entrepreneurs’ partners, three executive directors, a spouse and children. Again, it did not specify if there were additional requirements for partners or children to secure visas.

Scientists, researchers and talented individuals: A 10- year visa will be granted to science researchers, doctors, scientists, inventors and talented professionals in the fields of arts and culture. Doctors need to fit at least two of several criteria, such as: a PhD degree from one of the world’s top 500 universities, 10 years of professional experience, contributions to a major piece of scientific research related to their area of expertise, published articles or books, and others.  It did not give a definition for inventors.

Outstanding students: A five-year visa will be given to outstanding students who graduate from private and public high schools with a pass rate of 95 percent or above, and to university graduates from inside and outside the country with a GPA of 3.75. The document said the visa could also be applied to the graduates’ families, but did not give further details.

A link to the WAM story on the cabinet announcement can be found here.

(Writing by Yasmine Saleh; Editing by Michael Fahy)

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