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Following the announcement made by the UAE in May 2018 regarding plans to boost foreign investment and attract investors into the country, the UAE has recently issued Cabinet Resolution No. 56 of 2018 (the Resolution), which regulates the residence permits for investors, entrepreneurs and specialized talents.
Under the Resolution, general investors can apply for UAE residence visas valid for up to 10 years, subject to a minimum investment of AED 10 million, while investors in real estate projects with a minimum value of AED 5 million, can apply for residence visas valid for up to 5 years.
Specialized talents such as doctors, scientists, artists, inventors, managing directors and academics are also eligible for the 10-year residence visa, subject to certain qualifications and accreditations.
Entrepreneurs are eligible for the five-year residence visa, provided that they have an existing successful project valued at AED 500,000 or have obtained an approval from an authorized business incubator to set up the proposed business. Outstanding students can also apply for the five-year residence visa.
These long-term residence permits do not require a sponsor in the UAE, are renewable, and extend to the family members of these categories of expatriates.
The Resolution sets out the rules and conditions for the issuance of these types of residence visa. To view a copy of the Resolution (in Arabic only), please click here.
To speak to us in relation to the above Resolution or any immigration issues in the UAE and Middle East, please feel free to contact one of the lawyers below.
