After the UAE government officially announced earlier this month that they are now accepting long-term visa applications for entrepreneurs and investors, the government have received 6,000 applications in less than a month.
The government are now giving investors a chance for a longer visa of 5-year and 10-year given that they have a minimum of Dh5 million real estate investment and Dh500,000 business worth from entrepreneurs.
According to the ICA or Federal Authority for Identity and Citizenship, the surge of applications came on the first week of their announcement to start receiving the long-term residency applications set out by Cabinet Decree No. (56) of 2018.
The ICA, in collaboration with the Abu Dhabi business incubator, Hub71, and the Dubai Future Foundation, implemented the cabinet’s decision to grant long-term visas. The three entities will be sharing knowledge and training in an aim to create a “conducive environment for investment and business”, the government said.
Foreigners who are eligible for long-terms UAE residency visas can apply online for a 6-month entry permit in the country. This permit shall give the applicants enough time in the country to complete their paperwork for the 5-year and 10-year visa.
As announced in May of last year, the visas can be renewed automatically and available for entrepreneurs, investors, scientists and exceptional students.
The candidates that are eligible for long-term visa and it includes real estate investors with a minimum property investment of Dh5 million or general investment of Dh10 million; entrepreneurs with a minimum capital of Dh500,000 or approval of an accredited business incubator in the country; and executive directors working for eligible entrepreneurs and committed during the visa period.
This increase in the interest of foreign investors are seen as important moving parts toward achieving the country’s 2020 vision.