Dubai: The UAE cabinet on Monday approved the regulatory framework for issuance of five and 10-year UAE residence visas to certain categories of applicants.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has announced on Twitter that the regulatory framework to start issuing long-term residence permits for investors, entrepreneurs, innovators and specialised talents is now in place. Departments in the UAE will now start receiving applications, he tweeted on Monday.
“The UAE has been and will remain a destination for talents... and a land to fulfill the dreams of all pioneers", Shaikh Mohammad added in the tweet, as part of his announcements following a cabinet meeting held at the Presidential Palace in the capital on Monday.
In the meeting chaired by Shaikh Mohammad, the cabinet also approved a National Space Strategy 2030 for the country - with projects in space research, science, manufacturing, servicing and testing.
The UAE Cabinet approved a long-term visa system for investors, entrepreneurs, specialised talents and researchers in the fields of science, knowledge and outstanding students to facilitate business and create an attractive and encouraging investment environment for the growth of business for investors, entrepreneurs and professional talents.
The decision aims to maintain the position of the UAE as an optimal business environment. The visa benefits also include the spouse and the children to ensure a cohesive family and social structure and to create a stimulating environment for stability and growth.
The provision defines two categories for investors:
- Investors in a property of a value of Dh5 million or more will be granted a residence for five years.
Source: Gulf News