Dubai, 12 March 2019: Forget the woes of renewing your visa frequently, the UAEs residency department will now start receiving applications for the new long-term visa permits. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the good news through his tweet that said We adopted the framework of long-term visas for investors, entrepreneurs, innovators and professional talents. The UAE will remain a global incubator for talents and a permanent destination for pioneers.

The new announcement is a great step towards fostering talents and encouraging entrepreneurship in the country. It is sure to attract more talented professionals and businessmen to the country. The system also has the potential to increase foreign investments. More investors would choose the UAE as the prime destination for their business, which will eventually benefit all sectors and economy of the country.

The long-term visa system includes 10-year residency visas for investors and specialists and five-year permits for exceptional students. It will serve visas for investors, entrepreneurs, specialists and researchers. Even better, their spouse and children will also be eligible for the same.

Investors with a property investment worth Dh5 million or more qualify for a five-year visa and those worth public investments through a deposit, an established company, business partnership of Dh10 million or more, or a total investment of not less than Dh10 million in all areas mentioned qualify for a renewable 10-year visa. Entrepreneurs who have had a previous project worth a minimum of Dh500,000 or the approval of an accredited business incubator in the country will be eligible for a five-year multi-entry visa.