Filed on November 25, 2018 | Last updated on November 25, 2018 at 12.15 pm

The decision aims to maintain the position of the UAE as a country having optimal business environment.

The UAE Cabinet on Saturday approved the recently announced long-term visa system, which includes 10-year residency visa for investors and specialists and five-year visa for exceptional students.

The decision of the Cabinet will facilitate visas for investors, entrepreneurs, specialised talents, researchers - including their spouses and children - and create an encouraging environment for the growth of business for investors, entrepreneurs and professional talents.

The decision includes the terms and conditions for obtaining long-term visas for all the above-mentioned categories as well as outstanding students to attract talents in all vital sectors of the national economy. The visa benefits for the family ensures a cohesive social structure that will create a stimulating environment for stability and growth. Here are the categories and specifications"

1. INVESTORS (10-year visa)

Two categories of investors benefit from this, and the decision includes provisions to grant them the visas.

Investors in a property of a value of Dh5 million or more will be granted a residence for five years, while investors in 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 as long as non-real estate investments [ not less than 60 per cent of the total investment[ will be granted a renewable residency visa every 10 years.

The Cabinet decision outlines the following conditions for both categories:

>The amount invested shall be wholly owned by the investor and not loaned, and should be proven by supporting documents

>Investment retention for at least three years

>A standard financial liability with a financial solvency not exceeding Dh10 million

> The long-term visa could also be extended to include business partners, provided that each partner contributes Dh10 million, the spouse and the children, as well as one executive director and one advisor.

However, the decision allows investors to enter the country for a six-month period, multiple entry, to apply for the long-term visa requirements.

2. OUTSTANDING STUDENTS

The decision also includes provisions for granting a 5-year visa to outstanding students with a grade of at least 95 per cent in public secondary schools in public and private schools, and a distinction of at least 3.75 GPA upon graduation from universities within and outside the country. Benefits include families of the outstanding students.

3. ENTREPRENEURS

Entrepreneurs will be granted a 5-year visa with a possibility for upgrading to an investor's visa provided they meet the requirements. The decision also includes the terms to grant long-term visa to two categories of entrepreneurs; having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country.

The benefits of the entrepreneurial visa include entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multi-entry visa period, with renewal for another six months.

4 SPECIALISED TALENTS (10-year visa)

The decision also includes provisions for granting a 10-year visa for specialised talents and researchers in the fields of science and knowledge for doctors, specialists, scientists, inventors. As well as creative individuals in the field of culture and art. The visa's advantages include the spouse and the children.

All categories are required to have a valid employment contract in a specialised in fields of priority for the UAE, and the conditions for each category are defined as follows:

>Scientists:

- To be accredited by the Emirates Scientists Council

- Holders of the Mohammed Bin Rashid Medal for Scientific Excellence.

>Creative individuals in culture and art

- Accredited by the Ministry of Culture and Knowledge Development

>Inventors

- Obtain a patent of value added to UAE's economy with the approval of the Ministry of Economy

>Exceptional Talents:

- Those who have exceptional talents that are documented by patents or scientific research published in world-class journals

>Executives:

- Owners of leading, well-known and internationally recognised companies

- Holders of high academic achievement, professional experience, and position (Example, an engineer in a rare specialty with a university degree and working in a private company in the UAE). The inclusion of this category aims at maintaining current competencies and attract new competencies

Criterion for doctors and specialists

Requires at least 2 of the conditions mentioned below:

1. Holder of a PhD degree from one of the top 500 universities in the world

2. Holder of an award or certificates of appreciation for the work in the applicant's jurisdiction

3. Contribution to a major scientific research related to the work of the applicant

4. Published articles or scientific books in distinguished publications in the field of work of the applicant

5. Membership in an organisation related to the work of the applicant, which requires excellent work to accept membership

6. A PhD degree in addition to 10-year professional experience in the applicant's field of work.

7. Specialisation in areas of priority to the UAE (additional requirement for the doctor)