DUBAI: The United Arab Emirates (UAE) will offer long-term visas to rich property investors, senior scientists and entrepreneurs in an effort to support its economy and real estate market, which have been hurt by low oil prices.
Until now, visas for foreigners to live in the Arab world’s second biggest economy have generally been valid for only a few years, and have depended on the main visa holder in each family remaining employed. The government said in May it planned to ease that policy.
Detailed rules approved by the cabinet on Saturday offer five-year residency to owners of UAE real estate worth at least 5 million dirhams ($1.4 million), as long as ownership is not based on loans, state news agency WAM reported.
Renewable 10-year visas will be provided to foreigners with investments in the UAE of at least 10 million dirhams, if non-real estate assets account for at least 60 percent of the total. Investors can bring spouses and children into the country.
Other rules offer five-year visas to entrepreneurs and 10-year visas for scientists and researchers with top qualifications. Outstanding students can stay for five years.
The UAE is currently locked in a diplomatic dispute with Britain after a UK academic was jailed for life on spying charges.
