The UAE government has recently announced a long-term residency scheme termed ‘golden visa’ for expats, that gives them the opportunity to prolong their stay in the country. An attractive business environment with exceptional talents is what is expected out of the initiative.

People with minimum AED 10 million public investments can apply for the long-term residency visa. The minimum value of AED 10 million must be invested;

• In a fund inside UAE
• In establishing a company in the country

Investors who have entered in a partnership with an existing or new company with the minimum share value are also eligible for the visa.

There are certain criteria that need to be met regarding the investment amount;

• The investment amount should not be loaned
• The investment should be retained for a minimum period of 3 years and there should be a financial solvency up to AED 10 million.
• Even business partners can apply for the visa, if they contribute AED 10 million individually.
• Spouse and children along with one executive director and an advisor can be included under the scheme.

People with special skills such as researchers in the fields of science and knowledge and doctors, specialists, scientists, inventors, as well as creative individuals in the field of culture and art, can also apply for the visa.

However, there are certain conditions that must be fulfilled.

• In the case of scientists, they must receive accreditation from Emirates Scientists Council or should be holders of the Mohammed Bin Rashid Medal for Scientific Excellence.
• Talents in culture and art must be accredited by Ministry of Culture and Knowledge Development.
• Investors are required to have a patent of value approved by Ministry of economy.
• Exceptional talents should have patents or scientific research published in a topnotch journal.
• Owners of a leading global company or holders of a high academic achievement and position, can also apply for the visa.
• Doctors and specialists should fulfill any two of the below conditions:

• a Ph. D. degree from one of the top 500 universities across the world
• an award or certificates of appreciation in the field of his/ her work
• contribution to a major scientific research in the specific area of work
• published articles or scientific books in renowned publications in the respective field of work
• membership in an organization associated with the field
• a Ph. D. degree, in addition to 10-year professional experience in his field
• specialization in areas of priority to country.