Bana Shomali, CEO and founder of ServiceMarket, explains the potential benefits of Dubai’s array of new five and 10-year visas
IT’S GOOD NEWS ALL AROUND for expats living in Dubai. Not only are Dubai residents leveraging lower rental rates to upsize their homes, according to a recent study by ServiceMarket, the UAE’s leading marketplace for moving and home services, but now the UAE government has also announced new long-term visas for expats.
These include five-years visas for retirees and 10-year residency visas for investors, entrepreneurs, specialists and outstanding students as well as their families. The introduction of these long-term visas is bound to transform the real estate sector and will surely cause major shi s in moving trends across the region. Here’s what you need to know to understand its immediate effects.
New long-term UAE visas are game changers
Before we study their impact, it’s important to know the five types of long-term residential visas that have recently been introduced in the UAE.
Investors
A 10-year residency visa can be obtained by investors who invest Dhs10m, out of which 60 per cent should not be in real estate. It can be a public investment through a depositor in a business. Those who invest Dhs5m or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dhs500,000 or those with the approval of an accredited business incubator in the UAE.
This story is from the February 2019 edition of Gulf Business.
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This story is from the February 2019 edition of Gulf Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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