The United Arab Emirates (UAE) has introduced a six-month multiple-entry interim visa for non-UAE residents seeking long-term investment visa in the Gulf state.
Those eligible for the long-term visa and currently residing in the UAE can transfer their existing residency permits to investor visa if they fulfil conditions, Khaleed Times reported on Wednesday while citing UAE officials.
Investors, experts and talented students who are eligible for the long term visa -- ranging from 5 to 10 years -- can avail of the interim visa to identify opportunities in their field , the Federal Authority for Identity and Citizenship said in an official statement.
The authority said it has activated three new services on its portal: a six-month visa with multiple entry to complete the procedures for residency of an investor, a six-month visa with multiple entry to complete long-term residency procedures for both entrepreneurs and outstanding students, and a six-month visa with a single entry to complete the residency procedures for the talented individuals.
UAE seeks rich, educated foreigners with long-term visa scheme
It also revealed that it received about 6,000 applications from investors and entrepreneurs for the long-term visa during the first week of its announcement itself.
Major General Saeed Rakan Al Rashidi, director general of Foreigners Affairs and Ports, said the ICA will issue emirates ID to those who obtain interim visa in order so that they can complete their procedures with ease and flexibility. It will also enable them to make use of direct licencing procedures and open bank accounts and property registration and other transactions.
UAE residents who meet the conditions for obtaining long-term residency in various categories can apply for it through e-channels and through their accounts on the system without the need to obtain a 6-month visa. And at the time of the residency renewal, the transfer to the long-term residency system can be requested as per the category to which conditions apply.
The story originally appeared in Khaleej Times