The Cabinet of the United Arab Emirates (UAE) has released new rules to provide long-term visas to rich investors, entrepreneurs and scientists in order to prop up its economy that has been hit by plummeting oil prices, reports Mint.

As per the new rules, five-year residency will be offered to investors who invest at least five million dirhams (US$ 1.4 million) in real estate, but only if the investment is not based on loans. For investing 10 million dirhams (US$ 2.8 million) and upwards, 10-year visas will be provided, subject to the condition that non-real estate investment makes up at least 60 per cent of that. The investors will also be allowed to bring their spouses and children to the country.

Five-year and 10-year visas have been approved for entrepreneurs and scientists/researchers respectively. Outstanding students will be allowed to stay for five years.

Shares of UAE real estate companies barely moved in response to the new visa rules. Jean-Paul Pigat, the head of research at Lighthouse Research, stated that in order to have a large impact on the domestic real estate, the rules would need to be broadened to cover a greater number of residents.

The new visa policy still does not mean a path towards UAE citizenship, a sensitive subject in the country of 9.4 million people where over two-thirds of the residents are foreigners. A lot less stringent investment criteria allow for investors to get not just residency permits, but also citizenship in Turkey and Eastern European countries.

Previously, the UAE government had approved a law allowing expatriates to stay in the country after retirement if they owned a property valued at least $US 545,000.

Investment visa

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