The United Arab Emirates (UAE), which is facing a financial crisis due to the fall in oil prices, has decided to change its visa policy. To strengthen the economy and real estate sector, the UAE government will now issue long-term visas for investors and entrepreneurs. Scientists and researchers have been provided with 10-year visas.
The UAE government had announced the change in its visa policy in May last year. On Saturday, the cabinet approved the new visa policy. Under the new rules, such foreigners will be allowed to stay in UAE for five years, who have real estate worth at least $ 1.4 million in the country. There is also a condition that there should be no loan on the property.
Those who invest around Rs 19 crore in the UAE will be allowed to stay for ten years. Besides, provisions for five years for entrepreneurs and a 10-year visa for scientists and researchers has been made. Highly skilled students will also be allowed to stay for five years. Although nothing has been said about the achievement of citizenship in the visa policy. Two-thirds of the UAE’s population is foreign.