UAE authorities have revealed that 10-year residency visas will cost just AED1,150 (US$313) per applicant.
The landmark 10-year visa programme, which is the first of its kind offered in the GCC, is available to investors who have committed at least AED10 million to the country’s economy and their representatives, as well as entrepreneurs and highly-skilled workers, including researchers in various scientific and knowledge fields. The visas will be made available for their families, with the fees required for each application.
Investors who have committed at least AED5 million to a property purchase can also apply for a five-year visa without requiring a sponsor.
In a further boost for families, authorities confirmed renewal fees for sponsored children will be just AED100 over the age of 18 or after they complete their secondary or tertiary education.
The same fee will apply for the residence visas of those who have been divorced or widowed, as well as their children.
Retirees, investors, executives and exceptional students will be entitled to apply for a five-year visa at a cost of AED650 per application.
The UAE government first announced plans to offer extended visas last May in a bid to boost the country’s economy and ensure it maintained its competitive advantage over other fast-growing countries in the region.
At the same time, it confirmed it would allow 100 percent foreign ownership of new businesses being set up in the emirates.Previously, this benefit was restricted to freezones located across the UAE.
"The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors,” commented Sheikh Mohammed on the development in 2018.
Dubai itself has become a major hub for start-ups and Arab entrepreneurs seeking a foothold to expand into regional and global markets.
Much of this success can be attributed to generous funding packages offered by Dubai’s authorities to help establish the city as a global hub for innovation. In 2016, Sheikh Mohammed launched the $270 million Future Endowment Fund, which was designed to encourage tech entrepreneurs to establish their businesses in Dubai.