The UAE Cabinet has approved a long-term visa system for investors, entrepreneurs, scientific researchers, outstanding students and people with other specialist skills. The move by the government aims to promote business and investment in the UAE.

The law defines two categories of investor. The first is an investor with a property with a value of AED5m ($1.36m) or more. They will be granted residence for five years.  The second is an investor with investments worth AED10m or more, with non-real estate assets accounting for at least 60 per cent of the total investment. They will be eligible for a renewable residency visa every 10 years.

Entrepreneurs will be granted a five-year visa if they have a previous project worth a minimum of AED500,000 or the approval of an accredited business incubator in the country. Entrepreneurs will be granted a five-year visa with a possibility for upgrading to an investor’s visa provided they meet the requirements.

In September, the cabinet approved a law providing special residency visa privileges for expat retirees over the age of 55 who meet “specific requirements”.