UAE Eases Long-Term Residency Rules for Business Executives

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Dubai; uae; reidency permit for executive directors
Visitors watch the sun set from the Dubai Creek Habour Development looking out towards the Burj Khalifa tower, center, and other skyscrapers in Dubai, United Arab Emirates, on Monday, June 18, 2018.

(Bloomberg) — The United Arab Emirates said foreign executive directors will be eligible for long-term residency permits if they earn a monthly salary of 30,000 dirhams, in a sign the Gulf nation is easing regulations to ensure sustained growth in the economy.

Applicants will also need a bachelor’s degree and no less than five years of work experience to apply for a 10-year residency visa, according to a presentation by the Federal Authority for Identity and Citizenship seen by Bloomberg. The news was first reported by Gulf News.

The move indicates further opening in a country where 80% of the population is made up of foreign expatriates, some of whom have lived in the UAE for decades with no long-term residency guarantee. A recently introduced residency law was criticized for mostly offering rights to millionaires.

“The 10-year visa would increase the propensity for expatriates to save and invest in the UAE given the outlook for longer-term residency, and we would expect strong demand for the visas,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

Executive directors seeking the visa would need to present a valid work contract and must show health insurance for himself and dependents during that entire visa period, according to the presentation.

The offer is being made under the so-called “Golden Card” program announced earlier this year, which restricts the total number of 10-year visas for 2019 at 6,800. That “relatively limited” number will cap the benefits for the economy, Malik said.

UAE Eases Long-Term Residency Rules for Business Executives

To contact the reporter on this story: Zainab Fattah in Dubai at [email protected]

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