UAE is currently bloated with endless opportunities. For people hungry enough to grab them, it offers temporary residence called as ‘Residency Visa’. It lasts for a maximum period of two to three years, giving one opportunity to renew it thereafter.
Both the work and the residence permit come together with an identity card which is used by the country instead of a passport.
Now let’s have a look at the criteria one has to meet to be eligible for the visa –
- Ownership of Property in Dubai
An investor must own properties worth Dh1 million or more. Mortgages are acceptable, but in that case, a minimum 50 percent of its original price must be paid off. Acceptable Properties include Apartment and Villa or Townhouse. Non Acceptable properties include Office space, Hotel room or Apartment or any other commercial property. The Visa, in this case, is valid for 2 years. However, it does not authorize the holder to work in the country.
- Owning a Company
If one owns a company, either in the Free Trade Zone or Mainland, they can apply for residency as a company’s shareholder. It also provides the right to sponsor employees. The residency visa, in this case, is issued for a maximum period of 3 years. However, the expense of company registration and annual maintenance could be punitive.
- Holding Employment Contact
Any foreign expatriate, holding an Employment Contract in Dubai, can obtain the Residency Visa. In this case, the hiring company takes responsibility for the visa process. However, to sponsor one’s spouse and children, their salary should be ranging between Dh3,000 to Dh4,000. In the case of parents, it is Dh20,000.
Keeping the Visa Active:
For option second and third, if the holder is outside UAE for more than 179 days the visa gets expired. In the same way, the investor visa (first option) is valid till 360 days. Expiry means you have to apply for the cancellation process and reapply for the residency visa.
If you are looking to Study, Work, Visit, Invest or Migrate to the UAE, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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