U.A.E. Long-Term Visa Rules Bypass Most of Country's Residents - Bloomberg

U.A.E. Long-Term Visa Rules Bypass Most of Country's Residents - Bloomberg:

The United Arab Emirates’ plan to grant long-term visas to the country’s largely expatriate population excludes most foreign residents, benefiting only the affluent and people with specialized expertise.

The long-awaited program falls short of many people’s expectations after the Arab world’s second-largest economy said it plans to ease residency rules earlier this year. Foreigners make up close to 90 percent of the U.A.E.’s 9.7 million people, and the policy shift was meant to give expatriates a bigger stake in the economy and foster long-term growth.

Long-term visas of five to 10 years will be limited to wealthy property investors, entrepreneurs and “specialized talents and researchers,” according to a statement on state-run WAM news agency. A minimum investment of 5 million dirhams ($1.4 million) is needed to obtain a five-year visa, and double that amount is necessary for a decade-long visa.