UAE to offer long-term visa for rich, educated foreigners

Agencies
November 25, 2018

Dubai, Nov 25: The United Arab Emirates will offer long-term visas to rich property investors, senior scientists and entrepreneurs in an effort to support its economy and real estate market, which have been hurt by low oil prices.

Until now, visas for foreigners to live in the Arab world's second biggest economy have generally been valid for only a few years, and have depended on the main visa holder in each family remaining employed. The government said in May it planned to ease that policy.

Detailed rules approved by the cabinet on Saturday offer five-year residency to owners of UAE real estate worth at least 5 million dirhams ($1.4 million), as long as ownership is not based on loans, state news agency WAM reported.

Renewable 10-year visas will be provided to foreigners with investments in the UAE of at least 10 million dirhams, if non-real estate assets account for at least 60 percent of the total. Investors can bring spouses and children into the country.

Other rules offer five-year visas to entrepreneurs and 10-year visas for scientists and researchers with top qualifications. Outstanding students can stay for five years.

The UAE is currently locked in a diplomatic dispute with Britain after a UK academic was jailed for life on spying charges.

Share prices of UAE property firms, beaten down by slumping real estate prices, moved little on Sunday in response to the new visa rules. Analysts said they were probably not enough on their own to change investment or employment trends.

Some parts of the economy that rely on white-collar professionals - a class of people who might buy homes in the UAE - are seeing stagnant or even falling employment.

Jean-Paul Pigat, head of research at Lighthouse Research in Dubai, said the new visas were a step in the right direction but: "In order to have a large impact on domestic demand and sectors such as real estate, the policies might need to be broadened so that larger numbers of residents can qualify."

Also, the visas do not provide a path to UAE citizenship, which would be a sensitive political issue in a country where well over two-thirds of the roughly 9.4 million residents are believed to be foreign.

Nishit Lakhotia, head of research at financial company SICO in Bahrain, said the new visa system was positive but unlikely to have any immediate material impact.

"There are much less stringent investment requirements in some of Eastern European countries or even Turkey to get citizenship, not just residency permits," he said.

In another step to aid the real estate market, the UAE government approved in September a law allowing expatriates to stay in the country after retirement if they own a property valued at about $545,000.

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News Network
April 14,2024

Riyadh: Saudi Arabia on Sunday expressed deep concern over the military escalation in the Middle East and urged all parties involved to exercise restraint, the Saudi Press Agency reported, citing a statement of the Ministry of Foreign Affairs.

The Ministry of Foreign Affairs warned of "serious repercussions" on the region and its peoples from the dangers of a wider war, according to SPA.

Iran on Saturday launched drones and missiles against Israel, making good its threat to retaliate against the Israeli air strike that destroyed an Iranian embassy annex building in Damascus, Syria, killing at least 13 people, including two generals of Iran's elite Revolutionary Guard.

The Saudi ministry "affirmed the Kingdom’s position calling for the need for the Security Council to assume its responsibility towards maintaining international peace and security, especially in this region that is extremely sensitive to global peace and security, and to prevent the escalation of the crisis that will have serious consequences if it expands," said the SPA report. 

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News Network
April 23,2024

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Congress workers protested outside the home of Nilesh Kumbhani, the party's candidate from Gujarat's Surat Lok Sabha seat whose nomination form was rejected due to alleged discrepancies, as he was likely to join the BJP, sources said on Tuesday.

The protest came a day after the BJP's Mukesh Dalal was declared the winner from the party stronghold following the withdrawal of all the other eight candidates in the fray.

The sources said that the protesters called Kumbhani a "traitor" and "killer of democracy", adding that he could join the BJP as early as this week.

Kumbhani's nomination form was rejected after he was unable to present even one of his three proposers before Returning Officer Sourabh Pardhi.

The BJP had raised questions about the discrepancies in the signatures of three proposers in his nomination form.

The nomination form of Suresh Padsala, the Congress' substitute candidate from Surat, was also invalidated, pushing the party out of the poll fray in the BJP stronghold.

In his order, Pardhi said the four nomination forms submitted by Kumbhani and Padsala were rejected because at first sight, discrepancies were found in the signatures of the proposers, and they did not appear genuine.

The Lok Sabha elections in the Surat seat was supposed to take place on May 7.

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News Network
April 26,2024

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Bengaluru: Voting was underway on Friday in the first phase of Lok Sabha polls in 14 constituencies in Karnataka. Polling began at 7 am and will end at 6 pm.

A total of 247 candidates -- 226 men and 21 women -- are in the fray for the first phase covering most of the southern and coastal districts, where more than 2.88 crore voters are eligible to exercise their franchise in 30,602 polling stations.

The Congress and BJP are locking horns on the electoral battleground again in less than a year. This election is witnessing a straight fight between the ruling Congress and the BJP-JD(S) combine unlike the Assembly elections in May last year which witnessed a triangular contest among the three parties.

The state has a total of 28 Lok Sabha constituencies. The second phase of polling in the remaining 14 seats is on May 7.

In the first phase, while the Congress is contesting in all 14 seats, BJP has fielded nominees in 11 and its alliance partner JD(S), which joined the National Democratic Alliance in (NDA) in September last year, in three -- Hassan, Mandya and Kolar.

Besides the three, the segments where elections are being held on Friday are: Udupi-Chikmagalur, Dakshina Kannada, Chitradurga, Tumkur, Mysore, Chamarajanagar, Bangalore Rural, Bangalore North, Bangalore Central, Bangalore South and Chikkballapur.

According to Election Commission, 1.4 lakh polling officials are on duty for the first phase. Besides them, 5,000 micro-observers, 50,000 civil police personnel, and 65 companies of Central Paramilitary Force and State Armed Police force of other States have been deployed for security. All the 2,829 polling stations of Bangalore Rural parliamentary constituency are being webcast.

"This is as per the request of our returning officers and observers; so we have given more than double the Central paramilitary force for Bangalore Rural constituency. Seven companies of Central paramilitary forces have been inducted at the constituency since April 22," Karnataka Chief Electoral Officer Manoj Kumar Meena has said.

In fact, out of the total 30,602 polling stations in the first phase, 19,701 are webcast, and 1,370 covered via CCTVs, he had added. Chikkaballapur has a maximum number of 29 candidates, followed by 24 in Bangalore Central, and Dakshina Kannada has the least number at nine.

JD(S) leader H D Kumaraswamy from Mandya, his brother-in-law and noted cardiologist C N Manjunath from Bangalore Rural on a BJP ticket against Deputy CM D K Shivakumar's brother and MP D K Suresh of Congress, and erstwhile Mysuru royal family scion Yaduveer Krishnadatta Chamaraja Wadiyar from Mysore, from the BJP, are among the prominent candidates in the fray in the first phase.

Also in the contest are BJP MP Tejasvi Surya from Bangalore South pitted against Minister Ramalinga Reddy's daughter Sowmya Reddy of Congress, and Union Minister Shobha Karandlaje on BJP ticket from Bangalore North against former Indian Institute of Management Bangalore professor M V Rajeev Gowda of Congress.

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