In a bid to support its economy and real estate market, the UAE (United Arab Emirates) will be offering long-term visas to the rich and educated foreigners like property investors, senior scientists, and entrepreneurs.

Held strong with its supply of oil up till now, the UAE has been looking for other ways to strengthen its economy for quite some years now including real estate investments and tourism. Visas to foreigners to live in the second biggest Arab economy have been provided only for a certain number of years and is dependent on the employment status of the main visa holder of the family. The country's government in the month of May planned to ease its visa policy especially for high worth and highly educated foreigners.

WAM (Emirates News Agency) reported that the details of a proposal to offer five-year residency to foreign owners of real estate worth 5 million dirhams ($1.4 million) or more in the UAE were approved by the cabinet on Saturday, on the condition that the ownership of the property is not to be based on loans.

Further, 10-year renewable visas will be provided to foreigners with investments accounting for at least 10 million dirhams in the UAE, and non-real estate assets should make up for at least 60 percent of the total. The visa also allows investors to bring their spouse and children into the country.

The approved proposals also include 5-year visas to entrepreneurs, 10-year visas to scientists and researchers and 5-year stay for outstanding students.

It is believed that over two-thirds of UAE's 9.4 million residents are foreign. In September, its government allowed expatriates the permit to stay the country after retirement if they own properties worth about $545,000.