In our Legal Briefing dated May 4, 2020 we provided an overview
of legal updates introduced by the Dubai Multi Commodities Center
Authority ("DMCCA"). One of the implemented measures was
the introduction of an insurance scheme which will replace the
deposition of a cash security. Beginning of this week, the DMCCA
has announced further details for the replacement procedures of the
visa cash security deposits.
Starting from May 19, 2020, the new insurance scheme has been
implemented by the DMCCA for all visa applications made as of this
date.
The fees for the new insurance will be automatically added to
the fees payable when applying for a new employment visa or renewal
of an existing employment visa. In case of a visa renewal, the
existing visa security deposit will be refunded to the
company's portal account.
