In a new move that will bring smiles to the faces of expatriates, United Arab Emirates (UAE) has decided that investors and specialists such as doctors, engineers and scientists will receive the country’s visas valid for up to 10 years.
The families of these categories of expatriates will also receive the same visa validity. In addition to this, top performing students will also be eligible for the 10-year residency visa scheme.
Further, global investors can have 100 per cent ownership of their companies in the country.
The decision was taken at a Cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
“At today's Cabinet meeting, we decided to allow 100 per cent foreign ownership of companies in UAE, with a 10 year visa for investors, scientists, doctors, engineers, entrepreneurs and innovators. The UAE has always welcomed, and always will, innovators and business leaders,” said Sheikh Mohammed in a tweet.
The system will grant investors and talents up to 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators, entrepreneurs and innovators as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.
The UAE Vice President has directed the bodies concerned to implement the decisions by the end of the year. He has also directed them to review the current residence visa scheme to extend the duration of the visa validity of dependents after they complete their university studies to ease up their future residence in the UAE.
“His Highness directed the Ministry of Economy in coordination with the concerned parties to implement the resolution and follow up on its developments, and to submit a detailed study in the third quarter of this year,” said a release issued by media office of Government of Dubai.
“The new visa system will increase the chances of attracting investors and competencies to the UAE and thus increase the country's economic competitiveness globally. The global investors' ownership is expected to reach 100% by the end of the year,” added the release.
Sheikh Mohammad has also directed the bodies concerned to implement the decisions by the end of the year. He has also directed them to review the current residence visa scheme to extend the duration of the visa validity of dependents after they complete their university studies to ease up their future residence in the UAE.
This will give them the opportunity to study their practical options in the future.