In sweeping changes to the visa system for the UAE, new residency visas will be issued to investors and specialists including engineers and doctors, that are valid for ten years.
Families of the ten-year visa recipients will also receive the same benefits. Others eligible for the new scheme include top performing students. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, made the announcement after chairing a Cabinet meeting.
Total Business Ownership
Sheikh Mohammed went on to announce via Twitter that global investors will also be able to own 100% of their companies in Dubai and the UAE. The new system will mean that investors and specialists in various sectors, including research, technology, medicine and scientific research, as well as innovators and entrepreneurs will be able to stay in the UAE for ten years.
Student Visa Extension
Students studying in Dubai and the UAE will receive five-year residency visas, and those considered exceptional will join the ten-year scheme.
The visa scheme will be implemented by the end of 2018 and the government has also directed changes to the current residence visa scheme for students “to ease up their future residence in the UAE”.
What’s Behind The Changes?
The government want to make investment, innovation and progress easier across the UAE. Its aims include ensuring the UAE and Dubai in particular continue to act as incubators for innovators and one of the first ports of call for investors.
An open environment, simple to use infrastructure and flexible legislative decisions all combine to make this a reality. Sheikh Mohammed said in a Tweet: “The UAE will remain a land of opportunities. It is the best environment to realise the dreams of humans and unleash their exceptional potential.”
A Welcome Decision
Industry experts, investors and business owners have welcomed the 10-year visa scheme with open arms.
Chairman of Lulu Group, Yusuffali MA, said: “This is a landmark announcement sure to further boost the UAE’s image as the most investor-friendly economy in the region. The new long-term visa will go a long way to attracting and retaining not only investors but also top-notch professionals who are very essential in today’s highly competitive world.” Others have hailed the move as a “boost to the economy”, an “incredible development to attract investments.”
At a time when the UAE is looking to significant increase its investor community, news of the visa is extremely promising. It’s likely to build up confidence in investors who are considering staying in the UAE long term. All of this is very positive for the wider economy and for innovation, investment and economic growth in Dubai and the UAE.