Business
UAE Announces 10-Year Residency Visa for Investors, Science Specialists
View of the Burj Khalifa in Dubai.
Photo: Bigstock
The 10-year UAE visa will be offered to specialists in medical, scientific, research and technical fields, scientists and innovators, and entrepreneurs, and top students.
The United Arab Emirates has launched a 10-year residency visa for investors and specialists, the country’s government announced on May 20. The long-term visa, valid for 10 years, will be offered to specialists such as doctors and engineers, exceptional students, and entrepreneurs.
“The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents to the UAE,” Shaikh Mohammad Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, said while announcing the decision, Gulf News reported. The decision, announced by Shaikh Mohammad following a Cabinet meeting, aims to strengthen the UAE’s position as an attractive destination for global investment and talent.
Sheikh Mohammed also posted on the social media that global investors can have full ownership of their companies in the country.
Those eligible for the 10-year visa under the new policy include specialists in medical, scientific, research and technical fields, scientists and innovators, and entrepreneurs, the Khaleej Times reported. The visa validity will also apply for families of the people falling in these categories, the report added. Five-year residency visas will also be offered to students studying in the UAE, while top performing students will be eligible for 10-year visas.
At today's Cabinet meeting, we decided to allow 100% 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 pic.twitter.com/N93MqK89Rp— HH Sheikh Mohammed (@HHShkMohd) May 20, 2018
The changes will come into effect by the third quarter of this year.
This decision will be enforced by third quarter this year .
Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent. pic.twitter.com/kdOVX02q4L— HH Sheikh Mohammed (@HHShkMohd) May 20, 2018
Sheikh Mohammed has also directed officials to review the current residence visa scheme so that dependents can be offered an extension of the duration of visa validity after they have completed their university studies in order to facilitate their future residence in the UAE.
This will give them the opportunity to study their practical options in the future.
The move was welcomed by leading businessmen in the country.
“This is a landmark announcement (and is) sure to further boost the UAE’s image as the most investor-friendly economy in the region,” LuLu Group chairman Yusuffali MA, was quoted as saying by the Khaleej Times. “This new long-term visa will go a long way in attracting and retaining not only investors but also top notch professionals who are very essential in today’s highly competitive world,” the UAE-based Indian-origin billionaire added.
“Ten-year visa – this is great news as it will further boost the confidence of investors. UAE has always been in the forefront of taking pragmatic, business friendly and investor friendly decisions,” the publication quoted Al Maya Group Director Kamal Vachani, another Indian-origin businessman, as saying.
