The UAE has approved a new long-term visa system aimed at attracting international investors and high-skilled professional workers.
In a major announcement, the UAE cabinet also approved 100% foreign ownership of companies in the country, which has previously been limited to those companies based in freezones.
The ten-year visa will be made available to investors in the UAE, as well as those who are specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators.
A separate five-year residency visa will be made available to students studying in the UAE, and 10-year visas for "exceptional students", news agency WAM reported.
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
The UAE will also review its current residency system to extend the time for the dependent students after completing their university studies, which will give opportunity to consider their practical options in the future.
"The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors,” said Sheikh Mohammed, Ruler of Dubai and UAE Prime Minister.
“Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents in the UAE."
The UAE’s Ministry of Economy, which will coordinate the implementation of the new rules, will follow up on its developments with a report due to be submitted to cabinet in Q3 this year - which is when the UAE will enforce the cabinet's decision.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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