100% ownership for investors, 10-year residence for investors, professionals and families, plus top students.
ABU DHABI: To further boost the UAE’s position as a primary destination for international investors and top talent from around the world, the Cabinet on Sunday has adopted a new system of entry visas for investors and professionals — providing them with a long-term visa for up to 10 years.
The decision, made during a Cabinet meeting chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, further reinforces the UAE’s position as a primary destination for international investors and global talent.
The move was initially announced in a tweet sent out from the official Twitter handle of Shaikh Mohammad.
The new rule was approved by at the Cabinet meeting chaired by Shaikh Mohammad at the Presidential Place in Abu Dhabi on Sunday. Lt. General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, were also present.
Residency system amended
“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,” stated Shaikh Mohammad.
He also 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.
New visa system
The new visa system will increase the chances of attracting investors and competencies to the UAE and thus, further boost the country’s economic competitiveness globally.
The global investors’ ownership of UAE-based businesses is expected to reach 100% by the end of the year.
10-year residence visas
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.
It also grants five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.
The Cabinet also issued instructions to conduct a review of the residency system with a view to extending residency permits for those sponsored by their parents after completing their university studies to facilitate their future residence in the UAE.
News Credit : Gulf News