Announced on Sunday, investors and specialists such as doctors and engineers will receive UAE residency visas valid for up to 10 years. The families of these expatriates will also be eligible to receive this visa validity. Additionally, top performing students are also eligible for the 10 year residency visa scheme.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai made the announcement after the decision was confirmed at the the Cabinet meeting.
Sheikh Mohammed even tweeted that global investors can have 100 percent ownership of their companies in the UAE.
This new system will grant 10 year residency visas to specialists in the medical, scientific, research and technical fields plus scientists, innovators and entrepreneurs. Five year residency visas will be granted to students studying in the UAE and 10 year visas for exceptional visas.
The aim is to make the UAE a destination for creators and investors.
The UAE vice president has directed the concerned bodies to implement this change at the end of 2018. They will also be required to extend the validity of the visas for the dependents after the completion of their studies “to ease up their future residence in the UAE”.
This will give them the opportunity to study their practical options in the future.
“The UAE will remain an incubator for innovators and a hub for investors,” Sheikh Mohammed tweeted. “Our open environment, tolerant values, infrastructure and flexible legislations constitute the best plan to attract global investments and exceptional talents. The UAE will remain a land of opportunities. It is the best environment to realise the dreams of humans and unleash their exceptional potentialities.”
Sheikh Mohammed tweeted that the decision will be enforced by the third quarter of this year.