UAE changes visa rules to attract global investors

sheikhmo1HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said that the decision will be enforced by Q3 2018. (Image source: www.sheikhmohammed.ae)In line with the UAE’s position as a primary destination for international investors and a global talents, the UAE Cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has adopted a new system of entry visas for investors and professional talents providing them with a long-term visa for up to 10 years

The changes were approved late Sunday. The Cabinet backed 100 per cent ownership of businesses by “global investors” and residency visas for investors for as long as 10 years, according to HH Sheikh Mohammed’s tweet. The changes will take place by the end of this year, according to WAM reports.

“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 in the UAE,” said HH Sheikh Mohammed.

HH 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 Q3 2018.

The new visa system will increase the chances of attracting investors and competencies to the UAE and thus increase the country’s economic competitiveness globally. The global investors’ ownership is expected to reach 100 per cent by the end of the year. 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, as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.

The new decision will also review the current residency system to extend the residence time for the dependent students after completing their university studies. This will give them the opportunity to study their practical options in the future.

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