In line with UAE’s position as a primary destination for international investors and global talents, the UAE Cabinet, chaired by 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.
According to a report by WAM, Sheikh Mohammed 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.
“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 UAE Prime Minster said.
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 percent by the end of the year.
Under current laws, foreign companies must have an Emirati owning 51 percent of the shares, unless the company operates in a free zone. However, major brands Apple and Tesla are believed to be exceptions to the rule.
The system will also 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.
Five-year residency visas will also be granted 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 residency time for the dependent students after completing their university studies. This will give them the opportunity to study their practical options in the future.
In addition, the Cabinet adopted a resolution on the Hajj and Umrah system, which aims to develop the regulations and procedures in line with the approved electronic pathway programme for pilgrims in Saudi Arabia, which includes Hajj permits and permit-granting regulations.