UAE to issue 10-year residence visa for investors, professionals & top talents
The United Arab Emirates (UAE) has announced its new policy on VISA issuance, granting 10-year residence visa to investors, professionals, families as well as top-performing students. On 20 May 2018, the Cabinet made this new visa ruling with the goal of upholding UAE as a major destination for international investors and renowned talents worldwide. The new policy also allows This ruling was inked by Cabinet officials led by His Highness Sheikh Mohammad bin Rashid Al Maktoum, the Vice President and Minister of the UAE and Ruler of Dubai.
Among the other officials present during the meeting in Abu Dhabi were Lt. General Sheikh Saif Bin Zayed Al Nahyan (Deputy Prime Minister and Minister of Interior) and Sheikh Mansour Bin Zayed Al Nahyan (Deputy Prime Minister and Minister of Presidential Affairs).
Changes in residency system
According to Sheikh Mohammad, UAE will continue with its position as a “global incubator” for outstanding artists and a top-of-mind destination for international investors, given its flexible rules and tolerant virtues. The Ministry of Economy was also directed by the Minister of UAE to execute the new resolution as well do some follow up on its developments, requiring a detail report on the third quarter of the year.
The government of UAE is optimistic that this new visa system will increase the chances of attracting investors which will eventually result in a stronger economy. In fact, the government expects to make global investors’ ownership of businesses in UAE to reach 100% at the end of the year.
The 10-year residence visa, meanwhile, will be applicable to professionals in the scientific, medical, research, and technical fields which includes scientists and innovators. Outstanding students will be granted the same 10-year visa, while regular students in UAE will have the five-year residency visa.
A review of extending residency permits after university studies is also being considered by the Cabinet for students sponsored by their parents in order to “ease up” their future residence in UAE.
Impact on the UAE real estate market & businesses
This new UAE policy is expected to make a significant impact in real estate market in Dubai most especially, being a primary destination both for entrepreneurs and investors. The country is strategically positioned near major cities in the world, with tolerant policies and high-end facilities perfect for new business setups and property investments.
With these factors combined, UAE, specifically Dubai, will not anymore just serve as a global hub for investors but will also be a permanent residence for expats who wish to grow their businesses in the premier city.
The security of 10-year residence visa is an attractive proposition for future investors who spend huge amounts of money in UAE. The opportunity to gain 100% full ownership will enable residents to have full control of its own company, which will eventually result in more successful homegrown businesses by expats.
With real estate still regarded as a hot industry in the Middle East, the new policy will welcome more investors from different parts of the world and will ignite interest for those who want to reside in UAE. The country, which always has its vision on the future, is geared towards improving its economy to make it a stable investment destination especially in the upcoming EXPO 2020 event.
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