In order to further increase the UAE’s position as a leading destination for international investors and global talents, the UAE Cabinet, spearheaded by His Highness Sheikh Mohammed bin Rashid Al Maktoum, has adopted a new system of entry visas for investors and professional talents by providing them with a long-term visa for up to 10 years.
The new law was initially announced via the official twitter handle of Sheikh Mohammed.
"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," stated by His Highness Sheikh Mohammed bin Rashid Al Maktoum.
The new law was approved by at the Cabinet meeting headed by Sheikh Mohammed at the Presidential Palace in Abu Dhabi.
His Highness instructed the Ministry of Economy in coordination with the concerned parties to execute the new law and follow up on its developments and to submit a detailed report of the study in the Q3 of 2018.
New Residency Visa System and 100% Foreign Ownership
Global investors can also take full control of their businesses as the new resolution allows 100% company ownership for foreign investors in the UAE.
The global investors' ownership of UAE-based companies is set to reach 100% by the end of 2018.
The new law grant investors and professionals for long-term 10-year residency visas for experts in medical, scientific, research and technical fields as well as for all scientists, innovators, and entrepreneurs.
Extended Visa for Students
Furthermore, a directive from His Highness Sheikh Mohammed bin Rashid Al Maktoum to review and extend the current residence visas for those students sponsored by their parents after they complete their university studies. This will offer them the opportunity to study their practical options in the future.
Five-Year residency permits for students studying in the UAE and 10-year visas for exceptional students will be granted.
The objective of this new regulation is to increase the chances of attracting investors and create more opportunities in the country as well as to further boost the UAE’s economic competitiveness worldwide.