Also investors to get 100% ownership of their companies … reports Asian Lite News.
In line with UAE’s position as a primary destination for international investors and a global talents, the UAE Cabinet, chaired by His Highness 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 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 His Highness Sheikh Mohammed bin Rashid Al Maktoum.
His Highness 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 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% 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.
Rizwan Sajan, Founder and Chairman of Danube Group, said, “This is surely a wonderful news for all the investors. This decision will brings so much more trust and confidence in investors who have invested huge money in the UAE. This step will also give a great boost to the economy of the country and help attract more investment. We are thankful to Shaikh Mohammad for this timely initiative.”
“10 years visa – this is a great news, as it will further boost the confidence of the investors. UAE has always been in the forefront of taking pragmatic, business friendly and investor friendly decisions.We are very delighted and excited and would like to congratulate the UAE leaders as well as His Highness Sheikh Mohammed and other leaders for this great decision. We welcome this decision as this boost the trust and confidence which we already have in UAE. This will surely give a big boost to the Economy. We are proud to be living in Dubai, UAE and once again very thankful to His Highness for this gesture,” said Kamal Vachani, Director Al Maya Group.
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.