Granting investors and their family members residence visas up to ten years
Extending the residency period for male and female students sponsored by their parents beyond university years.
The Council of Ministers chaired by H.E. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai (May God protect him!), announced the launch of an integrated visa system to attract the talented and competent in all critical sectors of the national economy.
In its session in the presidential palace in Abu Dhabi and the presence of H. E. Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and H. E. Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the Council has announced changes in the system of foreign ownership of corporations. As per the new changes, investors will be allowed to acquire up to 100% of any corporation by the end of this year.
H. E. Sheikh Mohammed bin Rashid Al Maktoum has stressed that UAE will always be a global incubator for extraordinary talents and a destination for multinational investors. “UAE was built upon openness’, he said, ‘it is ruled through tolerance, and its renaissance is the fruit of the hard work of all its residents”.
He further said, “Our open society, tolerant values, quality infrastructure, and flexible legislations are the perfect route to attract foreign investments and extraordinary talents”. H. E. also added that “our country is a land of opportunity”. It is the best environment where dreams come true, where potential is realized and talents are unleashed.”
The new systems involve increasing the rate of foreign investors’ ownership of corporations to 100% by the end of this year. H.E. has instructed the Ministry of Economy to coordinate with stakeholders so as to implement the decision and follow-up on developments, as well as to prepare a detailed study in Q3 of this year.
They also include resident visas up to ten years for investors and all their family members, and resident visas up to 10 years for specialized cadres in medical, scientific, technical, and research fields, as well as for all scientists and innovators.
The cabinet has adopted these new systems and instructed the relevant bodies to undertake the executive action for their implementation. Additionally, these systems involve granting 5-year visas for students in UAE, and a 10-year residency for students with outstanding excellence. The residency system has been overhauled: it now allows extending the residency period for male and female students sponsored by their parents beyond university years, which makes life for such students and their parents easier. They are therefore provided an opportunity to study their future career options within the UAE.