The United Arab Emirates recently announced a new 10-year visa option for international investors and highly skilled workers including those who specialize in medical, research, and technical fields as well as for all scientists and innovators. A 10-year visa option is also available for “exceptional students” in addition to a separate 5-year visa for other students who wish to study in the UAE.
The new visa system is an attractive option for those looking to invest or study in the UAE—ensuring the best and the brightest stay in the country and work to increase the UAE’s economic competitiveness on a global scale.
The announcement, made by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai will come into effect by the third quarter of 2018. Sheikh Mohammed cited the decision as an example of the UAE’s “open society, tolerant values, excellent infrastructure, and flexible legislation”.
In another major announcement, the UAE cabinet also approved 100% foreign ownership of companies based in the UAE. Previously, 100% foreign ownership has been limited to companies based in the country’s freezones only.
Both announcements are significant in that they will both go a long way toward ensuring the UAE remains a global incubator for innovation of exceptional talent, and a destination of choice for international investors.
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