Skilled expatriates will be able to obtain 10-year residence visas and investors will be able to own 100% of their businesses in a shakeup of the UAE’s residency and investment rules.
The 10-year visas will be available to talented people in the medical, scientific, research and technical fields.
Five-year residency visas will be granted to overseas students studying in the UAE, with 10-year visas granted to exceptional students. Students sponsored by their parents will be able to extend their visas after graduation to allow time to decide on their future career path.
“At today’s Cabinet meeting, we decided to allow 100% foreign ownership of companies in UAE, with a 10 year visa for investors, scientists, doctors, engineers, entrepreneurs and innovators,” HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, wrote in a Twitter post.
“The UAE has always welcomed, and always will, innovators and business leaders.”
According to a tweet posted by Dubai Media Office, the 100% ownership rule applies to international investors. Sheikh Mohammed said the new rules will be in force by the third quarter of this year.