UAE has announced major changes to its visa policy. In order to attract the talent and investment in important sectors of economy, United Arab Emirates (UAE) has announced a major change to its visa policy. The government is going to launch an integrated visa system to offer 10-year residency visas to innovators, professionals and their families.
The government has taken this new step to grab the attention of brilliant minds and businesses to the Emirates by making visa policy more lenient.
According to the announcement of UAE officials, new visa system will grant up to 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators.
On the other hand, there is good news for students too, as the UAE government has also decided to offer five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.
The decision has been approved in a meeting chaired by Vice President of UAE, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, held at the Presidential Palace in Abu Dhabi.
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Moreover, Deputy Prime Minister and Minister of Interior Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour Bin Zayed Al Nahyan were also present at the spot with other ministers.
In the cabinet, they also announced some changes in the system of foreign ownership of companies in the country, according to which foreign investors will get 100% acquisition of the companies by the end of the year.
According to the current laws, foreigners can’t own more than 49% of any UAE firm unless it is incorporated in a particular “free zone”.
Sheikh Mohammed bin Rashid Al Maktoum directed the economy minister to review this clause in the laws to implement the resolution and present a study following up in the third quarter of this year about the impact of this decision.
The ruler of UAE stated:
“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.”
UAE Government has directed its departments to work on implementing the changes by the end of 2018.