Investors can have 100 percent ownership of their companies in the country.
Investors and specialists such as doctors and engineers will receive UAE residency visas valid for up to 10 years, it was announced on Sunday. The families of these categories of expatriates will also receive the same visa validity. Top performing students are also eligible for the 10-year residency visa scheme.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the decision after chairing a Cabinet meeting.
10-year residency visas; 100% foreign ownership
Taking to Twitter, Sheikh Mohammed also said global investors can have 100 percent ownership of their companies in the country.
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, entrepreneurs and innovators as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.
Visa extension for students
The UAE Vice-President has directed the bodies concerned to implement the decisions by the end of the year. He has also directed them to review the current residence visa scheme to extend the duration of the visa validity of dependents after they complete their university studies "to ease up their future residence in the UAE".
This will give them the opportunity to study their practical options in the future.
"The UAE will remain an incubator for innovators and a hub for investors," Sheikh Mohammed tweeted. "Our open environment, tolerant values, infrastructure and flexible legislation constitute the best plan to attract global investments and exceptional talents. The UAE will remain a land of opportunities. It is the best environment to realise the dreams of humans and unleash their exceptional potentialities."
Sheikh Mohammed tweeted late Sunday night that the decision will be enforced by the third quarter of this year:
" This decision will be enforced by third quarter this year.
Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent. "