UAE cabinet has announced certain new rules on visa systems which will help the foreign investors to invest in UAE. Three major decisions taken by the UAE cabinet is briefed below.
TEN (10) YEARS RESIDENCE VISA
UAE Cabinet has announced long-term residence visas for skilled and creative employment categories such as investors, specialists in medical, technical and research field, scientists and innovators. The long-term visa will also cover the families of every such eligible persons. However, still, it’s not clear whether there is a need of sponsorship from the employer or the visa will operate independently which allow the employee to move to another job without cancellation of visa.
Above mentioned professionals need not invest to get 10 Years visa in UAE as per the decision. However, there is no clarification on whether these professionals should come under employment visa or not.
Above decisions will help the UAE economy to grow in a faster way since this will attract many of the foreign investors. This investment will increase GDP of UAE and maintain a stable economy. This long-term visa will attract the investors to invest In UAE real estate as well.100%
FOREIGN INVESTMENT
Earlier Free Zone Companies were entitled for 100% foreign investment in UAE. Now the UAE cabinet has announced 100% foreign ownership of a company, which will encourage foreign investors to invest in UAE. These investors are also eligible for 10 years residence visa in UAE.
VISAS FOR STUDENTS
As per the new cabinet decision, students who are studying in UAE are entitled to get 5 years residency permit. This new rule helps the students to continue their studies and get employment opportunities in UAE.
Also the UAE cabinet granted 10 years residency visa for exceptional students. There is no particular definition for exceptional students given by the cabinet yet.
As of now there is no clear instructions on the above measures and its date of implication, and its limitations.
Note: These measure are expected to come into force by the end of 2018.
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