DUBAI: Investors and specialists such as doctors and engineers will receive UAE residency visas valid for up to 10 years, according to local media reports. 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, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the decision after chairing a Cabinet meeting.
The system will grant 10-year residency visas for specialists in medical, scientific, research, engineering and technical fields, as well as for all scientists and innovators, investors and entrepreneurs, as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.
It is not exactly clear which categories will be covered under the various specialists mentioned by the Cabinet decision. Shaikh Mohammad cited doctors and engineers as examples in his tweets, and the categories eligible for 10-year residence visas will extend to various other professions.
The UAE is home to about 300,000 Sri Lankan expatriates and thousands of Sri Lankan professionals are employed in the country in a range of sectors from engineering to education, business to banking.
Visa extension for students
Government departments have been told to work on implementing the changes by the end of 2018.
The UAE Vice President has also directed them to review the current residence visa scheme to extend the duration of the visa validity of students after they complete their university studies “to ease up their future residence in the UAE”.
“The UAE will remain an incubator for innovators and a hub for investors,” Sheikh Mohammed tweeted. “Our open environment, tolerant values, infrastructure and flexible legislations 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.”
Students would also be able to secure five-year visas and “exceptional” graduates could remain in the country for 10 years. At present students must apply to renew their visa every year.
The National newspaper quoted Dr Björn Kjerfve, Chancellor of American University of Sharjah, one of the country’s best known universities abroad, as saying that the prospect of a five year visa would not only attract international investors and qualified professionals, but also help shape a better future for expatriate students in UAE.
“The decision will have a great impact on the future of expatriate students and encourage them to stay in the country to seek employment here. This will reinforce the country’s interest in the strategic investment in knowledge and future generations”.
100 % ownership for foreign companies
Under the new decision, foreign companies will be allowed to own 100 per cent of their business in the UAE outside free zones — a major departure from the current practice of requiring an Emirati partner with a majority stake. Currently, only companies based in various free zones around the UAE were eligible for the 100 per cent ownership rule. Further, foreign investors establishing a business or simply investing money in the UAE will now be eligible for a visa of up to 10 years.
