UAE has always been a major attraction for people, be it for business purpose or spending a vacation. UAE has shown a great transformation in itself, considering the business point of view or the infrastructure. From just being a local trading community it has now evolved as one of the most inspiring, exhilarating, and flourishing cities in the world.
Recently UAE cabinet has a made a very big announcement that it has issued long-term residency visa which is for a period of 10 years. This visa is for international investors and outstanding talents which includes professionals and students. These new rules will start by the end of 2018. UAE has always been an enduring destination for international investors and an incubator for incomparable talent. People are attracted towards UAE because of its free and open environment, beautiful infrastructure, flexible legislation, and tolerant values.
Benefits Of Issuing 10 Years Residency Visa For Investors And Specialists
- This new law will catch the attention of many investors and talent which will increase countries financial competitiveness internationally.
- It will also increase the international investor’s ownership by 100 percent by the end of the year.
- The current residency system will be reviewed under this law. This revision will extend the residency time for the foreign students and they will more opportunity and time to decide their future goals.
- Students will get 5 years visa for studying in UAE and 10 years visa for exceptional students under this system.
- Professional in medical, scientific Research as well as all the scientist and technical field will get 10 years residency visa under this system.
- Because of this law UAE will become an attraction for long term investment and the country will no longer only rely upon oil and gas for revenue.
- Earlier, to start a business in UAE you need to have a local investor who owned 51 percent of the shares in the company and the company having total solitary ownership needed a local service agent, only companies established in free zones could enjoy complete ownership. This law will abolish many of such regulations which prevailed earlier. Established companies will now very freely be able to expand their business scope.
- UAE will get many more talents as people now can invest in long term business plans in UAE and this new talent will ultimately grow the economy of UAE and will also lead to overall development of UAE.
- Extension of visa for 10 years will give more time to people to get settled in UAE and become successful or think about what they want to do.
This is a very good step taken by the UAE government and this will not only provide benefit to UAE but is very beneficial for the foreign people as now they have more time and more opportunities to make their carrier In UAE.