Sweeping changes in new UAE visa policy

DUBAI: The United Arab Emirates (UAE) announced decisions on Sunday that included the provision of residency visas of up to 10 years for investors and professionals and their families in addition to exceptional students.

According to WAM, the cabinet announced the launch of an integrated visa system to attract talent in all vital sectors of the national economy. The new visa 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 as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students, the UAE official news agency revealed.

The UAE cabinet, chaired by Vice President of UAE, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, approved the decision held at the Presidential Palace in Abu Dhabi. The meeting was attended by 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 along with other ministers.

It also announced changes in the system of foreign ownership of companies in the country, which allows the acquisition of 100 percent by global investors by the end of the year. Sheikh Mohammed bin Rashid Al Maktoum directed the economy minister to implement the resolution and submit a study following up its impact in the third quarter of this year. According to the existing laws, foreigners generally cannot own more than 49 percent of any UAE firm unless it is incorporated in a special "free zone".