22 May UAE Announces a Big Change in Foreign Investment Rules and Visa Residency Rules
The United Arab Emirates brought about a huge changes on residency for expatriates and ownership of companies by foreign nationals to encourage investment. These changes were announced late on Sunday by UAE’s Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.
The government has now approved 100 percent foreign ownership of businesses and also allowed residency visas for global investors or professionals for up to tenure of 10 years. These changes would be put into practice by the end of 2018. This move is obviously to attract more investments into the economy.
WAM, which is a state-run news agency reported on Sunday that as per the new rules, professionals and specialists in the field of medicine, science, research and other technical fields will be eligible for a 10-year residency visa. Students can get up to five year visas, but exceptionally brilliant students could get up to 10 years residency.
Many investors were hesitant to make long term investments in UAE as visas were only issued for either 2 or 3 years and now with this welcome change, they can expect a 10-year visa and also a 100 percent foreign ownership. This is a cherry on the cake for the investors who want to either set up or expand their existing business in the country.