14 Jan UAE is Now Implementing New Laws Like 100% Ownership and 10-year Residency Visa for ExpatsEmail This Post
Some new regulations are anticipated to pull in foreign investors and also retain the expats in the Gulf country.
The cabinet of the UAE has started implementing laws like 100 percent foreign ownership and 10-year visas for the expats, entrepreneurs, and investors.
Though the full ownership of companies set up in the Gulf country is limited to only the free zones as of now, this new law is anticipated to bring in new foreign investors who want to establish or take over local companies in the UAE.
This year, new long-term visas will be introduced, which will be granted for up to 10 years to entrepreneurs, investors, and specialists working specifically in fields of medicine, science or research.
In addition, exceptional students would be eligible for getting a long-term visa under the new amendments, so as to motivate them to reside in the UAE after completing their education. The students scoring an average of a minimum of 95 percent grades in school and a grade point average of minimum 3.75 on graduation from the UAE universities and abroad would qualify for getting a five-year visa for themselves and also their families.
All the people looking to invest in the UAE, would be eligible to get a five or 10-year residency visa dependant on how big is their investment. The investor’s spouse, family or children, one executive director and also one adviser would also get long-term visas.
Entrepreneurs and businesses who have had a former business worth at least $136,000 (AED500,000), or those who to get approval of an accredited business incubator in the UAE, would also be given a five-year residency visa. They can also upgrade to an investor visa soon depending on certain pre-set conditions.
The visa would also be offered to the entrepreneur’s spouse, family or children, firm’s or business partners and also to three executive directors.
All the professionals such as doctors, inventors, scientists, specialists in the field of culture and art and the people involved in research in science and knowledge would be given a 10-year visa. The researchers, doctors, and scientists are also permitted to include their spouses and children under their residency visa.
Expatriates who are 55 years of age or above are allowed to live in the UAE after their retirement once they obtain a five-year retirement visa meeting certain pre-set criteria, which includes the ownership of property for a minimum valuation of $545,000 (AED2 million). There are other conditions such as the ownership of a minimum valuation of $272,260 (AED1m) in savings or the person should be having an active income or earning of over $5,445 (AED20,000) every month.
Besides this, a new quota system will be announced in 2019, which guarantees 50 percent of seats reserved especially for women in the Federal National Council (FNC) taking effect during elections. This move means, if there are 40 members in the FNC, there will be 20 women appointments in that for sure.