UAE increases residency duration

MENA

Published: 2018-05-21 11:41

Last Updated: 2018-05-21 15:39


Foreigners will be allowed to own 100 percent of companies. (file photo)
Foreigners will be allowed to own 100 percent of companies. (file photo)
Roya News Source

The UAE Cabinet launched an integrated visa system that aims to attract and retain talent to the country’s vital economic sectors, Albayan reported on Sunday.

The amendments offer a 10-year residency for experts in the fields of medicine, engineering, among others, in a move to provide a stable environment for the knowledge industry. The permit also extends to the families of those professionals.

Furthermore, students will be offered a five year visa, which will be extended to 10 years for those who excel in their studies, in order to encourage them to pursue careers in the country.

As for investors, in addition to a 10-year residency, by the end of 2018 they will be allowed to own up to 100 percent of companies established or acquired in the UAE.

“Our open environment, tolerant values, infrastructure and flexible legislation are the best way to attract international investment and exceptional talent to the UAE," Mohammed bin Rashid Al Maktoum, UAE Vice President stated regarding the residency policies.

“UAE is the land of opportunity, the best environment for realizing human dreams and unleashing extraordinary potential,” he added.