10 year visa launched for the first time in UAE for investors and students

NEW DELHI: Indian students and investors are likely to flood the United Arab Emirates once the recently announced 10 year residence visa rules for highly qualified students and professionals come into force, experts said Tuesday.

His Highness Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the United Arab Emirates, announced a 10-year UAE residency visa on Sunday for investors, scientists, doctors, engineers, entrepreneurs and innovators, including their family members.

“The decision are expected to be enforced by 3rd quarter of 2018.”

Here is what we know about the New UAE Residency visa regulations

  • The Arab Emirates will soon offer visas up to 10 years for specialists working in medicine, science, research and technical fields, as well as to their families. This would include doctors and engineers, for example.
  • Foreign investors who set up a business or put money in UAE could obtain a visa for up to 10 years.
  • Foreign companies could own 100% of their activities in the UAE. At the moment, they have to offer a considerable participation to a partner in the UAE, unless they are in a free zone.
  • Students would also be able to obtain five-year visas and “exceptional” graduates could stay in the country for 10 years. At the moment students must apply for a visa renewal every year.

The UAE government wants to make the Emirates as competitive as possible while trying to shift it to a knowledge-based economy and not relying on the oil and gas industry anymore.

Drastically fluctuating oil prices have shown their vulnerability – and countries that are too dependent on the proceeds of selling hydrocarbons in the Middle East and beyond have suffered the most.

Relief for foreign companies that settle here and bring the people they need is considered crucial, closer to home.

With the introduction of 10 year visa, the reaction of the markets in the UAE are also remain positive, mainly driven by real estate shares: the shares of DAMAC and Aldar Properties both exceeded one percent.

Traders said the government decision will give comfort to both local and foreign investors in the country, especially to the property owners.

Expats usually have their eyes on the short term and channel their money into properties or savings plans abroad.

Indeed, in the year 2017, emigrants remitted a big amount of Dh164.3 billion ($ 45 billion), according to the Wam news agency.

These are the funds that could be spent in the UAE local economy, if they had the chance to settle here in the long term, said the observers.

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