Businesses and investors alike welcomed the news this morning that the UAE has announced sweeping changes to its residency system that allows key workers to obtain visas of up to 10 years.
In a move that is bound to attract more professionals to the region doctors, engineers and their families will be eligible for long-stay visas as well as specialists working in medicine, science, research and technical fields.
It is good news for students too as they will be able to secure five-year visas and "exceptional" graduates will be eligible to remain in the country for 10 years after completing their studies. At present students must apply to renew their visa every year.
Other major changes include allowing investors to own 100 per cent of a mainland company based in the Emirates. Currently ‘mainland’ companies are required to have a local partner that owns 51 per cent of the business. Only those based in free zones can be 100 per cent foreign-owned.
The changes were outlined in a Cabinet meeting chaired by Sheikh Mohammed bin Rashid, Vice President and Prime Minister and Ruler of Dubai, on Sunday and announced via a series of tweets from the Dubai Media Office account on Sunday evening.
"The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors," said Sheikh Mohammed.
More will be released over time however, reaction continues to be overwhelmingly positive and is expected to increase investment, attract more professionals to the country and allow people to make the UAE their home, bringing good news to retirees in the region. All of which should boost the economy and property sector.
Read more about the reaction here:
Posted on Monday May 21