UAE to loosen visa rules for investors, innovators

The United Arab Emirates has announced that it is loosening its residency laws and will grant long-term visas for up to 10 years to investors and highly-skilled professionals.

The 10-year residency visas will be granted to specialists in science, medicine and research, and to "exceptional students".

The UAE Cabinet approved the new rules on Sunday, saying plans are also on track to allow foreign investors 100 per cent ownership of their UAE-based companies this year.

Under current laws, foreign companies must have an Emirati owning 51 percent of the shares, unless the company operates in a free zone. Major brands Apple and Tesla are believed to be exceptions to the rule.

The new regulations also include visas for students studying in the country for five years and a 10-year residency for exceptional students.

The state-run WAM news agency said the plan aims to attract global investment and innovators to the Emirate which is home to financial hubs Abu Dhabi and Dubai.

Vice President and Prime Minister of the United Arab Emirates and Ruler of the Emirate of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum affirmed that the UAE will remain a global incubator for exceptional talents and a permanent destination for international investors.

“The UAE has been open, governed by tolerance and contributed to by all who live on its land. Our open environment, tolerant values, infrastructure and flexible legislation offer the best opportunities to attract international investment and exceptional talent in the UAE,” he said.

“Our country is the land of opportunity, the best environment for realising human dreams and unleashing their extraordinary potentials,” he added.

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