In a bid to encourage investment in the gulf countries; the United Arab Emirates has brought about huge changes on residency for expatriates and ownership of companies by foreign nationals to encourage investment. These changes were announced earlier this week by UAE’s Prime Minister and Dubai ruler Sheikh Mohammed.
The UAE government has now approved 100% foreign ownership of businesses and also allowed residency visas for global investors or professionals for up to tenure of 10 years. These changes would be put into practice by the end of 2018. This move is obviously to attract more investments into the economy.
WAM, Emirates News is an Arabic state-run reporting agency who first reported that as per new regulations, specialists and professionals will be eligible for a 10-year residency visa if they are in the following fields of work:
and other technical or specialist areas.
Students can also currently receive five-year visas; however outstanding honours students could receive up to 10 years residency.
Many investors were reluctant to commit to long term business investments in UAE as the visa issuances have been infamously strict; only being issued either for 2 or 3 years as a maximum. and now with this welcome change, they can expect a 10-year visa and also a 100 percent foreign ownership. This is a cherry on the cake for the investors who want to either set up or expand their existing business to the gulf countries.