UAE launches 10-year residency visa programme for exceptional talents
The United Arab Emirates would be issuing long-term residency visas for up to 10 years to international investors and ‘exceptional talents’ including professionals and students. The new system will increase the chances of attracting investors and competencies, increasing the country's economic competitiveness globally.
The United Arab Emirates (UAE) on May 20, 2018 adopted a new system of entry visas, as per which it would be issuing long-term residency visas for up to 10 years to international investors and ‘exceptional talents’ including professionals and students.
The announcement was made by the nation’s Cabinet during a high-level meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai.
Speaking on the occasion, the Prime Minister of UAE stated that the Gulf Nation will remain a global incubator for exceptional talents and a permanent destination for international investors.
UAE’s Ministry of Economy has been directed to implement the resolution in coordination with the concerned parties and follow up on its developments and submit a detailed study in the third quarter of 2018.
• The new system will increase the chances of attracting investors and competencies, increasing the country's economic competitiveness globally.
• The system will grant 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators.
• While five-year residency visas will be provided to the students studying in the UAE, the 10-year visas will be provided to exceptional students.
• The new decision will also review the current residency system to extend the residency time for the dependent students after completing their university studies.
• UAE will also allow foreign companies to own 100 per cent of their business in the nation.
The decision is in line with the country's position as a primary destination for international investors and global talents.
The system will also give the students studying in the UAE with the opportunity to study their practical options in the future.
How will this benefit India?
The new system is expected to provide a huge boost to the Indians and Indian businesses in UAE, as with a population of 2.8 million individuals, Indians are the largest expatriate community in the UAE.
Among them, while professionally qualified Indian personnel constitute around 15 to 20 per cent of the community, white-collar non-professionals (clerical staff, shop assistants, salesmen and accountants) constitute 20 per cent of the community and the remaining 65 per cent comprises blue-collar workers.