The UAE is set to launch a new system of entry visas for investors and professionals valid for up to 10 years in a bid to attract more international investors and top talent from across the world.
The Federal Authority for Identity and Citizenship (FAIC) said that its board has approved a plan for implementing all decisions taken by the UAE cabinet in May and June. The changes should come to effect before the end of the year.
The system will grant investors and talents up to 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators.
It also grants five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.
Currently, expat university students have a visa sponsored by their university as long as they are enrolled. Once they graduate or leave university, their visa becomes void.
The country is also conducting a review of the residency system with a view to extending residency permits for those sponsored by their parents after completing their university studies to facilitate their future residence in the UAE.
Changes to the foreign ownership system of companies in the UAE, allowing 100% ownership of UAE-based enterprises by international investors were also announced by the authorities.