The cabinet of the United Arab Emirates has approved the regulatory framework for the issuance of long-term residence permits to investors, entrepreneurs and innovators.
Sheikh Mohammed Bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai announced that the UAE will begin receiving applications for five and 10 year visas to stay in the UAE as a resident.
The new system will apply to investors, entrepreneurs, innovators and specialists in the fields of science and knowledge. In a tweet, Sheikh Mohammed said that the new visa system will ensure that the UAE remains "a global incubator for talents and a permanent destination for pioneers".
This is positively a pragmatic step by the UAE Cabinet and is in direction to create an atmosphere of confidence"
The move follows the UAE government granting the first batch of long-term visas to the winners and finalists of the Mohammed bin Rashid Medal for Scientific Distinction.
We also adopted the framework of long-term visas for investors, entrepreneurs, innovators and professional talents. The UAE's residency departments will start receiving applications. The UAE will remain a global incubator for talents and a permanent destination for pioneers. pic.twitter.com/IL7U2aVApt— HH Sheikh Mohammed (@HHShkMohd) March 11, 2019
Businessmen and entrepreneurs in the UAE have said that they would "definitely apply" for the long-term visa.
Ram Buxani, chairman, ITL Cosmos Group, told local news outlet Khaleej Times he would apply for the visa as it "will save hassles".
"This is positively a pragmatic step by the UAE Cabinet and is in direction to create an atmosphere of confidence. It is not clear whether the 10-year visa will require a one-time medical test at the beginning or there will be a periodic check-up. It will be better if basic medical insurance is covered in the visa cost only."
A resident of the UAE for 25 years, Rizwan Sajan, founder and chairman of Danube Group, said he would sign up for the long-term residency. "Dubai is my second home and I will definitely apply for the long-term visa. This is wonderful news for all the investors. This decision will bring so much more trust and confidence to investors who have invested huge money in the UAE. This will strengthen the loyalty of expatriates to the UAE and encourage them to invest in their future."
B.R. Shetty, founder and chairman, NMC Healthcare, said the system would foster innovation, entrepreneurship and investment in the UAE. "Just as importantly, it will also greatly enhance the (country's) ability to attract talent and make the UAE more competitive on the global stage. (This is) truly a landmark step that reflects the strong vision of the leadership of the UAE."
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, as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.