The UAE has announced the launch of a long-term resident visa scheme, to complement the country’s current visa options.
In a significant move to attract talent and investment, the United Arab Emirates has announced a slew of radical changes, including 10-year visas for specialists working in medicine, science, research and technical fields. The UAE will now allow foreign companies to own 100 per cent of their business and students will be able to secure 5-year visas. ‘Exceptional’ graduates can stay for 10 years.
These are massive changes for the country with potentially far-reaching consequences, at a time when major developed countries like the US are putting up barriers in visas and immigration policy.
If these policies are implemented, Indians and Indian businesses will be key beneficiaries. At 2.8 million individuals, Indians are the largest expatriate community in the UAE. Professionally qualified personnel constitute at least 15 to 20 per cent of the community, followed by 20 per cent white-collar non-professionals (clerical staff, shop assistants, sales men and accountants). The remaining 65 per cent comprises blue-collar workers.
Aimed at attracting and retaining professionals and talented people in sectors deemed vital for the UAE economy, the new resident visa scheme will grant a permanent visa for up to 10 years to specialists in the medical, scientific, research and technical fields, as well as to innovators and entrepreneurs.
A new student visa scheme – 5-year standard, 10-year visa for “exceptional” students – will also be introduced. Clearing the uncertainty inherent to the current visa system (successive visas issued for max 3 years at a time), this landmark announcement is expected to boost investments in the region and cement the UAE’s position as a primary destination for international investors and top talent from around the world.
The real estate market is also likely to benefit: family members of these categories will receive a visa valid for the same term as the main applicants.
Our RiSiKo Dubai office is closely monitoring the development and will provide further updates as the scheme’s details such as cost , documentation , eligibility etc. are released. For further details you can drop us email at email@example.com or drop enquiry on our website www.risikollp.com.