The UAE plans to launch resident visas with a validity of up to 10 years for professionals working in medicine, science, research and technology by the end of 2018. This, for example, can be doctors and engineers. In addition, ten-year resident visas for the UAE will also be available to members of their families.
At present, UAE resident visas are issued for a period of two to three years.
What will change with the introduction of resident UAE visas with a validity of 10 years?
Foreign investors opening a business or investing money in the country will also be able to obtain resident UAE visas with a validity of up to 10 years.
In addition, foreign investors will be able to 100% own their local company in the UAE. Currently, a foreign investor can own the company only by no more than 49% and only with the participation of a local partner.
Students will have opportunity to obtain resident UAE visas with a validity of up to 5 years. At this point, students must extend their visas every year.
The directives of the Council of Ministers also include a review of the residence system for the extension of residence permits for students sponsored by
their parents after completing their postgraduate studies so that they have enough time to decide on a career path.
At present, the details for issuing a 10-year resident visa of the UAE are not known exactly.
In the case of the UAE resident visa’s work as an American “green card”, the employee will live in the Emirates independently of his employer and be able to move around the country freely, working in different places – this would be a very serious change. But it is not known yet how the new visa system will work.
How the introduction of a 10-year resident UAE visa will influence the UAE real estate market?
Expats of the UAE, as a rule, make their plans in the Emirates for a short time and invest their money in real estate or savings schemes abroad.
For example, in 2017, expats have transferred home about 45 billion dollars.
These are the money that can be spent in the local economy of the UAE, if expats will have the opportunity to settle in the UAE for a long time.
Many expats would buy housing in the UAE and settle for a long time in the Emirates, and if there was an opportunity to go to the UAE for retirement, they would have stayed forever.
The issue of greater flexibility for pensioners is being discussed in the UAE, but so far there is no information on the decisions taken.
The new rules, allowing to receive ten-year resident UAE visas, which will allow key professionals to live in the Emirates for a long time, can have a huge impact on the economy.
Changes will create additional stability in the market, as long-term residence of professionals in the UAE will in fact be encouraged.
The changes clearly will give the UAE advantages over other GCC countries in terms of attracting and retaining professional talented people.
Foreign investors in medium and small businesses will also be able to benefit. 100% investment opportunities will give a real boost to the growth of capital, which they can now invest in business. In fact, if there is no mandatory requirement for the presence of a local partner in the company, investor confidence in the jurisdiction of the UAE will significantly increase.
One of the main features is that new visas will be issued for residence, in contrast to visas issued at present – now they are related to the employment of expats.
Companies often have difficulty recruiting for engineering positions. New reforms will help attract more people working in professions suitable for new visas. For example, if an employer has a hospital in the UAE, he may wish to attract cardiologists from around the world with the intention of providing them with a 10-year resident UAE visa.
Thus, the planned visa reform of the UAE, will significantly raise the attractiveness of the UAE.