Dubai, May 22: The UAE government’s plan to issue long-term residency visas for up to 10 years to international investors and "exceptional talents" including professionals and students is likely to be a boon for hundreds of thousands of well-educated Indian expiates working in fields such as medicine, science and research, among others.
The Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, adopted the new system of entry visas at a high-level meeting two days ago.
The decision is in line with the country's position as a primary destination for international investors and global talents, the official WAM news agency reported.
"The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors.
"Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents," the Prime Minister said.
Ministry of Economy has been directed in coordination with the concerned parties to implement the resolution and follow up on its developments, and to submit a detailed study in the third quarter of this year, the report said.
The UAE is also set to allow foreign firms to own 100 percent of their business. Currently, foreign companies are required to have an Emirati partner to hold a majority stake, unless the business is based in a free trade zone.
This is expected to benefit many Indian businesses and entrepreneurs, who may be facing challenges in the UAE at the moment. Most shops and restaurants are outside free trade zones and require a local partner to operate in the country.
Indians will be significant beneficiaries of the new policy. As many as 2.8 million Indians live in the Gulf country, forming the largest expatriate community there. Of the total, 15-20 percent are professionally qualified personnel. Another 20 percent have white-collar non-professional jobs, while the remaining 65 percent are blue-collar workers.
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, the report said.
Five-year residency visas will be for students studying in the UAE, and 10-year visas for exceptional students, it said.
The new decision will also review the current residency system to extend the residency time for the dependent students after completing their university studies. This will give them the opportunity to study their practical options in the future, the report added.
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