DUBAI 23 May 2018: The new 10-year UAE visa will be implemented from the third quarter of 2018, according to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
“This decision will be enforced by third quarter this year,: said Sheikh Mohammed in a tweet yesterday.
“Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent,” he added.
Earlier this week, the UAE Cabinet had decided to allow 100% foreign ownership of companies in UAE, with a 10-year visa for investors, scientists, doctors, engineers, entrepreneurs and innovators.
Students
The new rule also extends the maximum validity of residency permits for foreign students for up to five years, or up to ten years for foreign students with exceptional skills. A revised policy is also expected regarding the visa validity for students under the sponsorship of their guardians who have completed their education in the UAE, explained global immigration specialists Fragomen.
Currently, UAE residency permits are issued with a maximum validity of three years, depending on the issuing authority.
Real Estate
The property sector hopes that the new visa regime will give a boost.
“These momentous decisions will undoubtedly have a highly positive effect on the real estate sector since more international investors will be attracted by the new and more sustainable demand in the lease market. These decisions will also lead to the absorption of the current supply in the market, especially that expatriate end-users will be encouraged to buy their own homes,” said Muhammad BinGhatti, CEO and Head of Architecture at Binghatti Developers.