UAE Cabinet approved 5-year, 10-year visas for investors, entrepreneurs, talented expats. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has announced on Twitter that the regulatory framework to start issuing long-term residence permits for investors, entrepreneurs, innovators and specialised talents is now in place. Departments in the UAE will now start receiving applications, he tweeted on Monday.
New reforms such as 10-year visa, 100% foreign ownership of firms to help attract best talent, FDI. Technology entrepreneurs, influencers, high-end individual investors and specialists in certain fields such as science, space and medicine would be eligible for the 10-year visa slated to be implemented by the end of this year, say industry executives.
In the meeting chaired by Shaikh Mohammad, the cabinet also approved a National Space Strategy 2030 for the country – with projects in space research, science, manufacturing, servicing and testing.
The decision aims to maintain the position of the UAE as an optimal business environment. The visa benefits also include the spouse and the children to ensure a cohesive family and social structure and to create a stimulating environment for stability and growth.