“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 to the UAE”, stated Shaikh Mohammad.
Investors and specialists such as doctors and engineers will receive UAE residency visas valid for up to 10 years, it was announced on Sunday. The families of these categories of expatriates will also receive the same visa validity. Top performing students are also eligible for the 10-year residency visa scheme.
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, entrepreneurs and innovators as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.
In a major announcement, the UAE cabinet also approved 100% foreign ownership of companies in the country. At present, foreigners generally cannot own more than 49% of any UAE firm unless it is incorporated in a free zone jurisdiction, 51% of the shares are owned by a UAE local.
Shaikh Mohammad instructed the Ministry of Economy to coordinate with relevant authorities to implement the new decision by the end of this year, follow up on its developments and submit a detailed report in the third quarter of this year.
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