As it stands, UAE residency visas tend to last for two or three years. But according to new legislation announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, that is set to be extended to 10 years.
"At today's Cabinet meeting, we decided to allow 100% foreign ownership of companies in UAE, with a 10 year visa for investors,scientists, doctors, engineers, entrepreneurs and innovators," the ruler of Dubai announced at a cabinet meeting this week. "The UAE has always welcomed, and always will, innovators and business leaders".
It's expected that the new regulations will be in place by October this year.
"This decision will be enforced by third quarter this year," HH Sheikh Mohammed added. "Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent."
The move has been welcomed the world over, and it's even had an immediate positive effect on the UAE economy.
Reuters has reported that "property stocks in Dubai and Abu Dhabi rose in early Monday trading after the United Arab Emirates approved a system to grant residency visas of up to 10 years to investors and specialists."