The new changes:
The UAE has decided to make far-reaching changes to the residency system. A select class of workers, like Doctors and engineers will get visas of 10 years, to attract top professionals. Additionally, their families will also be eligible to get long-stay visas. The other eligible categories are Specialists in science, medicine, research and technical fields also. Even the Students benefit and they can get five-year visas and all exceptional graduates can also remain in the UAE for 10 years.
Furthermore there are other changes which allow investors to own 100 percent of a company that is located in the Emirates.
This has changed because the present norms require having a local partner to own 51 percent of the business.
These changes were set out in the Cabinet meeting headed by Sheikh Mohammed bin Rashid, Ruler of Dubai, VP and PM. He stated that the UAE will continue to be a global incubator, and attract exceptional talents, and also become a permanent hub for international investors. Government departments need to put in efforts, to implement the residency changes, by December 2018. The UAE has an open environment, tolerant values, and a great infrastructure, aided with flexible legislation. These factors collectively can attract global investment and exceptional talents.
Residential visas with a Long-term and flexibility for retiring persons encourage more expatriates to invest in the Emirate and boost to the economy in a big way.
Several economic benefits
Expatriates invest their money in property or saving schemes which can be spent in the local economy. This is possible if they settle for a long-term. The presence of a permanent rather workforce brings several economic benefits. Furthermore, long stay residency visa encourage people to buy property in the emirate. Many professionals view this as an excellent opportunity and have shown an interest in seeking permanent residency. Moreover they feel glad to put down their roots in the country. In case a residency visa happens in Abu Dhabi, many of them would like to buy a place. Indeed this is a welcome and exciting change.