UAE Introduces 10-Year Residence Visa for Investors, Specialists and Top Students
For the first time in history, UAE grants 100% ownership for investors along with the 10-year residence for business investors, specialists, plus exceptional students.
UAE Cabinet announced the Landmark decision to further strengthen the nation’s position as a primary destination for international investors and top talent from around the world recently. The new-fangled system of entry visas for investors and professionals will provide them with a long-term visa for up to 10 years.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum took the social media to address that, "The UAE will remain an incubator for innovators and a hub for investors. Our open environment, tolerant values, infrastructure and flexible legislations constitute the best plan to attract global investments and exceptional talents."
The new measures of UAE aim to reform the economic slowdown of the country by attracting foreign investment and finest talents. The investors and skilled professional are eyeing with enormous anticipation to attain the 10-year residency visas. Adding to the declaration, students can enjoy five-year residency visas for studying in the UAE, and exceptional students for 10-year visa. The directives of the Council of Ministers also include a review of the residency system to extend the residence permits for students sponsored by their parents after completion of their graduate studies to allow for ample time to decide on career paths.
UAE is known as the Tax-Free nation wherein an individual does not come under the hammer of income tax. Most importantly, there are no taxes levied on the income of companies, except for oil and gas exploration, production companies and branches of foreign banks. This clearly indicates that the global investors and business professionals can directly avail the tax-free benefit from the nation. Even with latest introduction of GST, UAE continues to retain its image of being a tax friendly country.
The strategically located in the eastern part of middle-east, UAE is in immediate proximity to India with 3 to 4 hours of airline travel. One can easily commute between the nations, hence perpetuating a perfect balance between the profession and social ties. Families of the business professionals can avail the benefits of vibrant, luxurious and flashy lifestyle of UAE.
UAE has largest number of Indian migrants in world that played a vital role in bringing the nation on the global platform. The Indian community has made their presence by establishing a vast network of cultural associations which will cater the needs and wants of all the immigrating investors. A vast majority of Indian migrants are on employment-based visas, while others are on business or trade visas which demonstrate the diverse outlook on the contribution by Indians to the economy of UAE. Companies from across the globe can already base themselves in the UAE and many choose to do so in a free zone. The global investors' ownership is expected to reach 100 per cent by the end of the year.
Presently, visas of most professionals accommodating in the Emirates is linked to their employer and it cannot be carried forward in case one decides to change their job. If the individual changes lead to residency visa, professionals will get better flexibility in jobs.
The immaculate hospitality and cosmopolitan nature of UAE is known all over the world. People from all parts of the world can be easily spotted here living in peace and harmony; interestingly there is an 85% population of foreigners alone in Dubai. Indians will be significant beneficiaries of the new policy. As many as 2.8 million Indians live in the Gulf country, forming the largest expatriate community there.
India and UAE enjoy a cordial relation due to the history of trade, commerce and settlement for decades which gives an upper hand for the Investors and Skilled Professionals of India to attain the residency provision of UAE. Strong bonds of friendship between UAE and India have found clear expression in the series of high-level bilateral visits between the two countries in the past two years, the move of granting entry visas to the UAE aligns itself with the close cooperation between the two countries. At the outset of the visa reforms, the implementation of policies would come in affect by the end of 2018 producing tremendous opportunities for all.
Ajay Sharma is one of the pioneers of Immigration consulting in India, having founded the company in 1994. Since then, he has been a part of thousands of immigration and visa application filings for various countries. He can be reached at firstname.lastname@example.org