The United Arab Emirates will soon be introducing a 10-year residency visa for international investors and global talent who are working in the fields of medicine, science, research, and technical fields. Other than that, UAE will also allow foreign companies to own 100 percent of their business and issue five-year residency visa to students. Currently, foreign companies need an Emirati partner, who is given a substantial stake in the business. The change comes at the very best time as the US government is putting unreachable barriers for skilled and highly talented immigrants. Indians make up the largest group of expats living in the United Arab Emirates, a total of 2.8 million.
Around 15 to 20 percent people in the country are professionally qualified individuals, and more than 20 percent are white-collar non-professionals including shop assistants, accountants, clerical staff, and salespersons. Remaining 65 percent are blue-collar job personnels. Talmiz Ahmad, ex-former Indian ambassador to the UAE, said that the 10-year residency visa is an expression of the country’s new confidence and increasing interest in becoming a global power and center for education, technology, and business. 10-year visas will also be given to family members of the visa holder.
What UAE government has to say?
Yusuffali MA, managing director, and chairman, Lulu Group International, called the 10-year visa a landmark announcement and revolutionary step. It boosts the country’s image as the investor-friendly economy in Gulf region. It is the most attractive way to retain successful companies in the region. UAE cabinet said that they started the process to attract top international businesses and talent. Indians have played a crucial role in lifting UAE’s economy. In 2015, Indians made annual remittances of $13.75 billion.
UAE government wants to make the country as competitive as possible. Sheikh Mohammed bin Rashid, the rule of Dubai and vice president and prime minister of UAE said that doctors and engineers would be the biggest beneficiaries of the program.