10-year visa and 100 percent foreign ownership in the UAE!

Last week marked the surprise announcement of new visa and ownership laws in the UAE. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai made the announcement after chairing a cabinet meeting on Sunday.

Top professionals in the region such as Medical professionals will now be allowed to apply for a 10 year visa (as opposed to 3 years). In addition you will now be allowed to have 100 % foreign ownership of a company (normally only in free zones) without the previous 51% Emirati Shareholder.

Official’s hope this move will be a step in the right direction for diversifying industries and reliance on Oil money.  It is envisaged that this will also bring about a turnaround in property prices and bring stability to the property market. It is also expected that this will stop Dubai from being seen as a transient destination and secure long term investment and development.

Sheikh Mohammed tweeted: “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 UAE will remain a land of opportunities. It is the best environment to realise the dreams of humans and unleash their exceptional potentialities.”