UAE Cabinet has recently taken a major decision to provide a long-term 10-year residency (not employment) visa for high-end professionals working in specialized fields, such as medicine, engineering, research, science and other technical fields, as well as exceptional students. Moreover, the owners of companies in the UAE will be able to hold 100% ownership, without the requirement of a local sponsor. The move came as an important step to make UAE a less transient country, just as HRH Sheikh Mohammed explained:
“The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors,” said Sheikh Mohammed.
Needless to say, the UAE property market will be the big beneficiary of this new system, attracting foreign investment which could play a bigger role in the local and regional economy. While UAE is already a magnet for investment, this new rule will boost even more the confidence and it will help to clear the massive chunk of inventory available on the market, thus making the market more competitive and squash any fears of oversupply.
But going back on how this will affect the day to day life of UAE expats, this new decision may be what people needed to stay-in permanently, rather than just few years.
If you received a 10-year visa for you and your family, would you consider to buy a property in Dubai?