The country's residency departments will now start receiving applications for the long-term visa permits.
Businessmen and entrepreneurs in the UAE have said that they would "definitely apply" for the long-term visa, the regulatory framework of which was adopted by the Cabinet on Monday. The country's residency departments will now start receiving applications for the long-term visa permits, the UAE Vice-President announced.
"We adopted the framework of long-term visas for investors, entrepreneurs, innovators and professional talents. The UAE will remain a global incubator for talents and a permanent destination for pioneers," His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, tweeted on Monday.
The tweet came after Sheikh Mohammed chaired a Cabinet meeting at the Presidential Palace in Abu Dhabi.
Dr Ram Buxani, chairman, ITL Cosmos Group, said he would apply for the visa as it "will save hassles".
"This is positively a pragmatic step by the UAE Cabinet and is in direction to create an atmosphere of confidence. It is not clear whether the 10-year visa will require a one-time medical test at the beginning or there will be a periodic check-up. It will be better if basic medical insurance is covered in the visa cost only."
A resident of the UAE for 25 years, Rizwan Sajan, founder and chairman of Danube Group, said he would sign up for the long-term residency. "Dubai is my second home and I will definitely apply for the long-term visa. This is wonderful news for all the investors. This decision will bring so much more trust and confidence to investors who have invested huge money in the UAE. This will strengthen the loyalty of expatriates to the UAE and encourage them to invest in their future."
Dr B.R. Shetty, founder and chairman, NMC Healthcare, said the system would foster innovation, entrepreneurship and investment in the UAE. "Just as importantly, it will also greatly enhance the (country's) ability to attract talent and make the UAE more competitive on the global stage. (This is) truly a landmark step that reflects the strong vision of the leadership of the UAE."
Kamal Vachani, group director of Al Maya Group, said the system would boost foreign investments. "The issuance of long-term visas of five and 10 years will further boost the confidence of investors and will benefit all sectors and the economy ... It will help maintain the position of the UAE as an optimal business destination."
The founder of a UAE healthcare group added that with the new policy, more businesses would be eyeing to set up shop in the country.
Dr Azad Moopen, founder chairman and managing director of Aster DM Healthcare, said: "The implementation of long-term visa rule will undoubtedly boost investor confidence and encourage businessmen and professionals to set up base in the country. Expediting the implementation is another example of the UAE government's ability to execute its programmes quickly.
"This will also boost homegrown innovation and research in healthcare. The influx of highly skilled and experienced doctors will help establish tertiary care hospitals, making the UAE a destination for health tourism."
The Cabinet on Monday adopted the decision to regulate and develop the services of the residency and ports affairs sector and organise the issuance of the new residence permits.
"The decision aims to create an attractive environment for investment in line with the UAE's position as a top destination for investors and visitors," said the Ministry of Cabinet Affairs and the Future in a Press statement.
The long-term visa system includes 10-year residency visas for investors and specialists and five-year permits for exceptional students. It will facilitate visas for investors, entrepreneurs, specialists, researchers - including their spouses and children - and create an encouraging environment for the business sector and the academe. Visa benefits for the family also "ensures a cohesive social structure".
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