UAE set to issue 10-year residency visas to investors, students

The United Arab Emirates (UAE) is all set to implement a new system of entry visas, under which investors and professionals in specialized fields will be offered up to 10-year residency visas.

The Federal Authority for Identity and Citizenship (FAIC) has approved to implement the plan, which will boost UAE’s position as a top destination for investment and top talent, as per Gulf News.

Apart from attracting potential investors, UAE also eyes to become an educational destination. It has approved to grant five-year residency visas for students studying in the UAE and 10-year visas for exceptional students.

Currently, as per the report, the expat university students in UAE have a visa sponsored by their university as long as they are enrolled. The student visa becomes void as they graduate or leave university, which creates issue for the students as they have to seek another sponsor and visa to stay in the country.

The UAE's cabinet had also announced changes to the foreign ownership system of companies in the country, allowing 100 percent ownership of UAE-based enterprises by international investors. The new system is set to be implemented by the end of this year.