UAE changes expat foreign investment, residency visa rules
The UAE cabinet has backed 100% ownership of businesses by ‘global investors’ and residency visas for investors for as long as 10 years
Dubai: The United Arab Emirates altered rules governing expatriate residency and foreign ownership of companies to stimulate investment, moves that could prove controversial in a country where foreigners outnumber citizens.
The changes were approved late Sunday, UAE Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said on Twitter. The cabinet backed 100% ownership of businesses by “global investors” and residency visas for investors for as long as 10 years, according to his tweet. The changes will take place by the end of this year.
Like in most other Persian Gulf states, a majority of the UAE’s population of 9 million consists of expatriate workers and families who are expected to leave once their employment ends. Unable to set roots in the country, many send earnings abroad. In 2017 alone, expatriates remitted 164.3 billion dirhams ($45 billion), according to WAM.
A relaxing of residency rules would follow legislation in neighbouring Qatar last August that granted some foreigners the right to remain indefinitely. The decision was taken amid a crisis in relations between Qatar and a bloc of Arab states led by Saudi Arabia.
Seven emirates make up the UAE, whose capital is Abu Dhabi.
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