Professionals from medicine, education and technology will be major beneficiaries of the UAE’s 10-year visa policy, which will come into effect in 2019, say legal experts.
“I think professionals from medicine, education and technology and other certain professions such as accounting will benefit from this long-term visa. The 10-year visa to investors and skilled professionals will go a long way to boost investor confidence and develop a socio-economic environment where foreigners will have a large role in local and regional economies,” said Dr Ahmad Bin Hezeem, former director-general of Dubai Courts and senior partner at BSA Ahmad bin Hezeem & Associates.
“I think the direction is clear for the UAE government and it is showing more belief that people who have special expertise can also contribute to this country and deserve a special residency scheme.”
He said the long-term visa will boost real estate markets as families will be encouraged to invest in freehold homes.
“Latest regulations also look to attract professionals from highly advanced sectors such as medicine and sciences; employees will be eligible for visas as well.”
The UAE has announced that it will implement the 10-year visa for certain highly skilled professionals and investors next year.
Addressing the Institute of Chartered Accountants of India (ICAI) – Dubai Chapter, Bin Hezeem said the UAE government is progressive in its vision to continuously enhance its legal structure and regularly reviews and amends legislation and laws.
He also pointed out that significant efforts are underway to upgrade UAE courts’ administrative system.
Other speakers included Mahmood Bangara, chairman of the ICAI – Dubai Chapter; Iain Skinner, legal director at DLA Piper; and Abhimanyu Jalan, partner at Clyde & Co, who also addressed attendees about the intricacies of employment contracts and a smart approach towards dealing with the elements of contracts.
Bangara said a robust legal system and framework is a matter of importance for any organisation and a country. The new insolvency and residency laws and 100 per cent FDI law are measures in this direction.
He emphasised that the basic understanding of contracts is important for finance professionals to know the implications, obligations and any risks attached to it. “Simple oversight could lend itself into a catastrophic risk or losses.”
Published in Khaleej Times