A comprehensive look at the some of the country’s new types of Golden Visa category expansions, entry visas and residence permits
In keeping with its forward-looking ethos, the United Arab Emirates today announced a slew of new rules and regulations intended to make the country an even more welcoming destination to work, invest and live. Here is a breakdown of some notable, new systems and benefits:
THE GOLDEN VISA
This residence is valid for 10 years and is granted to investors, entrepreneurs, professionals and exceptional talents, amongst others. The new changes allow holders to sponsor their families, including their spouses and children regardless of age, as well as domestic support services. The visa is valid regardless of how long the holder resides outside the country and, in the event of the holder’s death, family members can stay until the end of the visa duration.
Real Estate investors can secure a Golden Visa when they purchase a property worth AED 2 million or above. One or more properties that are still being developed off plan properties and are worth AED 2 million or more can also be purchased from approved local real estate companies. In a sign of the U.A.E.’s trademark business flexibility, investors are now allowed to use loans from specific banks to finance these purchases.
Highly-skilled professionals with the requisite educational qualifications and professional experience in disciplines ranging from medicine to culture are also welcome to apply. Applicants should possess a valid U.A.E. employment contract and must draw a monthly salary of no less than AED 30,000.
Entrepreneurs who own a startup registered in the country with an annual revenue exceeding AED 1 million are now eligible. However, simply receiving formal approval for a startup proposal from an official business incubator or the Ministry of Economy and related authorities also suffices. Pertinently, an applicant can also apply if he or she was previously a founder of an entrepreneurial project that sold for AED 7 million or higher.
The Golden Visa for scientists and researchers is granted to any pertinent individuals with outstanding achievements. The applicant requires a formal recommendation from the Emirates Scientists Council and should possess a Ph.D or a Master’s degree from a reputable university in disciplines that include engineering, technology and natural sciences.
Relatedly, exceptional talents in vital fields such as culture, sports and art are eligible. They must possess a recommendation or approval from a local or federal government outfit, but are not bound by any salary or educational qualification requirements.
This residence visa also targets high-performing students in the U.A.E.’s secondary schools and leading students from the U.A.E.’s universities, as well as the world’s top 100 universities.
BUSINESS ENTRY VISA
The United Arab Emirates has rapidly become one of the world’s most thriving business and investment markets, and individuals who wish to explore related opportunities within the country can now enjoy more convenient access. Easing entry regulations mean investors and entrepreneurs no longer require sponsors or hosts to obtain a visa.
TOURIST VISA
The U.A.E. is one of the most sought after tourist destinations due in large part to the commitment to warmly welcoming all visitors and ensuring utmost convenience. Now, in addition to the regular tourist visa, a 5-year multi-entry tourist visa has now been introduced. Vitally, no sponsor is required and the holder is permitted to stay within the country for a maximum of 90 continuous days.
NEW RESIDENCE TYPES
The new regulations greatly improve upon existing resident visa rules.
The Green Residence for Investors or Partners provides a 5-year residency for investors establishing or participating in commercial activities. This is a significant improvement on the previous visa validity of 2 years.
In keeping with increased adaptability as a result of the pandemic, the Green Residence for Freelancing and Self-Employment allows freelancers and self-employed individuals to operate within the U.A.E. without the need for a sponsor or employer. The visa is valid for 5 years.
A further addition is the new 5-year Green Residence for Skilled Employees. No sponsor or employer is required, but applicants should possess a valid employment contract, a bachelor’s degree or its equivalent at minimum and a salary of AED 15,000 or higher.
These new rules and regulations will be in effect from September 2022.
