UAE’s new Golden Visa rules comes into effect in September

In a recent article published in the Arabian Business by a staff writer dated, Fri 12 Aug 2022,    the writer gives a complete overview of eligibility criteria under the UAE’s new Golden Visa rules, the different types of long-term visas and job exploration visas available, along with expert insights. Here is the article below:

“The UAE’s Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICA) earlier said the new set of executive regulations regarding entry permits and long-term residence for expats will officially be enforced in September 2022.

The new rules expand the accessibility for the 10-year Golden Visa and the five-year Green Residence Visa, while adding entry permits and visas for visitors, relatives, tourists, and jobseekers looking to fly into the UAE.

This also includes an integrated system and a new generation of long-term residence visas with added benefits aimed at attracting investors, entrepreneurs, highly skilled workers, and self-employed residents.

Under the new rules, the long-term visas extend greater benefits for family members residing in the country, and offer flexible grace periods of up to 6 months after the expiry or cancellation of residency.

The green residency includes three types of categories or residencies:

• The green residency for the skilled worker,
• The green residency for self-employment, and
• A green residency for investors or partners, without the need of a sponsor or an employer.
  
  

The Green Residency replaces the previous residency, which was valid only for two years. It also has simpler eligibility criteria and greater benefits.

While Golden Visa holders can sponsor their children, irrespective of age, the Green Residence visa will allow residents to sponsor their children until the age of 25 – raising it from the previous rule which capped the age of sponsored children at 18. Unmarried girls and children of determination can remain under the special long-term residency as long as the visa is valid, irrespective of age.

Residents who have been granted a Golden Visa will no longer need to return to the UAE once in six months to keep the visa valid.

Other new advantages on the Golden Residence visa include the removal of the maximum number of support service workers – such as maids – that could be brought in under the visa. Additionally, family members will be permitted to stay in the UAE for the duration of the residency visa in the event of the death of the person who obtained the Golden Visa.

The Golden Visa residency has also been extended to include scholars, specialists, and exceptional talents, in accordance with the regulations established in this regard.

For those looking to explore job opportunities in the UAE, a specialised Job Exploration Visa will be granted, without the need of a guarantor or host inside the country, if the conditions set forth in the new executive regulations are met.

The new regulation for the entry and residence of foreigners in the country also aims to support the real estate sector, develop its contribution to the gross domestic product, and double real estate investment in the country.

In line with these goals, real estate investors can obtain a Golden Residence visa when they purchase a property worth $544,500 (AED 2 million) or more. As per the new amendments, investors are also entitled to obtain the Golden Residence when purchasing a property with a loan from specific local banks.

Investors can also obtain Golden Residence when buying one or more off-plan properties of no less than $544,500 (AED 2 million) from approved local real estate companies.

Here’s a detailed look at the eligibility criteria for UAE’s Golden Visa rules:

Eligibility criteria for the UAE Golden Residence Scheme has been simplified and the categories of people eligible to apply for the long-term 10-year visa have been expanded under a new set of executive regulations.

The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, has approved the new set executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners in order to strength the UAE’s position as an ideal destination to live, work, and invest.

Under the new executive regulations, the UAE Golden Visa will grant 10-year residence to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes, who meet certain eligibility parameters.

• Golden Visa for scientists:

The UAE Golden Visa will be granted to scientists and researchers with high achievements and influence in their field based on the recommendation from the Emirates Scientists Council.

The candidate must have a PhD or a Master’s degree in the disciplines of engineering, technology, life sciences, or natural sciences from the best universities in the world, as well as substantial research achievements.

• Golden Visa for professionals:

The UAE Cabinet has revealed a major expansion in this category to attract highly skilled workers with educational qualifications and professional experience in all disciplines, including medicine, sciences and engineering, information technology, business and administration, education, law, culture, and social sciences.

• Golden Visa for exceptional talents:

The UAE Golden Residence visa will be granted to top talents in vital fields.

It will be awarded based on talent only regardless of the educational qualification, employment status, monthly salary, or professional level.

It requires the recommendation or approval of a federal or local government entity, and includes talented individuals in culture, art, sports, digital technology, inventors, and innovators in other vital fields.

• Golden Visa for real estate investors:

Real estate investors can obtain Golden Residence when purchasing a property worth no less than $544,500 (AED 2 million).

As per the new amendments, investors are also entitled to obtain the Golden Residence when purchasing a property with a loan from specific local banks.

Investors can also obtain Golden Residence when buying one or more off-plan properties of no less than $544,500 (AED 2 million) from approved local real estate companies.

• Golden Visa for outstanding students and graduates:

This long-term, 10-year visa will also target high-performing students in UAE secondary schools, and outstanding graduates from UAE universities, as well as from the best 100 universities worldwide, according to specific criteria that includes their academic performance (cumulative average), the year of graduation, and the university classification.

• Humanitarian pioneers:

As per the UAE government, humanitarian pioneers are also eligible under the new Golden Visa rules. Such as distinguished members of international and regional organisations, outstanding members of associations of public benefit, recipients of recognition awards in humanitarian fields and distinguished volunteers and sponsors of humanitarian efforts.

• Frontline heroes:

Frontline workers with extraordinary efforts in crises, such as the COVID-19 pandemic can also get the Golden visa under the new rules issued by the UAE government.

• Golden Visa for entrepreneurs and startup owners:

The new executive regulations have also set flexible requirements for entrepreneurs eligible to obtain the Golden Residence.

Additional Golden Visa eligibility criteria for entrepreneurs and startups owners includes:

Entrepreneurs should own or be a partner in a startup registered in the UAE under the small and medium enterprises (SMEs) category, and the registered startup must generate annual revenues of not less than $272,250 (AED 1 million).

Entrepreneurs or startup owners who obtain approval for a startup idea from an official business incubator, from the Ministry of Economy, or from a competent local authority will be deemed eligible to obtain the Golden Residence in this category.

Entrepreneurs who are founders – or one of the founders – of a previous entrepreneurial project(s) that was sold for a total of not less than $1.9 million (AED 7 million) will be entitled to the UAE Golden visa. For this category, the approval of the Ministry of Economy or competent local authorities will be required for projects or ideas.

Additional Golden Visa eligibility criteria for professionals includes:

Applicants should have a valid employment contract in the UAE.

Applicants should be classified in the first or second occupational level as per the Ministry of Human Resources and Emiratisation classification, which is aligned with the International Standard of Classification of Occupations ISCO by the International Labour Organisation.

Applicants must have a minimum educational level and must have a bachelor’s degree or equivalent.

Applicants should have a monthly salary of not be less than $8,167 (AED 30,000).”