The UAE will make residing and entering the country much more accessible and beneficial as of October 3, 2022. Long-term visas, such as the 10-year Golden Residence Visa and the 5-year Green Residence Visa, are available under the new visa reforms, as are long-term permits. While the new executive regulations broaden the eligibility requirements for long-term visas, they also expand the number of people – in multiple categories, occupations, and positions – who can apply for long-term visas. The various long-term visa categories will have their own benefits and will be granted to investors, entrepreneurs, startup owners, exceptional talents, scientists, professionals in various industries, outstanding students and graduates, humanitarian pioneers, and frontline heroes. The advantages of long-term visas will be extended to family members. Children under the age of 25 can be sponsored by the holder of a Golden Visa or Green Residence visa, an advancement from the previous rule of 18 years, with no age restriction for unmarried daughters. Children of determination, irrespective of their age, are granted a residence permit.
The UAE Golden Visa will grant investors a 10-year residence permit under the new executive regulations, under the following criteria:Golden Residence is available to real estate investors who purchase a property worth at least $544,500. (AED 2 million). The new amendments also allow investors to acquire the Golden Residence when buying a property with a loan from a specific local bank. Investors also can procure Golden Residence by purchasing one or more off-plan properties from authorized local real estate companies for at least $544,500 (AED 2 million).
A 5-year Green Residence Visa is another option if the following criteria are met:This residence permit was created to encourage investment by providing investors who establish or partake in commercial activities with a 5-year residency. It takes the place of the previous residence, which was only valid for two years. Investment approval and proof of investment are among the requirements. The total invested capital will be calculated if the investor or partner has more than one license. The approval of the appropriate local authorities is required.
Investors can also gain entry permits under the following conditions:This permit enables a foreigner wishing to enter the country for investment purposes to obtain a work entry permit (partner/investor), allowing him/her to enter and stay in the country for the duration specified. A copy of the trade license and a copy of the establishment card is required for this. Now that you are aware of the various visa and permit categories and requirements, Below are some of the benefits of the Golden Visa:
- Golden Visa holders can stay in the UAE for ten years, and the visa is renewable.
- Expats with the Golden Visa are allowed to stay in the UAE without the support of a sponsor or an employer.
- The golden visa benefits family members, including children of all ages.
- In the event that the Golden Visa holder dies, family members may remain in the UAE until the visa expires.
- Golden Visa holders can sponsor an unlimited number of domestic workers, such as maids, to live in the UAE.
- The newly announced rules eliminate the requirement for those who travel to return to the UAE every six months.