By reforming its entry and residency procedures, the UAE is making progress toward being the best location for employment, investment, entrepreneurship, education, and living. The government has now announced additional categories for Golden Visas, and a new five-year Green Visa residency.
The foreign nationals, investors, and tourists residing in the UAE will gain a lot from the new system.
Green Residency Visa for Skilled Employees
Requirements for the Green residency visa are as follows:
- According to the Ministry of Human Resources and Emiratization, applicants must be in the first, second, or third occupational level and hold a current job contract.
- Applicants must have a bachelor’s degree or an equivalent level of education. Their annual remuneration cannot be less than fifteen thousand (15,000) dirhams (USD 4,083.74).
Green Residency Visa for Freelancers and Self-Employed
Freelancers and self-employed people can live in the UAE for five years under the new Green residence program without needing a sponsor or employer.
The only requirements are:
- Acquiring a permit from the Ministry of Human Resources and Emiratization to work for oneself or as a freelancer.
- A diploma or a bachelor’s degree is the minimal requirement in Education.
- A self-employment income over the prior two years of AED 360,000 ($9,809.99), or
- Throughout their stay in the nation, the applicant should be able to demonstrate their financial stability.
Green Residency Visa for Investors or Partners
To promote investment, the Green residence for partners or investors has been introduced. It grants investors who launch or engage in commercial activity five years of residency. Additionally, it takes the place of the prior residency, which was good for three years.
The requirements are:
- Confirmation of the investment and evidence of the investment.
- The total invested capital will be determined if the investor (partner) has multiple licences.
- It is necessary to obtain the proper local authorities’ approval.
Visa For Job Hunting
The primary purpose of the Job Exploration Visa is to entice young professionals and talented workers to investigate job opportunities in the nation. If the application satisfies the following criteria, the visa will be granted without a sponsor or host:
- Categorization by the Ministry of Human Resources and Emiratisation as belonging to the first, second, or third skill level.
- Recently graduated from one of the top 500 institutions in the world.
- Has at least a bachelor’s degree, or the equivalent, in education.
Other types of benefits have also been introduced to the system:
Tourist Visa With Multiple Entries: The new five-year visa with multiple entries does not require a sponsor and entitles the holder to a stay of up to 90 days. The latter may be further extended for an additional 90 days. On this tourist visa, a person may stay for a maximum of 180 days. Prior to applying, the applicant must have a bank balance of $4,000 (Dh14,700) or its equivalent in foreign currencies.
Business Visa: Entrepreneurs and investors can investigate business and investment prospects in the UAE with the Business Entry Visa. The visa allows simple entrance procedures without the need for a host or sponsor.
Real Estate: One needs an investment of Dh2 million for the visa. Investors who purchase both off-plan and mortgaged real estate will have a permit as long as their combined total investment is Dh2 million or more.
Family Visa: Previously, parents could sponsor their minor children under the UAE’s Family Visa law. Parents may sponsor their male children until the age of 25. Under a special permit, parents may also sponsor their disabled children. They may sponsor an unmarried female for an extended period of time.
Startups: A startup must be registered in the country, it must fall under an SME. It must have a yearly turnover of Dh1 million or more to qualify for a Golden Visa.
To explore more opportunities and find out which one is right for you and your family, contact NAM accountants for a Free Consultation.