In recent news, the cabinet of the United Arab Emirates has gone ahead and approved regulations on the entry and residence of overseas individuals. This move has formalized the procedure geared at providing a more significant stake to expatriates in the economy.
The overseas residents can constitute 80 percent of the populace of UAE, who have made Dubai their home for many decades and a place of their business. As quoted by a statement, “The new system of entry and residence aims to attract and recall global talents and skilled professionals from all over the world, increase the competitiveness and tractability of the job market, and adopt a high sense of stability among UAE families and residents.” The UAE encompasses seven sheikhdoms, inclusive of Dubai and Abu Dhabi.
Facts about the New Residence and Entry permits:
•The criteria for eligibility have been eased by the golden residence scheme and widened the categories of beneficiaries. This 10-year residence shall be given to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and first-line heroes.
•Changes to the golden visa will now permit the holder of a golden residence family member sponsorship.
•Henceforth, there shall be no limitation about the maximum period of stay out of UAE to keep the golden residence’s validity.
•Now real estate investors can procure golden residence when buying a property worth not less than 2 million dirhams ($544,500).
•A green residence is a residency of 5 years for freelancers and self-employed individuals without no need of a sponsor or employer in the UAE.
•Also, the Green residence is for investors or partners who establish or take part in commercial activities.
•This 5-year residence visa aims to allure talents, skilled professionals, freelancers, investors, and entrepreneurs.
•New Entry visas need no sponsor or host for the first time, single or multiple entries that can be renewed for the same duration, and are valid for 60 days from the date of issuance.
•As per the UAE Ministry of Human Resources and Emiratisation, a job exploration entry visa is granted to those categorized in the first, second, or third skill level.
•A business Entry visa needs no sponsor or host for investors and entrepreneurs to discover the business potential in the UAE.
•Tourist Visa is a multi-entry 5-year visa requiring no sponsor, only proof of having a bank balance of $4,000.