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 ex-pats will officially be enforced in September 2022.
A significantly expanded Golden Visa scheme, the new five-year Green residency, a multiple-entry tourist visa, and job hunting entry permits are among the several residency reforms that will take effect next month. These new visas and entry permits are part of the largest entry and residency reforms adopted in the UAE.
The new system will significantly benefit the expatriates living and working in the UAE as well as visitors. This will also make the Emirates an even more investor-friendly country for foreigners and high-net-worth individuals looking to have a long-term presence in the UAE. As per the UAE Cabinet decision announced in mid-April, all these new executive regulations related to entry and residence laws will come into force after 90 days from the date of its publication in the Official Gazette. Under the new rules, 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.
10-year visa eligibility requirements for investors:
- A deposit of at least AED (United Arab Emirates Dirham) 10 million worth of public investment, either in the form of an investment fund or a company.
- 60% of the total investment must not be in the form of real estate.
- The invested must be able to retain the investment for a minimum of three years.
- The invested amount must not be loaned, or investors must assume full ownership in case of assets.
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.
