The much talked about UAE Golden Visa for 10 years has brought in some advancements and modifications to widen its umbrella and include more prospective candidates. There are a few executive regulations that have been simplified, for eg- a reduced amount of investment so that it is easier for people to qualify for the new Golden Visa.
The purpose of the easing of UAE Golden Visa rules is to make the nation even more attractive as a place to live and work for the upcoming generations of skilled professionals. Furthermore, it also aims at retaining and rewarding the people with the UAE Golden Visa benefits who have already invested precious efforts and years of their careers in the UAE.
Let’s have a look at the changes that have come into effect since 1st October 2022:
1. The UAE introduced the 5 & 10 years Golden Visa for the first time in 2019 with a plan of attracting expatriates from all around the globe to become a part of a modern global community that is an ideal place to live and work. Whereas now, a diverse group of professionals like investors, entrepreneurs, exceptional talents, scientists, professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes are eligible for the Golden Visa.
2. The new changes in the UAE Golden Visa rules extend the benefits to immediate family members. Children can now be sponsored by the Golden Visa until the age of 25, which was previously only till the age of 18 with no age limit for unmarried daughters.
3. The Golden Visa UAE eligibility states that real estate investors can get a Golden Visa if they invest or purchase a property of a value that is equal to greater than AED 2 million (USD 544,500). In the previous Golden Visa scheme, the point of eligibility was AED 10 million (USD2.725 million). An 80% reduction in investment requirements has made a lot more people eligible for the new scheme.
4. There is good news for entrepreneurs as well with reference to the New Visa rules in UAE. As per the new rules, if a UAE-registered business start-up is generating an annual revenue of at least AED 1 million (USD 272,000) or if the entrepreneur has previously founded a previously approved business venture that was sold for at least AED 7 million (USD 1.9 million).
The UAE Golden Visa rules introduced in 2022 has given a big thrust towards attracting professionals from fields like medicine, sciences and engineering, information technology, business and administration, education, law, culture, and social sciences. Provided the professionals from the above-mentioned fields have an employment contract in the UAE, are classified in the first or second occupational level under the Ministry of Human Resources and Emiratisation (MOHRE) classification, have at least a bachelor's degree or equivalent and receive monthly compensation of AED 30,000 (USD8,200) or more.
As part of the sweeping changes brought about by the UAE government, they have also introduced a “Green Visa” which allows freelancers, self-employed people or partners in commercial businesses, as well as highly skilled workers to live and work in the UAE for five years minus the requirement of company sponsorship, as well offering extended benefits to family members. The overstay or grace period for the visas after their expiry date has also been extended to a six-month stay in the UAE.
