Know all About New Amendment to the UAE Golden Visa scheme
The UAE’s Golden Visas were released with a huge bang in early 2020 to boost immigration into the country and attract talented youth to the country. As per this document, immigrants holding the GV wouldn’t have to have a sponsor and could own their business with 100% solitude. The duration of these was ten years, which was renewable for infinity as long as its eligibility was being met by the holder. Addition of simpler eligibility and more elaborate beneficiary categories as per the latest revision.
However, things took a brighter turn for people looking forward to getting the UAE Golden Visa in 2022, the year when the world finally started healing from the covid 19 pandemic.
As per the previous arrangement of the UAE Golden Visa, holders were to lose their residency or citizenship if they failed to reside in the UAE for six consecutive months. This means a holder’s continuous absence from the UAE would nullify his or her residency if they stayed out of the country for a period of six or more months. With the new amendment, this rule has been declared void, and holders can stay anywhere they wish, for any period, without it affecting their residency however.
The said residency is, under normal circumstances, granted to immigrants who are recognized as scholars, scientists, entrepreneurs, investors, or other people of extraordinary talent. Under the new amendment, an extension has been made to this advantage. The holder will now be allowed to sponsor their family along with the spouse and kids, irrespective of age. Additionally, in the event of the demise of the Visa holder, their family gets to remain in the UAE.
Adding on, normal visitors to UAE can now stay in the country for 60 days, rather than the old 30-day scheme. For professionals, a larger extension has been made. The aim is to attract more talent and workforce into the UAE in all fields, including medicine, engineering, IT, law, etc.
The said holder should have the following eligibility:
- Valid employment contract in the UAE
- A second- or first-class occupational tier as per the Ministry of Human Resources and Emiratization
- The minimum education is undergraduate
- The minimum salary should be 30,000 DH
For people who recognize as having extraordinary talent, residency is offered, and there is no bar with respect to annual pay, education, profession, etc. The talents accepted should be in the cultural, art, sports, or digital technology. Real estate investors who have purchased the property in the UAE can also avail of the Golden Visa, given that the property should be at least 2 million DH worth. According to the extension of the Golden Visa, investors buying the said property under a loan from select local banks are also subject to benefit from the Golden Visa.
As far as entrepreneurs go with this benefit, they can avail of a Golden Visa under the eligibility that they have an SME or be a partner of the same in the country. The annual revenue of the said SME should be at least 1 million DH. Also, if the person has sold a business that he or she was the founder (or one of the founders) of for at least 7 million DH in the past, the Golden Visa will be theirs.
Excellence in academics, as portrayed by secondary school, undergrad, and graduate students, are also to avail of the Golden Visa. Researchers and scientists flourishing in their fields and having rich backgrounds are also to avail of the GV, but they should be recommended by the Emirates Scientists Council.
Therefore, the new amendment to the Golden Visa of the UAE is foreseen to take effect this September 2022. With the new amendment, the eligibility to apply for a GV will be simplified and broadened, and the benefits will now be more than before. The aim of this extravagant increase in the Visa scheme is to increase competitiveness and job flexibility. This will ensure that families residing in the UAE have higher stability and happiness levels.
While for immigrants, the amendment is increasingly going to prove helpful to apply for the Golden Visa, the competition is also subjected to rise by leaps and bounds. While applying for the Visa will be easier now, getting it granted will be slightly more difficult than it was before.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.