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The UAE Announces New Residence Visa Rules For Investors And Digital Nomads
Great news for those who want to move to Dubai or another city in the United Arab Emirates. The UAE cabinet has just announced new residence visa rules that are going to facilitate the entry of foreign skilled workers, investors and digital nomads who desire to live in the Middle-Eastern country.
The UAE’s new rules are a complete overhaul of the previous visa residence systems. The new model ends the need for foreigners to acquire sponsorship.
The new system aims to attract and retain global talent and skilled workers from around the world, increasing the competitiveness and flexibility of the labor market and promoting a high sense of stability among UAE residents and families.
The executive regulation of the UAE Decree-Law on the Entry and Residence of Foreigners will go into effect by September, according to the UAE Government Media Office.
Key improvements of UAE’s new residence visa rules include: the introduction of new five-year residence visas to attract talent, skilled professionals, freelancers, investors and entrepreneurs. More benefits are offered to facilitate the residence of family members and more flexible grace periods that reach up to six months for staying in the country after the cancellation or expiration of the residence permit, in addition to facilitating and simplifying the requirements of all types of residence.
See additional details on the new residence visa rules below:
Golden Residence for Real Estate Investors
This was designed for those who invest their money in the real estate industry. The residence visa will be granted to investors when purchasing property worth no less than AED2 million (around US$ 545,000) from approved local real estate companies.
With the new amendments, investors are also entitled to obtain the golden residence when purchasing a property with a loan from specific local banks, the UAE government said.
Golden Residence for Entrepreneurs
The UAE’s new system is also making it easier for entrepreneurs to obtain the Golden Residence. An entrepreneur should own or be a partner in a startup registered in the country in the small and medium enterprises (SMEs) category and generate annual revenues of no less than AED1 million.
In addition, obtaining approval for a startup idea from an official business incubator or from the Ministry of Economy or the competent local authorities is sufficient to obtain the Golden Residence in this category.
If the person is a founder, or one of the founders, of a previous entrepreneurial project that was sold for no less than AED7 million (around US$ 2 million), the entrepreneur will be entitled to the Golden Residence.
Green Residence for Freelancing and Self-Employment
With the growing number of digital nomads, the update offers a 5-year residence visa for freelancers and self-employed individuals without requiring a sponsor or employer in the UAE.
“It requires obtaining a freelance/ self-employment permit from the Ministry of Human Resources and Emiratization, the minimum educational level should be a bachelor’s degree or specialized diploma,” the UAE cabinet said.
The annual income from self-employment for the previous two years should not be less than AED360,000 (around $98,000) or the applicant must prove financial solvency throughout their stay in the country.