(MENAFN- Khaleej Times)
Published: Wed 17 Aug 2022, 10:40 AM
The UAE has announced substantial amendments to its Golden Visa scheme by adding new categories to attract the world's best talent.
The expanded categories of 10-year visas will come in to effect with other visa reforms from next month. The visa holders can sponsor their family members (regardless of their age) and domestic staff without limiting their numbers.
Importantly, there is no restriction related to the maximum duration of six months outside the UAE in order to keep the Golden Visa valid.
Below is the expanded list of categories that are eligible for Golden Visa:
>>> Real estate investors: People investing Dh2 million and above are eligible for the Golden Visa. Under the new rule, investors buying property through a mortgage from a local bank can also apply for the Golden Visa. Investors buying off-plan properties can apply too.
>>> Exceptionally-talented individuals: This category will benefit a large number of talented foreigners who are looking to make UAE their home. Under this category, talented people in the field of art, culture, digital technology sports, innovation, medicine, law and others can apply. Importantly, the 10-year visa is awarded based on talent only. It does not depend on educational qualification, employment status, monthly salary or professional level. However, it requires the recommendation or approval of a federal or local government entity.
>>> Student: Students with exceptional calibre having high scores obtained either in UAE secondary school or universities are eligible for the 10-year visa. Those talented students who studied at the world's 100 best universities are also eligible.
>>> Entrepreneurs: Startup investors can also avail of Golden Visa under the new rules provided their company is registered within the country and it should fall under the small and medium enterprises (SME) category with annual revenues of Dh1 million or above.
>>> Scientists: This visa is granted to scientists and researchers who have a PhD or Master's degree in engineering, technology, life sciences and natural sciences from the world's best universities. He/she should have a recommendation from the Emirates Scientists Council.
>>> Skilled workers: The applicants must hold a valid contract of employment in the UAE while the job must fall under the occupational level one or two as defined by the Ministry of Human Resources Emiratisation. The minimum monthly salary requirement has been reduced to Dh30,000 as compared to 50,000 earlier. The worker must have a bachelor's degree as well.
- UAE firms begin offering Golden Visa to retain talent, attract highly-skilled individuals
- UAE visa reforms for families: Longer grace periods after residency expiry, sponsorship rules eased
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