(MENAFN- Khaleej Times)
Published: Mon 3 Oct 2022, 6:57 AM
A significantly expanded Golden Visa scheme is among the new reforms that are expected to go into effect from today, October 3. Several amendments have been introduced to the scheme, allowing more categories of people to get the coveted 10-year visa.
More skilled professionals can get the long-term residency, with the minimum monthly salary requirement dropping from Dh50,000 to Dh30,000.
Investors can get the Golden Visa when purchasing a property worth at least Dh2 million, even with a loan from“specific local banks”. Off-plan properties are allowed from“approved local real estate companies”.
The 'Advanced Visa System' offers new advantages to holders of the long-term residency, including the Golden Visa being valid despite staying out of the country for more than six months; no cap on the number of sponsored domestic workers; and family members being able to stay in the country during the visa's validity period even after the sponsor (holder of the Golden Visa) dies.
Potential Golden Visa holders can get a six-month, multiple-entry visa that can help them with issuing the long-term residency. According to the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) website, the permit can be“extended for a similar period to facilitate the completion of procedures for obtaining a golden residency”.
It includes the following categories:
- Investors (public investments/real estate investor)
- Entrepreneurs (owner and founder of a project)
- Specialised talents (doctors/scientists)
- Creative specialists in culture and art
- Specialists in priority scientific fields
- Ph. D holders
- Specialists in the fields of engineering and science
- Outstanding students (high school/university students)
The fee for the service is Dh1,150. People from around the world eligible for the long-term UAE residency can apply for the entry permit on the ICP website. Issuance fees will be refunded only if the application is rejected by the ICP.
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