HNWI from MENA Seek Investments in Islamic Assets
24 november, 2022
New UAE Golden Visa rules and long-term visit visas came into force on October 3. The changes were first announced on April 18 by the UAE Cabinet.
The long-term visas are being granted to investors, entrepreneurs, startup owners, exceptional talents, scientists, professionals in various fields, outstanding students and graduates, humanitarian pioneers, and frontline heroes.
The benefits of long-term visas and Golden Visas will extend to immediate family members. Children can be sponsored by the Golden Visa or Green Residence visa holder until the age of 25 – an increase from the previous rule of 18 years – with no age limit for unmarried daughters. Children of determination are granted a residence permit, regardless of their age.
The UAE Golden Visa residency programme enables expats to live, work, and study in the UAE without the need of a national sponsor and with 100 percent ownership of their business on the UAE’s mainland. With the new rules, the criteria to apply for the 10-year visas have now been eased, as more people across a diverse set of professions will be offered the opportunity to apply for the Golden Visa.
The five-year UAE Green Residence visa replaces its previous two-year version. The Green Residence targets exceptional talent, skilled professionals, freelancers, self-employed residents, investors, and entrepreneurs.
UAE job exploration visa, five-year tourist visa, and non-sponsor business permits represent new types of entry permits and visas without requiring a host or sponsor for the first time.
The job exploration visa has been introduced with the aim of attracting young talents and skilled professionals to explore job opportunities available in the country and does not require a sponsor or a host. It is granted to those classified in the first or second or third skill level as per the Ministry of Human Resources and Emiratisation.
Non-sponsor business visa enables easy entry without requiring a sponsor or a host to investors and entrepreneurs who want to explore business and investment opportunities in the UAE.
Five-year multiple-entry tourist visa does not require a sponsor and allows the person to stay in the country up to 90 continuous days. The visa may be extended for a similar period, provided that the entire period of stay does not exceed 180 days in one year.
This visa requires proof of having a bank balance of $4,000 or its equivalent in foreign currencies during the last six months prior to submitting the application.