On April 18, the UAE Cabinet approved major overhauls to the entry and residency visa regime of the country, in years. Under the new rules, convenience, multiple options and flexibility are offered to the people coming to the United Arab Emirates. A few of the significant changes include multi-entry visas and a 60-day validity and ending the need for arrivals to acquire sponsorship.
Note: All these changes under the new UAE Entry and Residence Scheme will come into effect by September 2022.
The initiative is aimed to revolutionize the country’s tourism, economic, investment and educational sectors and to woo and retain global talent. If you are planning to travel to UAE, the New Entry and Residence Scheme provides various options for the current visa holders, residents, job-seekers and more. The scope of beneficiaries has also been expanded to offer more benefits, including 10 years of residence.
UAE’s new Entry and Residence Scheme
The new visa regime will boost the competitiveness of the UAE job market and foster a high sense of stability among the residents, who will start considering this country more than a temporary place to stay.
The new Entry and Residence Scheme offers 10 types of entry visas with easier terms and conditions yet more benefits. For instance, the new visas do not require any host or sponsor, and offer more flexibility in terms of stay, multiple entries, 60-day validity and one unified platform to apply for these visas.
A parent can now sponsor a male child to the age of 25 years, up from 18 while no age limit for an unmarried daughter. Children with disabilities are granted a residence permit permanently, regardless of their age.
Golden Residence Visa Scheme
Several substantial and significant amendments are done to the Golden Residence visa scheme to simplify the eligibility criteria and to expand the categories. According to amendments, this long-term residence is granted to:
Investors: Public investment and Real estate investment
Entrepreneurs, Exceptional talents, Scientists and professionals, Outstanding students and graduates, Humanitarian pioneers, and Frontline heroes.
Advantages of new Golden visa
- As per the new amendments, Golden Residency holders can sponsor their family members including spouse, children and support staff without any limit.
- There will be no restriction on the duration of stay outside the UAE in order to keep the Golden Residency valid.
- An e-visa valid for six months will be issued to the beneficiaries to proceed with the residence issuance.
- No sponsor or employer required
- 10 years renewable visa
- Family members will be allowed to stay in the UAE in case of the death of the original holder of the Golden Visa until the end of their permit duration.
How can real estate investors be eligible for Golden Residence visa?
If you are a real estate investor looking for requirement criteria to check your eligibility for the Golden Residence visa, you must fulfil the following requirements:
- Real estate investors can obtain Golden Visa on the purchase of property worth at least AED2 million.
- Real estate investors are entitled to obtain the Golden Visa while purchasing a property with a loan from particular local banks.
- Investors can also obtain Golden Visa against buying one or more off-plan properties worth no less than AED2 million from approved local real estate companies.
Will new residence visa bring revolutionary changes to UAE real estate sector?
Yes! A simple and one-word answer is yes. New Golden Visa regulations are flexible and allow you to obtain a ten-year residency through real estate investment will create a trickling effect, encouraging more foreign investors to come and explore this country.
A majority of industry experts have welcomed this initiative and considered it a proactive approach to entice more foreign investors to come to this country and bring foreign investment into the UAE real estate sector. The new visa scheme is appealing to high-net-worth individuals, especially from India, Pakistan, France, Canada and other European countries that already topped the list of foreign investors.
“This is a game-changer, just like so many recent initiatives, and will further push forward the UAE as the central business and investment hub in the region. This will also have a positive impact on the Dubai real estate market, which has been going through record-breaking momentums over the past year and a half,” said Lynnette Sacchetto, a UAE-based real estate industry consultant.
“The UAE regulatory amendment for the Real Estate Golden Visa is the latest in a series of great directives that have helped boost the UAE real estate sector in the previous years. Now it will lead to tremendous growth in the upcoming years as the realty sector is already set on the path of recovery after the pandemic. The flexibility to obtain Golden Visa while purchasing a property with a mortgage or even investing in an off-plan property will help attract young foreign professionals to invest in the country on a long-term basis and allow them to make UAE their second (yet permanent) home,” states Ali Mustafa – Head of Sales Department at HFRE.
UAE ranks as one of the top countries for expatriates. In 2021, the country ranked as the fourth best place for expatriates to live and work. The new initiatives that will lead to the long term residency visa will be a game-changer plan for expatriates, who look forward to living in this country. Once they will consider it a place for long term stay, a majority of them will turn towards investing in the UAE real estate sector.