The new Permanent Residency of UAE (aka Green visa) scheme is quite different from the golden visa scheme launched in 2019, which was issued for 5 or 10 years and offered to HNWI (high net worth individuals) who bring large investments to the UAE.
The new permanent residency program offers expats the opportunity to live in the country without having to renew their visa every two or three years and without the need for a sponsor. Now managers as well as CEOs would be able to apply while specialists in the fields of science and technology, health, education and business management would also be eligible.
‘Green Visa’ holders will be able to work in the country without company sponsorship and can sponsor their parents and children up to 25 years old.
Green Visa is the latest category of resident visa announced by the UAE. It was announced as part of the ‘Projects of the 50’, a series of developmental and economic projects commemorating the UAE’s 50th anniversary and aiming to accelerate the UAE’s development and consolidate into a comprehensive hub in all sectors and establish its status as an ideal destination for talents and investors. So, the Green Visa that will allow foreign investors, entrepreneurs and highly skilled workers to live and work in the gulf state without being required to get a local sponsor first.
With Green Visa, the self-residency status has been further expanded to investors, entrepreneurs, highly-skilled individuals, top students and graduates. Those running Small and Medium Enterprises, scientists and other talented people will also be considered.
Among the benefits of new Permanent Residency of UAE (aka Green visa) is permission of being a sponsor of until the age of 25 (instead of 18 previously) and also sponsorship of parents. And extension of the grace period for leaving the country upon job loss or retirement to 90 to 180 days (instead of 30 days previously).
The program allows foreign investors and entrepreneurs become company owners, enjoy the privileges available to Dubai residents, as well as freely enter and leave the country during the visa period. The 5-year business visa applies to visa holders and their families, as well as to three executive directors of the company under the leadership of the visa holder. The long-term 10-year investor visa applies to spouses, children, one executive director and one legal adviser of the company. And also, the investor (as a main applicant) may include his business partners, provided that each of them invests at least 2 million dirhams (approximately US$544,484) in the UAE economy. Foreigners who have received “gold” visas will be issued a temporary visa for a period of 6 months, giving the right to enter and stay in the UAE. During the specified period, the temporary visa must be replaced by a Permanent Residency of UAE. All categories of citizens can apply for a golden visa without age and national restrictions.
Note that last January, the UAE announced that it was amending its citizenship law which for the first time allowed nominated foreign investors, top migrant professionals and artists to get the Emirati passport and citizenship. But still no one may tell would this come to life or not.