As part of the newly introduced reforms & enhancements introduced by UAE recently, a string of modifications was announced which consisted of the 50 projects that are due to be released in the coming months.
One of the Projects includes the residency system to be upgraded which will confirm UAE’s spot as an ideal economy to work for or to attract investors, entrepreneurs, education, and overall lifestyle elevation. The government of UAE has also permitted the extension of Golden Visa eligibility and it includes different categories like CEOs, managers, specialists in science, engineering, education, business management and technology.
Further on as part of these initiatives, there have been changes and amendments to the long-term residency which has been eased for experts and highly skilled professionals or specialised residents which covers investors, entrepreneurs, scientists, pioneers, leading students, and graduates.
The issuance of the Golden Visas will allow expats to live, work and study in the UAE without the need of a local sponsor. These visas will fall under a special category where they will be issued for 5 or 10 years and will be renewed automatically.
Green Visa or a freelancers’ visa
As part of further enhancements in the policies, the government of UAE has announced a Green visa, which entitles the individuals who fall under the category of investors, entrepreneurs, highly skilled individuals, top students and graduates to expand their residency status.
It also announced a centralised freelancers visa for those individuals who are self-employed and specialised in fields such as Artificial intelligence, Blockchain and Digital currencies etc.
As an endeavour to enhance the competitiveness and flexibility of the UAE labour market and to encourage some of the reforms like transfer of knowledge, development of skilled talent and to create greater economic stability for its residents, UAE has taken these enormous steps which will encourage foreign investment into the country.
Some of the other governing changes announced lately include:
>> Extension of permits /visas for a business trip to six months.
>> Eligibility of Sponsoring parents under the visa of direct family members.
>> 1-year residency extension on a humanitarian basis.
>> Extension of age limit for children to be sponsored by parents on residency visa from 18 to 25 years.
>> Extension of grace period for leaving the country after a job loss or retirement from 30 to 90-180 days.