The UAE cabinet has approved regulatory changes which shake up the country’s entry and residence schemes for foreigners, including its golden visa programme.
It said in a statement: “The new system of entry and residence aims at attracting and retaining global talents and skilled workers from all over the world, and boosting the competitiveness and flexibility of the job market and fostering high sense of stability among UAE residents and families.”
On the golden visa front, the UAE has simplified and extended the requirements needed to apply.
The long-term 10-year residence will now be granted to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes, the government said in a social media post.
Applicants will be able to renew their 10-year visa which can be obtained without needing a sponsor or employer backing. It will also cover spouses and children without any age limits, and the duration of any stays outside of the UAE will not nullify the permit.
If the visa-holder was to die, their family members will be allowed to remain in the country until it expires.
To apply, professionals will need to have a valid UAE employment contract, with at least a bachelor’s degree and a monthly salary of no less than AED30,000 (£6,192, $8,166, €7,429).
While for investors, the updated golden visa conditions will require them to purchase a property that must be worth at least AED2m.
Under the conditions, this can also be done via a loan from specific local banks, or they can even a property or more off-plan properties from approved local real estate companies, but the minimum figure still applies.