‘Projects of the 50’ is aimed at drawing the country’s roadmap for next 50 years. Changes in residency norms are meant to attract business talents and establish its status as an ideal destination for talents and investors
The United Arab Emirates has taken many measures to introduce residency reforms under ‘Projects of the 50’ programme.
The project is aimed at drawing the country’s roadmap for next 50 years. Changes in residency norms are meant to attract business talents and establish its status as an ideal destination for talents and investors.
The country hosts a large number NRIs. Many of them have already started opting business visas under new norms realising the fact that the UAE has potential to bring back its economy on track quickly.
It is good time for the expatriates to grab the UAE opportunities, as it has plans to consolidate all sectors into a comprehensive hub.
Green Visa
The latest among the residency reforms is Green Visa, which allows its holders to work without corporate sponsorship and can sponsor their parents and children up to the age of 25 years.
Golden Visa
UAE Immigration Information sources announced a new system for long-term residence visas in 2019.
“In 2019, the UAE implemented a new system for long-term residence visas. The new system enables foreigners to live, work, and study in the UAE without a national sponsor and 100 per cent ownership of their business on the UAE’s mainland. These visas will be issued for 5 or 10 years and will be renewed automatically,” the UAE Immigration Information services said.
Apart from entrepreneurs, doctors, researchers, scientists, and artists can also apply for this visa.
Freelancer Visa
Self-employed expats can seek Freelance Visa in the UAE. It enables the self-employed individuals to sponsor themselves. It attracts mainly the IT talents. UAE based workers or even those in overseas can avail Freelance Visa. It is meant for specialised fields such as artificial intelligence, blockchain and digital currencies.
The cost of setting up businesses has come down, as the free zones are offering completive rates to issue business licenses
Meanwhile, there are some regulatory changes in the residency norms which ultimately helps the expatriates.
- Business trip permit extension from three months to six months.
- Sponsorship of parents under the visa of direct family members.
- One-year residency extension for humanitarian cases
- Extension of children’s age limit on parents’ residency from 18 to 25 years
- Extension of grace period upon job loss or retirement to 90 to 180 days.
The changes in UAE visa norms has given many job losers opportunity to set up businesses, as hundreds of expatriates have started own businesses after job losses due to Covid-19 pandemic.
They are making use of the changes in sponsorship rules and incentives offered by various free zones in the UAE.
Moreover, the cost of setting up businesses has come down, as the free zones are offering completive rates to issue business licenses.
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