New amendments for the UAE Golden Visa and Green Visa for property investors

On October 3 2022, new visa provisions took effect in the UAE. Long-term visas, which include the 5-year Green Residence Visa and the 10-year Golden Residence Visa now are more accessible to foreigners, as stated by the country’s Identity, Citizenship, Customs & Port Security.

On Monday, April 18, the UAE Cabinet – under the guidance of Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President, Prime Minister, and Ruler of Dubai – revealed a wide set of executive regulations, the main goal of which is to attract and retain investors and top talent in the country.

New rules widen not only the eligibility criteria to apply for UAE long-term visas, but also the number of individuals in different professions and categories who can apply for these long-term visas. The long-term visas are granted to investors, exceptional talents, entrepreneurs, humanitarian pioneers, startup owners, scientists, outstanding students and graduates, professionals in various fields, and frontline heroes.

The benefits of the UAE long-term visas will extend to immediate family members of visa holders. According to the new rules, children can be sponsored by the Golden Visa or Green Residence visa holder until the age of 25 years, with no age limit for unmarried daughters. Previously, the sponsorship was available only for children until the age of 18 years. Children of determination are granted a residence permit, regardless of their age.

The residency programme of the UAE Golden Visa was firstly implemented in 2019, and allowed expatriates to study, work and live in the country without the need for a national sponsor, and with 100% ownership of their business on the UAE’s mainland.

Note! The real estate agency Metropolitan Premium Properties provides assistance in obtaining long-term residence visas only to real estate investors.

We have prepared a detailed overview of all the elements regarding long-term visas in the UAE, which were launched on October 3, 2022.

Real estate investors who own a ready-to-move-in property with a cost starting from AED 2M (USD 545K) are eligible to apply for a 10-year Golden Visa, which will be prolonged if the visa holder continues as the owner of the property. In accordance with the new amendments, investors are also entitled to obtain the Golden Visa when buying a property with a loan from specific local banks.

New regulations will allow visa holders to stay in the UAE for a period of 10 years, the sponsorship of his/ her family members, including spouse and children regardless of their age, and the sponsorship of domestic staff without any limitations on numbers. The restriction regarding the maximum duration of stay outside the UAE in order to keep the Golden Residence valid has been removed.

Family members can stay in the UAE in the unfortunate event of the death of the original holder of the Golden Residence Visa until the end of their permit duration.

The UAE Cabinet revealed a new 5-year Green Residence visa, which will foster a sense of stability among residents and families in the UAE and will boost flexibility within the job market in the country. This type of visa is aimed at investors, skilled professionals, exceptional talents, freelancers, as well as entrepreneurs. According to the new regulations, if the residence permit is cancelled or expired, individuals can stay in the country for a period of up to 6 months.

Investors and partners who establish or participate in commercial activities are eligible to apply for a 5-year Green Residence visa. This new kind of visa replaces the previous residence visa that was valid for just 2 years. Key requirements comprise approval of the investment and proof of investment. The total invested capital will be calculated if the investor or partner has more than one license. Approval from the competent local authority is required.

The new approved system offers more benefits to the visa holder’s family members including spouses and children. For instance, residents will be able to easily issue residence permits for their family members. The residency of family members shall be the same duration as the original residence holder in all cases. Children may be sponsored until the age of 25, with no age limit for unmarried daughters. Children of determination are granted a residence permit, without any age limits.