uae residency

UAE Rolls Out Permanent Residency Status to High-Profile Expats

UAE Rolls Out Permanent Residency Status to High-Profile Expats

The UAE, for this year, has launched its theme, “Year of Tolerance” which promotes unity in cultural diversity, considering its high expat population, which for the longest time has truly benefited its economy and progressive society in general.

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And when talks about tolerance are brought up on the table, the importance of inclusion and equality also surfaces. And for the longest time, the Middle East has been a great work destination for expats, but nothing more than that because of the lack of opportunity to avail permanent residency. However, this is going to change, particularly in the United Arab Emirates.

UAE Rolls Out Permanent Residency Status to High-Profile Expats
Credits: WAM

UAE Permanent Residency Now Available to Investors, Businessmen, Specialized Talents

With the announcement of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, regarding the new ‘Golden Card’ scheme granting residency to investors, businessmen, and other high-profile residents, a welcome boost to the UAE’s increasing economy is to be expected, as shared in a report by the Khaleej Times.

This development is believed to attract existing businessmen, entrepreneurs, and highly-skilled and qualified professionals and students, to convert their status and obtain the Golden Card.

According to Osama Al Rahma, CEO of Al Fardan Exchange and vice-chairman of Foreign Exchange and Remittance Group (FERG), the permanent residency (PR) scheme is a first in the country, and will be very encouraging for the expat community and will reinforce their confidence in the country’s governance and economy.

The announcement can be seen as a very progressive change for the country, benefiting resident investors, particularly those who have been in the country for a long time, as they are now able to enjoy greater security and stability of doing business in the UAE.

“Through this initiative, investors will be able to plan long-term strategies for their businesses and invest more in existing businesses, thus allowing capital to remain within the UAE,” explained Al Rahma.

The creation of the new residency status is considered a win-win situation for qualified expats and the UAE government, as the country gets to retain a high quality pool of talents, and benefit from their contributions at the same time.

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UAE Gov’t to Offer Special Residency Visas for Entrepreneurs

Gov’t Plans to Offer Special Residency Visas for Entrepreneurs

Foreign labour has always been integral to the journey of the UAE up to the point to where it is now, and the government has always acknowledged that. Because what the country lacked for in specialized manpower, they look for in expats and pay them well.

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And in line with doing business in the country, the government is still looking for new ways to attract people of high economic and social value, which include businessmen, investors, as well as entrepreneurs.

Gov’t Plans to Offer Special Residency Visas for Entrepreneurs

UAE to Introduce 5-Year Residency Visas for Entrepreneurs

In line with this, the Federal Authority for Identity and Citizenship has laid out its plans to implement the UAE Cabinet’s decision to issue five-year residency visas for entrepreneurs, as shared in a report by Arabian Business.

The decision is still aligned with the national government’s vision to improve the conditions for ease of doing business in the GCC state.

For this initiative, the Federal Authority for Identity and Citizenship will be in charge of issuing the residency visas, while HUB71 in Abu Dhabi and Dubai Future Foundation’s Area 2071 in Dubai will scout eligible entrepreneurs to receive such benefits under the programme.

According to Dr. Mohammed Rashid Al Hamli, secretary-general of the Abu Dhabi Executive Council, the initiative comes at a time when the UAE has become a prime destination for professionals who are looking for exceptional opportunities outside their countries.

Al Hamli committed his support in establishing close integration between various government entities and the private sector to promote pro-business government policies and development programmes.

He added that the latest initiative set up by the government will create a positive effect on the economy and further solidify the country’s position as a global business hub.

Based on the standard guidelines for the initiative, the Federal Authority for Identity and Citizenship and HUB71 will develop strategies and plans to attract entrepreneurs into doing business in Abu Dhabi.

For his part, Khalfan Juma Belhoul, CEO of Dubai Future Foundation (DFF), explained that entrepreneurs and their families will be provided with a five-year renewable residency visa. This will be a personal visa, which will help ensure the independence of the entrepreneur and promote a pro-business environment.

To become eligible for this special visa, the following requirements must be met by an entrepreneur:

  • A former business that is worth a minimum of AED 500,000; or
  • Has the approval of an accredited business incubator in the country
  • Must have their own insurance coverage and for their entire family for the duration of their residency.

Furthermore, the Federal Authority for Identity and Citizenship can also grant a five-year visa to three executive directors working for the entrepreneur, on the condition that they commit to working exclusively for the entrepreneur during the period of the visa.

Likewise, entrepreneurs will be allowed entry into the country on a six-month multi-entry visa as part of support provided to them to complete procedures to set up their business.

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