The Expats are rejoicing over the new visa schemes announced by the UAE government. The new residency rules is to boost the nation’s economy and make the labor market more competitive. It will instigate growth and attract talents to cement the nation’s stability and security.
In this article, we will see the visa type and how it is going to benefit the expats.
Earlier, if one wants to work in the UAE, the employer has to sponsor the visa. The visa process is tied to the employers, and its a bottleneck to get a long-term residency. The new Green Visa simplifies the process. It gives self-residency status to the seekers. The visa is no longer tied to the employers or the establishment.
It brings a bunch of added benefits to the Expats. Some of them are:
- Sponsoring their children under 18 years of age is increased to under 25 years.
- The visa holders can now sponsor their parents.
- The grace period for finding a job if the visa holder loses theirs or retires has increased from 30 days to 90-180 days.
Investors, entrepreneurs, highly-skilled individuals, scientists, graduates, and students can seek the Green Visa. It is also for people running small and medium enterprises.
The first scheme of its kind, Freelancer Visa, is a new federal visa for self-employers to sponsor themselves. Experts from specialized fields such as artificial intelligence, blockchain, digital currencies, etc., can apply for the Freelancer Visa.
The announcement of Golden Visa, the predecessor to the new schemes, was made in 2019. It was to attract wealthy individuals and investors with a 10-year visa program. A few changes are there in the Golden Visa too. It is now includes Managers, CEOs, Specialists in science, health, tech, and established pioneers.
One-year residency extension is there for humanitarian cases.
There is an extension of business trip permits to six months from the earlier three months.
Why are these visas brought now?
It is a known fact that expats make 80 percent of the UAEs population. But residency regulations, work permits, etc were still stringent. However, it is time to change this as the government is warming up to the idea to ease regulations for wealthy expats and investors. Other than this, the corona pandemic has enhanced the woes of Middle Eastern nations who are already struggling due to low oil prices.
UAE’s economy took a toll during the pandemic, which hit the tourism and oil sector. Realising the importance of expanding portfolios, the nation is becoming a comprehensive hub for all sectors. ‘Projects of the 50,’ a vision to commemorate the 50th anniversary, is accelerating the nation’s development and making it an ideal destination for talents.