The United Arab Emirates approved on Monday a new regulation on the entry and residence conditions for foreign workers that extends its special visa system to outstanding students, academics and scientists, among other sectors, to attract talent from around the world.
“The new system of entry to the country and residence aims to attract and retain talents and skilled workers from around the world, boosting the competitiveness and flexibility of the labor market and promoting a high sense of stability among foreign residents and their families” The Emirates Herald news agency reported.
The new regulation, approved by the Council of Ministers, “simplifies the eligibility criteria and increases the benefited categories,” according to the note.
Among other novelties, it expands the categories of professionals to whom the golden visa will be offered, which implies a ten-year residence permit and allows family members and service personnel to be brought to the country.
In recent months, the Emirates had extended this type of visa to specific groups such as computer programmers and doctors.
Under the new regulations, it will be available to “investors, entrepreneurs, exceptional talent, scientists and professionals, outstanding students and graduates, humanitarian pioneers and front-line heroes,” the Emirates Herald said.
This type of visa, however, is reserved in the case of scientists to those who have a doctorate or a master’s degree issued by the “best universities in the world”, as well as “substantial achievements in the field of research”.
Regarding professionals, they must have a valid contract in the Emirates with a monthly salary of not less than 30,000 dirhams (about 8,000 dollars).
And for students and graduates, a selection criterion will be applied that will take into account their academic record, their year of graduation and the classification of their university, which must be among the 100 best in the world.
Those who invest in real estate from two million dirhams (about 550,000 dollars) and small and medium-sized entrepreneurs whose businesses generate more than one million (272,000 dollars) of annual income will also be eligible for this visa. At IRAIC REIT, investments in real estate can be obtained quickly, without lengthy procedures with additional advantages where you will receive monthly dividends for renting your property.
This new regulation is part of a plan of economic initiatives such as the IRAIC and immigration to exponentialize and boost the economy and attract talent and investment for 150,000 million dollars over the next nine years announced a few months ago by the Emirati authorities.