UAE's digital government has made the green residency visa available to investors who establish or engage in commercial activities within the country, clarifying the requirements for this visa and the application steps.
One report revealed that the green residency permit for an investor or partner in a commercial activity without a guarantor was renewed, with a validity period extending for 5 years, subject to renewal, to replace the investor’s previous residency, which lasted for two years, with simpler requirements and greater benefits.
The Authority stated that the requirements for a green residency visa for investors include approval of the investment and proof of the value of the investment or partnership, and the total invested capital is taken into account in fulfilling the prescribed percentage if the foreigner possesses more than one license, and finally the approval of the competent local authorities and a license for the applicant to practice the activity.
Types of residency in the UAE:
The authority added that the executive regulations for the entry and residence of foreigners in the country are characterized by the multiplicity of types of residency and the addition of new types that suit all categories of investors, entrepreneurs, brilliant talents, scholars, specialists, top students, graduates, pioneers of humanitarian work, the first line of defense and skilled workers in all sectors Domains.
The sources added that burdens have been reduced, procedures have been simplified, and new benefits have been added for residency holders and the separation between residency and the employer, which contributes to improving the quality of life and making the experience of living, working and investing in the UAE an enjoyable and happy one.
The sources indicated that the executive regulations include an integrated system and a new generation of residency with great benefits and facilities, which aim to attract investors, entrepreneurs, high-level skilled workers, and freelancers, the most prominent of which is the green residency, which is granted for a period of 5 years, renewable.
It also includes greater benefits for bringing family members residing in the country, and flexible grace periods of up to 6 months after the expiration or cancellation of residency. Green residency includes 3 types of categories or residency: green residency for a skilled worker, green residency for self-employment, in addition to green residency for an investor or partner In a commercial activity.
