UAE has done it yet again with the introduction of a brand new visa scheme ‘Green Visa’ during the country’s golden jubilee. This brilliant and effective move was done simply to ease the strict residency rules for expatriates and boost the economy. Earlier, foreign expats were only given visas for a limited period tied to their employment and to attain residency visa for a long term period was a bit challenging. The employer who is also the sponsor appoints the individual and applies for a work permit with the Ministry of Human Resources and Emiratisation. So they either had an option to find a new job or leave the country once the contract is terminated. This is where Green Visa comes in.
What is Green Visa?
A person holding a Green visa is not dependent on any company ,not sponsored by an employer and will be self-dependent to sponsor his family up to twenty five years of age. It is targeted for highly skilled investors, entrepreneurs, graduates and top students.
Why Green Visa is Important?
Previously, a family member could sponsor their son only till the age of eighteen and daughter till she is married. There is also ease in the restrictions for sponsoring parents as well unlike earlier conditions of holding a minimum salary AED20,000 and rent contract for an apartment. What is more wonderful is that this visa will also ease the stringent restrictions for widows, freelancers and divorced individuals.
Earlier, an employee had to leave the country once his contract is terminated but now he/she is their own boss. This marvelous change was done with an intention to attract the right talent pool into the country and boost the economy and focus on research, academic excellence, coding, space and artificial intelligence.
Yusuffali MA who is the Chairman and MD of Lulu group feels that this initiative launched by the government was done to attract, retain and nurture talented experts, professionals, investors and entrepreneurs and to make UAE a global hub for influential and talented human resources, thus removing the focus on oil driven economy.
Boon for expatriates
Expats make up for more than eighty percent of the population in UAE and are major forces for boosting the economic growth in UAE. Sadly, the residency regulations and work permits are pretty restrictive and controlled. That is why the government is making a lot of efforts of easing the regulations and making it easier for investors and wealthy expats.
This new scheme will be highly beneficial for non-resident Indians (NRIs) and encourage them to start their own business without local sponsors and at a lower price. They make up sixty percent of the expatriate population in the country.
This wonderful move aims to accelerate UAE’s development and unite all sectors and establish its status as a top destination for attracting foreign investors, talented individuals, entrepreneurs, professionals and more. The Managing Director of Barjeel Geojit Financial Services, KV Shamsudheen, feels that this new scheme will give the holders a sense of permanence in the country.
Are Green Visa and Golden Visa the same?
No, they are both different. The golden visa was introduced in the year 2019 which gives the holder a period of five to ten years to individuals with a high net worth. So there is no stress and hassle for a person to renew their visa every two or three years, they can live in the country for a longer period without the help of a sponsor.
Now golden visas are applicable to chief executives, managers, and professionals in health, education, engineering, science, and technology and business management. UAE is the ultimate destination for education, work and entrepreneurship.
Boost the economy
Millions, who had lost their jobs last year during the outbreak of COVID-19 pandemic, are looking for new opportunities to set up their own business. Hence, such schemes are definitely beneficial and will definitely help foreign investors who wish to make their way in the country. There are numerous PRO Companies in Dubai that offer package services for issuance of trade licenses, immigration services, attestations services, legal and so on. So by taking advantage of such opportunities and schemes offered by the government, you can be your own boss and give you the golden opportunity to stand on your own and support your family.
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