Urgent.. Activating a new law for workers in the UAE and the employer within weeks

The Federal Authority for Identity, Nationality, Customs and Ports Security revealed that the new executive regulations of the law on entry and residence of foreigners, which will come into force on the third of next October, have added new advantages for residency holders, including the separation between residence and the employer, which contributes to improving the quality of life and making the experience of living and work Investing in the UAE is an enjoyable and happy experience.

She indicated that the real estate investor can obtain the golden residency when buying a property with a loan from one of the local banks approved in this regard, or when buying one or more properties off-plan with a value of not less than two million dirhams from approved local companies.

The new regulation included, in the appendix on golden residency, two categories of investors, to whom the Federal Authority for Identity, Nationality, Customs and Ports Security may grant a golden residency permit once they meet the specified conditions and controls, namely: Investors in public investments within the state, investors in real estate within the state.

The regulation specified three conditions for obtaining the golden residence for the category of real estate investors within the country, which are that the investor has one or more properties with a total value of not less than two million dirhams, and that the property is wholly owned by the investor, and it may be a loan provided that the loan is from a local bank determined by the competent local authority, or that the investor is in a real estate when he purchases one or more real estate units off the map with a total value of no less than two million dirhams, provided that the purchase is made from local companies approved by the competent local authority, that the investor has a comprehensive health insurance for him and his family members For the duration of the residence permit, or according to what is in force with the competent local authority.

The regulation specified seven conditions for granting golden residency to an investor in public investments within the country, which are that the investor must have a deposit of no less than two million dirhams in an investment fund or in national banks operating within the country, or that the investor establish a facility or company in the country with a capital of no less than Two million dirhams, or to be a partner in an existing or new facility or company with a financial share of no less than two million dirhams, or to be the owner of a facility or company that pays taxes imposed on it by the federal government at a value of no less than 250 thousand dirhams annually, or to be a buyer In an establishment or company that pays the taxes imposed on it by the federal government, and the contribution of his share in the company is equivalent to at least 250 thousand dirhams annually from the tax paid annually, that the invested capital is fully owned by the investor and not a loan, and that evidence is provided to prove to you, that a comprehensive health insurance is available For the investor and his family members, it is effective when applying for a golden residence permit, or according to what is in force with the competent local authority.

The golden residency in the UAE gives many advantages, as a long-term residence permit is issued for a period of ten years, subject to renewal, for certain categories of foreigners and their families, allowing them to self-reside without the need for a guarantor or host within the country, with the aim of working, investing, establishing business and settling in State in accordance with the terms and conditions contained.