UAE Approves Executive Regulations of Law on Entry and Residence of Foreigners

The UAE is seeking to boost its position as an ideal destination to live, work, and invest. (Asharq Al-Awsat)
The UAE is seeking to boost its position as an ideal destination to live, work, and invest. (Asharq Al-Awsat)
TT
20

UAE Approves Executive Regulations of Law on Entry and Residence of Foreigners

The UAE is seeking to boost its position as an ideal destination to live, work, and invest. (Asharq Al-Awsat)
The UAE is seeking to boost its position as an ideal destination to live, work, and invest. (Asharq Al-Awsat)

The UAE cabinet approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners aimed at boosting its position as an ideal destination to live, work, and invest.

The executive regulations provide comprehensive information on the types and conditions of entry visas and residence permits.

The new system of entry and residence aims at attracting and retaining global talents and skilled workers from all over the world, boosting the competitiveness and flexibility of the job market and fostering a high sense of stability among UAE residents and families.

Substantial amendments were also introduced to the Golden Residence Scheme to simplify the eligibility criteria and expand the categories of beneficiaries.

This long-term 10-year residence is granted to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers and frontline heroes.

The amendments allow the Golden Residence holder to sponsor their family members, including spouse and children, regardless of age, as well as domestic workers without limiting their number.

Furthermore, there is no restriction related to the maximum duration of stay outside the UAE in order to keep the Golden Residence valid.

There are other benefits for family members that allow them to stay in the UAE in case of the death of the original holder of the Golden Residence until the end of their permit duration.

This residence is granted to scientists and researchers with high achievements and influence in their field based on recommendation from the Emirates Scientists Council.

A major expansion was introduced in this category to attract highly skilled workers with educational qualifications and professional experience in all majors, including medicine, sciences and engineering, information technology, business and administration, education, law, culture and social sciences.

The applicants should have a valid employment contract in the UAE and should be classified in the first or second occupational level as per the Ministry of Human Resources and Emiratization classification, which is aligned with the International Standard of Classification of Occupations ISCO by the International Labor Organization.

The Golden Visa for Outstanding Students and Graduates targets high performing students in UAE secondary schools, and outstanding graduates from UAE universities and the best 100 universities worldwide, according to specific criteria that includes their academic performance (cumulative average), the year of graduation, and the university classification.

Meanwhile, real estate investors can obtain Golden Residence when purchasing a property worth no less than AED2 million.

As per the new amendments, investors are also entitled to obtain the Golden Residence when purchasing a property with a loan from specific local banks.

Investors can also obtain Golden Residence when buying one or more off-plan properties of no less than AED2 million from approved local real estate companies.

Major improvements include introducing new five-years residence tracks to attract talents, skilled professionals, freelancers, investors and entrepreneurs.

More benefits are offered to facilitate family members residence, and longer flexible grace periods that reach up to six months to stay in the country after the residence permit is cancelled or expired, in addition to facilitating and simplifying the requirements of all residence types.

The new system provides more benefits to family members, allowing residents to easily issue residence permits for their family members, including spouse and children.

Green Residences holders are allowed to issue residence permits for their first-degree relatives, and in all cases the residency of family members shall be the validity duration as the original residence holder.

The cabinet further approved a new system for entry visas, which offers the UAE visitors a variety of visa types for different visit purposes.

New types of visas are introduced without requiring a host or sponsor for the first time.

Major improvements include facilitating the entry requirements for all visa types, offering flexible visa durations that meet the needs of the visitors and the purpose of the visit.

It introduced the job exploration entry visa to attract young talents and skilled professionals to explore job opportunities available in the country and does not require a sponsor or a host.



Stocks Stabilize, Gold Hits Record before Trump Tariff Reveal

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
TT
20

Stocks Stabilize, Gold Hits Record before Trump Tariff Reveal

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo

Asian equities rose on Tuesday following Wall Street's overnight gains, while gold hit an all-time peak and Treasury yields fell as markets awaited details of US President Donald Trump's reciprocal tariffs.
The Japanese yen strengthened as traditional haven assets drew demand.
At the same time, the risk-sensitive Australian dollar rebounded after the Reserve Bank of Australia left interest rates steady, as widely expected, but warning of "pronounced" global uncertainty.
Regional stocks found some respite on the first day of April after being battered in March by worries that Trump's trade war could trigger stagflation or even a US recession, reported Reuters.
Investors are nervously awaiting April 2, a day Trump has dubbed "Liberation Day", when he has promised to unveil a massive reciprocal tariff plan.
Australia's benchmark equity index advanced 1%, while South Korea's KOSPI climbed 1.9% and Taiwan's equity benchmark rose 1.7%, following steep drops on Monday.
At the same time, Hong Kong's Hang Seng and Japan's Nikkei gave up gains of 1% or more to be flat to slightly higher. Mainland Chinese blue chips were also little changed after struggling all session.
Pan-European STOXX 50 futures added 0.35%.
The US S&P 500 gained 0.55% on Monday, snapping a three-day losing run, but futures pointed 0.34% lower.
"It is possible that a significant portion of last night's rebound in the key (Wall Street) indices was attributable to month-end and quarter-end rebalancing flows, as well as short covering ahead of Trump's Liberation Day, amid considerable uncertainty about what comes next," said Tony Sycamore, an analyst at IG.
"US equity markets are priced for a slowdown in growth and earnings. However, they are not priced for a recession, and if the US economy enters recession, US stock markets could easily fall by another 10%."
Bullion powered to a record high for a fourth straight session, hitting $3,148.88 per ounce.
"On top of general risk aversion, investors are increasing allocation to gold with the Trump administration's trade policy threatening the dollar's special reserve status," said Kyle Rodda, senior financial markets analyst at Capital.com.
"The fundamental backdrop remains strong for gold."
DOLLAR UNDER PRESSURE
Demand for the safety of Treasuries sent yields lower on Tuesday, with those on benchmark 10-year notes sinking some 5 basis points to 4.1920%.
That put pressure on the dollar, which slipped 0.08% to 149.85 yen. The euro was steady at $1.0813.
The Aussie added 0.14% to $0.6258. The RBA held rates at 4.1%, having just cut them by a quarter point in February for the first time in over four years.
"Geopolitical uncertainties are also pronounced," the RBA said in its statement, adding that US tariffs are having an impact on confidence globally.
"The RBA's statement suggests they're inching towards their next cut, but in no rush to signal one," said Matt Simpson, senior market analyst at City Index.
"The RBA just want more time to be confident that policy is on the right track."
Bitcoin was slightly higher at around $83,040.
Oil prices rose, adding to the 2% surge from Monday. Brent gained 0.23% to $74.94 a barrel, while US West Texas Intermediate crude advanced 0.22% to $71.64.
At the weekend, Trump threatened secondary tariffs on Russian crude and on Iran. He also warned Iran of bombing if Tehran did not come to an agreement with Washington over its nuclear program.