The United Arab Emirates’ cabinet approved regulations on the entry and residence of foreigners, formalizing a process aimed at giving expatriates a bigger stake in the country’s economy.

The official statement from UAE said, “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”.

The new Entry and Residence Scheme offers 10 types of entry visas with simplified requirements and more benefits.

Here’s all you need to know about the new residence and entry permits:

Golden Residence Scheme

The new residence and entry permit Golden Residence visa will include 10 years of renewable residence and the time of stay outside the UAE will not nullify the visa. There will be no maximum number of support service laborers and the entry visa will be valid for six months with multiple entries to proceed with residence issuance. For the residence purpose, no sponsor or employer will be required and residence for family members will include spouses, and children with no specific age limit.

This is granted to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and first-line heroes. Real estate investors can obtain golden residence when purchasing a property worth no less than 2 million dirhams ($544,500)

Green visa for expert staff and freelancers

The scheme supplies 5-year residency for freelancers and self-employed people without requiring a sponsor or employer within the UAE. The scheme additionally supplies a 5-year residency —as an alternative to the sooner 2 years—for traders establishing or collaborating in business actions.

To appeal to abilities, the scheme additionally supplies 5-year residence visas to expert professionals, freelancers, traders, and entrepreneurs.

Green residence for investors or partners

5-year residency for investors establishing or participating in commercial activities. It replaces the previous residence that was valid for 2 years

New entry visas

New types of visas are introduced without requiring a host or sponsor for the first time. In addition, all entry visas are available for single or multiple entries and can be renewed for a similar period, and are valid for 60 days from their issuance date

Job exploration entry visa

It does not require a sponsor or a host. It is granted to those classified in the first or second or third skill level as per the Ministry of Human Resources and Emiratisation. The minimum educational level should be a bachelor’s degree or its equivalent

Business entry visa

Entry without requiring a sponsor or host to encourage investors and entrepreneurs to explore business and investment opportunities in the UAE

Tourist visa

5-year multi-entry tourist visa has been introduced and it does not require a sponsor; requires proof of having a bank balance of $4,000 or its equivalent

The above-mentioned visa schemes will attract and retain global talents and skilled workers from all over the world and boost the competitiveness and flexibility of the job market and foster a high sense of stability among UAE residents and families.