UAE Introduces 'Golden Card' Permanent Residency Scheme For Expats

The United Arab Emirates (UAE) has for long remained one of the most sought after investment location for the rich and famous around the world.

In fact, more than 80 percent of the total population of the UAE are non-natives living and working there. Now the UAE has introduced a permanent residency scheme to woo wealthy individuals and exceptional talents.

AFP

Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday, launched the permanent residency system which is aimed at attracting more investors and professional to move there.

We launched a new ¡°Golden Card¡± system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists. The first batch of 6,800 investors with Dh100 billion worth of investments will be granted the ¡°Golden Card.¡±

¡ª HH Sheikh Mohammed (@HHShkMohd) May 21, 2019

The permanent residency ¡°Golden Card¡± will be granted to exceptional talents and everyone who positively contributes to the success story of the UAE. We want them to be permanent partners in our journey. Residents are an indispensable part of our country.

¡ª HH Sheikh Mohammed (@HHShkMohd) May 21, 2019

The announcement is great news for investors in the UAE, especially those who have been there for a long time, as they will be able to plan long-term strategies for their businesses and invest more in existing businesses.

In the first batch, a total of 6,800 investors whose total investments exceed Dh100 billion have been given Golden Cards.

REUTERS

Earlier this month, Major-General Saeed Rakan Al Rashedi, UAE's Director-General for Foreigners Affairs and Ports, said the "Golden Card" visa categories include general investors who will be granted a 10-year visa, real estate investors, who can get a visa for five years, along with entrepreneurs and talented professionals such as doctors, researchers, and innovators 10 years.

The fifth category ¡ª outstanding students ¡ª will also be permitted residency visas for five years. All categories of visas can be renewed upon expiry.

Earlier, two Indian businessmen in Dubai became first the recipients of the 10-year UAE resident visas.

GULF NEWS

Vasu Shroff, chairman of the Regal Group of Companies, and Khushi Khatwani, managing director of the Khushi Group of Companies & Al Nisr Cinema Film, are the first Indians to benefit from the long-term visa scheme announced last year.

The 10-year visa scheme was rolled out in January and some Arab scientists and experts in the medical field were the first ones to receive it.