The golden way to welcome all those seeking to be a part of the UAE’s success story!
The UAE has launched a “Golden Card” permanent residency program and thousands of foreign investors and residents have been identified for the new scheme. It is granting permanent residency to investors after they invested a combined 100 billion Dirhams ($27 billion) in the Gulf state. Typically, foreigners had renewable visas valid for only a few years, often tied to employment, but this time UAE announces Green Card like scheme for expats titled Golden Card.
Golden Card Scheme Woos Wealthy Investors
While the business community and investors have appreciated the big move towards permanent residency, the new system will certainly support the country’s investment horizon. For expatriate investors in the UAE, the new rsidency card is a milestone to stay here permanently. Currently, the first 6,800 qualified expats from over 70 countries have been identified to benefit from this green card like scheme. The total investment of investors eligible for permanent residence is estimated at over AED 100 billion. No doubt, this will promote an attractive and encouraging environment for business growth and success. After all, UAE is a global destination for talent and talent.
Golden Card for Exceptional Talents
In a separate Arabic-language tweet, His Highness Sheikh Mohammed bin Rashid al-Maktoum, said that the new card is also for those with specific competencies or talents. Individuals with exceptional talents in fields of medicine, engineering, science and arts are eligible for this longer-term residency option. The offer comes more as an appreciation for their role in improving the UAE.
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.”
— HH Sheikh Mohammed (@HHShkMohd) May 21, 2019
Green Card like Scheme
While several countries offer various forms of permanent residency, the Green Card system of the United States has been much popular. It’s often issued to priority workers, relatives of existing residents and $1 million-plus (Dh3.6m) investors. Following the bandwagon is the Golden Visa of Portugal. It’s given to those investing in property, setting up business or creating jobs in the country. However, UAE had also taken steps towards permanent residency permits. Last year, it had announced a plan to grant visas of 5 to 10 years to wealthy property investors, entrepreneurs, researchers and specialized talents. A minimum investment of 5 million Dirhams ($1.4 million) was required to obtain a five-year visa, and double that amount to stay for a decade. But the new Green Card like scheme has more unprecedented benefits. And though it has come up lately, the Golden Card of UAE has a long way to go.