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Economy

UAE unveils golden card permanent residency scheme

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The new golden card permanent residency visa scheme is intended to generate foreign direct investment (FDI) and encourage entrepreneurship as well as to attract top engineers, scientists and students.

Wednesday 22, May 2019

(Bloomberg) --The UAE has launched a golden card permanent residency programme, granting 6,800 permits to foreigners who together have invested AED 100 billion ($27 billion).

Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, said, “While the residencies announced on were given to investors, people with exceptional skills in medicine, engineering as well as science and arts can also be eligible.”

Last year, the UAE announced a plan to grant visas of five to 10 years to wealthy property investors, entrepreneurs and specialised talents and researchers. A minimum investment of AED 5 million ($1.4 million) was required to obtain a five-year visa and double that amount to stay for a decade.

Similarly, Saudi Arabia, earlier this month approved a programme that allows some expats permanent residency, something Qatar has also passed into law.

Sheikh Mohammed tweeted that residency will be granted to those with exceptional talent and all those who positively contribute to the UAE’s success story.

 

TAGS : golden card, Sheikh Mohammed bin Rashid, Privileged Iqaba, Investment , FDI

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