Friday 29 May 2020

UAE launches permanent residency system for expats

ABU DHABI, May 21, 2019

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has launched the 'Golden Card' scheme to grant permanent residency benefits to investors, entrepreneurs, specialised talents, researchers, and outstanding students.

The Golden Card offers unprecedented benefits to the cardholders and their families, while creating an attractive environment for business and growth, reported state news agency Wam.

"Throughout history, the UAE opened its door to millions of people looking to pursue their dreams and better their lives. The Golden Card is our way to welcome all those seeking to be a part of the UAE’s success story and making it a second home," remarked Sheikh Mohammed.

The new permanent residency initiative has identified the first 6,800 qualified expats from over 70 countries, to benefit from the Golden Card scheme's unprecedented benefits.

The Golden Card will be granted to qualifying investors, entrepreneurs, professional talents, researchers in various fields of science and knowledge, and outstanding students, said the report.

The new initiative will attract greater foreign investment and stimulate the local economy, making it more efficient and attractive for investors. It will also increase UAE’s competitiveness and reaffirms country’s position as a global incubator, it stated.

The current investments of the identified 6,800 residents are estimated at Dh100 billion ($27.2 billion), said the Wam report.

The benefits of the permanent residency also include the spouse and children of the cardholder to ensure cohesive social ties, it added.


More Miscellaneous Stories

calendarCalendar of Events