Golden Card – The road to permanent residency in UAE
Acc. to a recent announcement by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, the Dubai government has identified more than thousands of foreign investors and residents for the new “Golden Card” scheme.
What is the Golden Card Scheme?
The golden card scheme has been announced to reward certain investors and talented individuals in the UAE by offering them permanent residency in the UAE. It will be applied to exceptional professionals in areas including medicine, engineering and science. The first batch of permanent residence visas will be given to 6800 investors whose combined investments total more than Dhs 100 billion.
Why this scheme ?
Going by what Sheikh Mohammed said, the permanent residency visa’s introduction is meant for attracting more foreign investment in UAE and alongside give encouragement to entrepreneurship. Sheikh Mohammed spoke more about his thoughts to his millions of followers on twitter and elaborated more on how UAE is planning to attract more talent in the fields of healthcare, engineering, art and technology.
This is not a move out of the blue and UAE has been moving in this direction for some time now. Until last year, UAE offered only renewable visas to foreign residents which remained only valid for a period of two to three years. However, last year UAE government addressed it a little by offering long term residency visas which would give 10 or 5-year visas for investors, entrepreneurs, students and other exceptional workers including doctors, scientists, researchers and innovators. This was followed by a 5-years retirement visa in the UAE. This Golden Card residency scheme is meant to take all this work done earlier forward.
This concept of permanent residency is not new to the world. Portugal’s Golden Visa, Green Card offered by the US are some of the examples from across the world of similar permanent residency schemes. The idea behind all these schemes is same- attracting more investment and talent to your country.
It is expected that this permanent residency scheme shall provide a big boost to the developers and sellers with more liquid funds flowing in the market for buying of properties. This move shall provide more stability to the UAE with the influx of more and more distinguished professionals into the country. This permanent residency scheme will make Dubai an option for expats for having their permanent residences in Dubai rather than a temporary option like it earlier used to be.
Written by PropertyePortal Media team.