UAE offers permanent residency to 6,800 expats

By Eudore R. Chand

DUBAI 22 May 2019: The ‘Golden Card’ scheme to grant permanent residency benefits to investors, entrepreneurs, specialised talents, researchers, and outstanding students, has been launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

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

“Throughout history, the UAE opened its door to millions of people looking for 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,” said Sheikh Mohammed bin Rashid.

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. 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.

The current investments of the identified 6,800 residents are estimated at Dh100 billion.

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

Lewis Allsopp, CEO of Allsopp & Allsopp said: “The announcement of a permanent residency ‘Gold Card’ for investors and those with exceptional competencies in the fields of medicine, engineering, science, and arts is a huge milestone for the UAE and for the Dubai property market. Over the last few years we have seen continual steps to enhance the property market and to add longevity to the UAE with five-year retirement visas, long-term visas and ten-year visas.

“The Gold Card will further the stability of the UAE by encouraging more distinguished professionals to the country. The property market will benefit hugely from this step in strengthening the economy.

“Most expats have a money-making mindset when they move to Dubai with a short-term plan and goal before moving back to their home country. The UAE Cabinet’s decision to enforce a Gold Card for permanent residency, now allows expats to look at Dubai as a home rather than a temporary plan.”