DUBAI: After the introduction of long-term visa programme for expatriates in the United Arab Emirates (UAE), the country has now launched a permanent residency scheme termed the “Golden Card” for certain foreign nationals.
The UAE government also recently started accepting applications for long-term visas, specifically five-year and 10-year visas with the option of automatic renewal.
The UAE’s Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum announced the scheme on Tuesday. “We launched a new “Golden Card” system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists,” Sheikh Mohammed said on twitter.
The UAE's new permanent visa is intended to generate foreign investment and attract top engineers, scientists and star students. Sheikh Mohammed said about 6,800 people had been granted permanent residency under the first round of applications.
The first batch of beneficiaries will include 6,800 investors whose total investments exceed Dh100 billion. “Gold Card permanent residence will be awarded to exceptional and talented individuals and to whoever contributes positively to the UAE’s success story”, the ruler of Dubai wrote on twitter.
The Pakistani investors residing in the UAE also hailed the move and expected that the “Gold Card” will have a positive impact on the local market specially property sector.
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