The UAE said on Tuesday it would grant 6,800 foreign investors permanent residence visas under the new “Gold Card” system after their total investment in the Gulf state was 100 billion dirhams ($ 27 billion).
The residency visa for foreigners has been renewed in the UAE for a few years and residency is usually linked to their work, but last year the government announced plans to facilitate visa rules.
“We have launched today the permanent residence system, the ‘Gold Card’ in the UAE, permanent residence for investors and exceptional competencies in the fields of medicine, engineering, science, and all arts,” said Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
We launched a new “Golden Card” system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists. The first batch of 6,800 investors with Dh100 billion worth of investments will be granted the “Golden Card.”
— HH Sheikh Mohammed (@HHShkMohd) May 21, 2019
He added that “the first batch of permanent residence ‘Gold card’ 6800 investors total investment of 100 billion dirhams”.
In May last year, the UAE announced plans to grant long-term residence permits to investors, top scientists and businessmen in an effort to boost its economy and the property market, which was affected by lower oil prices but did not refer to the “gold card” system.
Economic growth has slowed since the fall in oil prices in 2014, while professionals suffer from a recession or a decline in the labor market.
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“Permanent residence will be awarded the ‘Gold Card’ for distinguished individuals and exceptional talents and everyone who contributes positively to the success story of the UAE,” Sheikh Mohammed said on Twitter.
The permanent residency “Golden Card” will be granted to exceptional talents and everyone who positively contributes to the success story of the UAE. We want them to be permanent partners in our journey. Residents are an indispensable part of our country.
— HH Sheikh Mohammed (@HHShkMohd) May 21, 2019
The UAE cabinet last year also approved 10-year renewable visas for foreigners whose investments are estimated at at least AED 10 million if their non-real estate assets account for at least 60 percent of total assets. Investors can take their wives and children to stay in the country.
The Board also approved a five-year residency for those with property in the UAE worth at least AED 5 million.
