Foreign investors, businessmen and expacts with “exceptional profile and skills” now can apply for the 10-year Gold Card Residency Scheme as long as they meet the necessities set by the Government, The General Directorate of Residency and Foreigners Affairs (GDRFA) declared on Tuesday.
The prospective investors should meet any of those requirements:
- Candidate has to deposited amount of Dh10 million in an investment fund in the UAE.
- Establish an organization with a capital of Dh10 million or be a partner in a company with a capital of not but at least Dh10 million. The entire share within the partnership should not be but at least 60 per cent of total company capital. Foreigners can even invest in a Real Estate with a property worth of not but at least Dh5 million.
This came because the GDRFA-Dubai has revealed that four hundred expats of the 6,800 candidates have received the Gold Card since the permanent residency scheme was unrolled last month.
The long-run visa holders will stay outside the country for as long as they need. “They can freely come in and out of the country at their engagement. They’re exempted from the rule which states that residents can’t be outside the UAE for over six consecutive months,” Major General Mohammad Al Marri, director-general of the GDRFA-Dubai, said.
He clarified that the Gold Card must be refreshed each 10 years. “This is because of the medical insurance and alternative procedures ought to be done,” the officer explained to the media in the presence of around one hundred businessmen who were the initial recipients of the visa.
Explaining the conditions to be met for applying for the announced scheme, he stated that the quantity invested ought to be wholly-owned by the investor himself and not a loan from any financial institutions. The candidate is needed to provide proof that he has held the amount for at least three years.
The applicant’s monetary liability should not be over his total assets of Dh10 million. Likewise, the candidate is needed to possess a comprehensive health insurance for himself and immediate members of the family.
The permanent residency initiative has known the first 6,800 qualified expats from over seventy countries to profit from the scheme’s unprecedented advantages. The present investments of these residents are estimated at Dh100 billion.
The benefits of the permanent residency is also include the spouse and children of the cardholder to confirm cohesive social ties.
The visa is valid as long as all terms and conditions are met, noted Al Marri. “If the business falters in the future, the Gold Card visa are going to be reviewed and renewed on a case-to-case basis.
Other long-term visa classes
Aside from the Gold Card, there are alternative categories with lesser periods of validity for expats. Doctors, investors, specialists and students (those with a grade of 95 per cent and above in general secondary and university students with a grade of 3.75 and above), and executive managers with a monthly regular payment of Dh30,000 and more are eligible for this.