The United Arab Emirates is launching a scheme for permanent residency, to attract wealthy individuals, as well as outstanding talents. The Golden Card offers extraordinary benefits to the cardholders and even their families get privileges. Moreover, it creates an attractive environment for business facilitating growth.
This measure has the capacity to attract many Indian businessmen and professionals to The United Arab Emirates. It was unveiled by Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum where investors and talents like doctors, scientists, engineers, artists, as well as students are eligible.
The aim is to make them permanent partners on the path of progress. Residents are a crucial part of UAE the Sheikh tweeted. The first group of 6,800 investors, belonging to 70 countries had total investments worth 100 billion Dirhams corresponding to USD 27 billion. He was happy to announce that they are receiving permanent residency. The Golden Card offers benefits to its holders and enriches their families also. Throughout the past, the UAE has welcomed millions of people who intend to pursue their dreams and aim for a better life.
The Golden Card will help the professionals to become a part of the success story. They are welcome to make it a second home, he added. This initiative will also help to attract immense overseas investment giving stimulation to the local economy. It will lead to efficiency and become an attraction for investors. The impact will be in increasing the competitiveness of the UAE and reaffirming its position as a noteworthy international incubator.
There is a clause including the spouse/children of the cardholder in the permanent residency. Additionally, this will ensure interrelated social ties.
The UAE Expatriates usually get residence permits of limited duration in the sponsorship system. Major-General Saeed Rakan, Director-General for Foreign Affairs, UAE, also stated that the Golden Card visa has many categories. The general investors will get the 10-year visa, the investors in real estate; will get the 5-year visa.
Furthermore, the entrepreneurs and talented category of professionals (doctors, innovators, and researchers) will get the 10-year visa.
There is another category for the outstanding students who will get a PR visa for five years. There is a provision for the renewal of visas upon expiry. Furthermore, the Indians are the largest expatriate community in the UAE, with a share of 30 percent in the UAE population (nine million). Many Indian residents in the UAE are employed. As per the Indian Embassy website, 10 percent of Indians are dependent family members.