Abu Dhabi: In a historic move to keep the UAE a destination for talent and a land to fulfil the dreams of all pioneers, a permanent residency system dubbed the “Gold Card” was launched on Tuesday, granting permanent residency for investors, exceptional professionals in various areas including medicine, engineering, and science.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the ‘Gold Card’ scheme to grant permanent residency benefits to investors, entrepreneurs, specialised talents, researchers, and outstanding students.
The Gold Card offers unprecedented benefits to the cardholders and their families, while creating an attractive environment for business and growth.
Throughout history, the UAE opened its doors to millions of people looking to pursue their dreams and better
their lives. The Gold 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.
“Throughout history, the UAE opened its doors to millions of people looking to pursue their dreams and better their lives. The Gold 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 Shaikh Mohammad.
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 Gold Card will be granted to qualifying investors, entrepreneurs, professional talents, researchers in various fields of science and knowledge, and outstanding students.
6,800expats from 70 nations to receive Gold Card
On his twitter page, Shaikh Mohammad said: “Today, we have launched the permanent residency system- “Gold Card”. The Gold Card will be granted to distinguished individuals, exceptional talents and anyone who contributes positively to the success story of the UAE.
“We want them to be permanent partners going hand in hand with us in our journey. All residents in the UAE are our brothers and part of our great family in the UAE,” Shaikh Mohammad said.
The executive rules of the Gold Card are yet to be issued by the Cabinet.
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, WAM said.
Dh100bcombined investments of these investors in UAE
Maj Gen Mohammad Ahmad Al Merri, Director General of the Dubai General Directorate of Residency and Foreigners Affairs (GDRFA), said granting permanent residence to investors and exceptional talents in medicine, engineering and all arts and sciences comes as appreciation of their role in promoting the UAE’s economic development.
Al Merri added that the Dubai Residency Department has already started issuing permanent residency in implementation of Shaikh Mohammad’s directives.
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.
In March, the sweeping reforms to the UAE’s visa system started with Cabinet approving the regulatory framework for issuance of five and 10-year residence visas to
investors, entrepreneurs, innovators and specialised talents.
Two categories for investors were identified:
■ Investors in a property of a value of Dh5 million or more will be granted a residence for five years.
■ Investors in public investments through a deposit, an established company, business partnership of Dh10 million or more, or a total investment of not less than Dh10 million in all areas mentioned — as long as non-real estate investments are not less than 60 per cent of the total investment — will be granted a renewable residency visa every 10 years.