New Golden Card To Bring Permanent Residency In UAE
The Golden Card, a permanent residency scheme unveiled by His Highness Sheikh Mohammed bin Rashid Al-Maktoum is wooing wealthy individuals and exceptional talents. The big move to attract more investors to the Gulf nation has been welcomed by expats and foreign investors in UAE. Golden Card or permanent residency will be given to investors after they invested a combined 100 billion Dirhams ($27 billion) in the Gulf state. Typically, foreigners had renewable visas valid for only a few years, often tied to employment, but this time UAE has taken a step further with the Green Card like scheme for expats titled Golden Card.
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
In UAE, foreigners account for 90% of the population of around nine million and it cannot be denied that they count for the Arab world’s second-largest economy that has seen rapid development in recent years. Looking further from the permanent residency point of view, thousands of foreign investors and residents have been identified eligible. However, at present, 6,800 investors have been selected with their current investments being worth an estimated Dh100 billion in UAE. Also the Golden Card will also be granted to individuals with exceptional talents in fields of medicine, engineering, science and arts. Of course, the permanent residency will be extended to the spouse and children of the cardholders.
Purpose of the Scheme
The new permanent visa seeks to generate foreign investment, encourage entrepreneurship, and attract top engineers, scientists and students. It is a big move to support the country’s investment horizon and to strengthen its economy.
Impact of Golden Card on UAE’s Economy
Its expected to strengthen UAE’s position on the international economy map! The new permanent residency scheme will attract long-term residents, investors and world’s best talent in diverse fields, hence increasing the size of the UAE’s economy and stabilizing it. As most expats have a money-making mindset when they move to Abu Dhabi with a short-term plan and goal before moving back to their home country, the new Gold Card for permanent residency will now allow them to look at Abu Dhabi as a home rather than a temporary plan. Perhaps, it will strengthen the personal loyalty of the expats to the UAE and encourage them to invest in their future. Furthermore, it will increase the stability of the emirate by encouraging more distinguished professionals to the country. Also the property market will benefit hugely from this step in strengthening the economy.