The United Arab Emirates stated on Tuesday it should grant 6,800 overseas traders everlasting residency beneath a brand new “Golden Card” system after they invested a mixed 100 billion dirhams ($27 billion) within the Gulf state.
Usually, foreigners have renewable visas legitimate for just a few years, typically tied to employment, however the authorities introduced plans final 12 months to ease its visa coverage.
“We launched a brand new ‘Golden Card’ system to grant everlasting residency to traders and distinctive docs, engineers, scientists and artists,” Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai and the vice chairman and prime minister of the UAE, stated in a tweet on Tuesday.
“The primary batch of 6,800 traders with 100 billion dirhams value of investments shall be granted the ‘Golden Card.'”
In Might final 12 months the Gulf Arab state introduced plans to grant long-term permits to traders, senior scientists and entrepreneurs, in an effort to help its financial system and actual property market, which had been harm by low oil costs, however had not talked about the Golden Card.
Financial development has slowed since a droop in oil costs in 2014 and white-collar professionals are seeing stagnant and even falling employment.
“The everlasting residency ‘Golden Card’ shall be granted to distinctive skills and everybody who positively contributes to the success story of the UAE,” Sheikh Mohammed stated his tweet.
Final 12 months, the UAE cupboard additionally authorised offering renewable 10-year visas to foreigners with investments within the UAE of at the very least 10 million dirhams, if non-real property belongings account for at the very least 60 % of the overall. Buyers can deliver spouses and youngsters into the nation.
It additionally authorised five-year residency to homeowners of UAE actual property value at the very least 5 million dirhams.