Thursday 23 May 2019
The UAE has identified the first 6,800 permanent residents, with total investments estimated at USD 27.25 billion, to benefit from the new ‘Golden Card’ initiative announced on 21 May 2019 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The ‘Golden Card’ grants permanent residency benefits to investors, entrepreneurs, specialist talent, researchers, and outstanding students. The benefits are available to the cardholders and their families.
“Throughout history, the UAE has opened its doors to millions of people looking to pursue their dreams and better their lives. The Golden 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,” Sheikh Mohammed said.
The new permanent residency initiative has identified the first 6,800 qualified expats from over 70 countries. The initiative is expected to attract greater foreign investment and stimulate the local economy, making it more efficient and attractive for investors. It will also increase the UAE’s competitiveness and reaffirm the country’s position as a global incubator.
The current investments of the identified 6,800 residents are estimated at AED100 billion. The benefits of the permanent residency also include the spouse and children of the cardholder to ensure cohesive social ties.
More details will be announced. Watch this space!