New Golden Card residency by investment programme from the UAE
Published at: 27/05/2019 02:10 pm
The aim of the new UAE Golden Card residency program is to grant permanent resident status to everyone who plays a crucial part in the Emirates' success.
Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced on his Twitter two messages about the new immigration programs:
"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."
"The permanent residency "Golden Card" will be granted to exceptional talents and everyone who positively contributes to the success story of the UAE. We want them to be permanent partners in our journey. Residents are an indispensable part of our country."
The 6,800 chosen investor contributed an accumulated amount of 100 billion dirhams (27 billion USD) in the flourishing Gulf country.
According to The National, many residents are thinking to stay in the Emirates in the short term and channel their money into real estate and other savings schemes abroad. In 2017, expats living in Dubai remitted $45bn (Dh164.3bn) home. If they can plan with living in Dubai, this amount could give a further boost to the local economy.
Maj Gen Mohammad Ahmad Al Merri, Director General of the Dubai General Directorate of Residency and Foreigners Affairs (GDRFA), said that the Dubai Residency Department started issuing permanent residency in implementation of Shaikh Mohammad's directives.
The UAE also updated its long -term visa costs; the five-year visa's new fee is Dh650 (158EUR). Meanwhile, the then years visa's fee is Dh1,150 (280EUR). According to qualifying criteria, investors in public investment and senior professionals working with the investors, as well as exceptional researchers and talents in various sectors, qualify for the ten-year visas.
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