UAE Launches ‘Golden Card’ Scheme to Woo Investors and Exceptional Talents With Permanent Residency

In a major bid to attract global investments and talented individuals to contribute towards development of the United Arab Emirates (UAE), the Prime Minister (PM) Sheikh Mohammed bin Rashid Al-Maktoum on Tuesday (21 May 2019) unveiled a permanent residency scheme called the 'Golden Card' programme, reports The Economic Times.

To mark the launch of the scheme, over 6,800 investors from over 70 nations with investments totalling 100 billion dirhams ($ 27 billion) were awarded permanent residency offering unprecedented benefits to them along with their spouses and children.

"Throughout history, the UAE opened its door to millions of people looking for 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," said PM Al-Maktoum.

There are several different categories under the Golden Card programme; for example general investors would be eligible to receive 10-year visas, while real estate investors would get 5-year visas. Innovators and talented individuals such as scientists, researchers, etc would be eligible to receive 10-year visas as well.

The new scheme is expected to stimulate the UAE's economy which has been primarily dependent on oil and tourism. It's also expected to increase the competitiveness of the nation as a global incubator.

It should be noted here that Indian community forms about 30 per cent of the UAE's total population of about nine million. The said launch of the 'Golden Card' scheme could attract more Indian investors or businessmen and professionals like engineers, scientists, students and artists to the Gulf nation.