Context: The United Arab Emirates (UAE) has launched ‘Golden Card’ Permanent Residency Scheme in an attempt to woo wealthy individuals and exceptional talents from all over the world.
The “Golden Card” visa includes categories:
- General investors who will be granted a 10 year permanent residency visas .
- Real Estate Investors, who can get a visa for 5 year visa.
- Entrepreneurs and Talented Professionals like doctors, researchers and innovators can get 10 years visa.
- ‘Outstanding students’. These will also be permitted 5 years permanent residency visas.
Key features of the scheme:
Eligibility: It is open to investors and ‘exceptional talents’ like scientists, engineers, doctors, students and artists. As part of initiative, the first group of 6800 investors from more than 70 countries with investments of about 100 Billion Dirhams (USD 27 billion), were being given permanent residency.
Significance: The Golden Card is UAE’s way to welcome all those seeking to be a part of the UAE’s success story and making it a second home. It is introduced keeping in mind that Residents are an indispensable part of country and thus will be permanent partners in UAE’s journey.
Need: Expatriates in the UAE are usually given limited duration residence permits under a sponsorship system.
Benefits: The Golden Card offers permanent residency and unprecedented benefits to cardholders as well as to their families while creating an attractive environment for growth and business. The benefits of PR also includes spouse and children of cardholder so as to ensure cohesive social ties.
Potential: This new initiative will attract greater foreign investment (FI) and activate local economy, making it more efficient and attractive for investors. It will also increase UAE’s competitiveness on a global scale and will reaffirm country’s position as a global incubator.
Sources: Economic times.
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