The Golden Card Permanent residency in the UAE
At the heels of the recent announcement regarding the long-term UAE residency visas, including the 5-year visa for real estate investors, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister of the United Arab Emirates, announced the new permanent residency in the UAE. The new scheme, which has been named the Golden Card of the UAE, has been rolled out to 6,800 selected investors and residents who total investments are estimated to be worth over AED 1B.
With the permanent residency in the UAE, expats can think of the country as a long-term option
SHEIKH MOHAMMED ANNOUNCES THE GOLDEN CARD: PERMANENT RESIDENCY IN THE UAE
According to Sheikh Mohammed, the Golden Card permanent residency visa in the UAE has been introduced to generate more foreign investment into the country and also to encourage entrepreneurship.
owing the official announcement, Sheikh Mohammed also tweeted his thoughts to millions of followers and elaborated on the UAE’s plans to attract more talent in the fields of healthcare, engineering, art and technology.
Sheikh Mohammed announced the new PR gold card in the UAE and welcomed exceptional talent to the country
Throughout history, the UAE opened its door 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.”
Until last year, foreign residents in the UAE had renewable visas valid for a period no longer than two or three years. However, last year the UAE government announced the long-term residency visas which would grant 10 or 5-year visas for investors, entrepreneurs, students and other exceptional workers including doctors, scientists, researchers and innovators. A few months later, they also announced 5-year retirement visas in the UAE to too. This Golden Card permanent residency scheme in the UAE, takes this one step further.
Countries across the world are known to offer a similar permanent residency (PR) program. The most famous among these is the Green Card in the USA, which allows priority workers and their relatives or investors, permanent stay in the country. Although the criteria for the UAE permanent visas have not yet been announced, this step has already been welcomed by international investors and expats. A huge percentage of the UAE’s population is comprised of expats. The fact that they can view the UAE as a permanent home rather than a short-term option will definitely be attractive to people who love living here.
“Golden Card permanent residence will be awarded to exceptional and talented individuals, and to whoever contributes positively to the UAE’s success story,” Sheikh Mohammed said.
“We want those people to be permanent partners in our journey. All of the residents of the UAE are our brothers and part of our large family.”
HOW THE PERMANENT RESIDENCY VISA IN THE UAE WILL IMPACT THE PROPERTY INDUSTRY
UAE permanent residency visas will attract more global investors to freehold areas such as Palm Jumeirah
The Golden Card announcement will undoubtably stimulate the property market in Dubai and the rest of the UAE. With the new UAE visa, expats looking for long-terms options can now focus on investing here instead of buying property and other assets in their home country. High Net Worth Individuals will also be attracted by the longevity of property investments in the UAE, which is known for it’s unparalleled lifestyle options and income-tax free advantages. We can expect freehold areas in Dubai and the rest of the UAE to become even more popular after this announcement.
Commenting on the impact of the new UAE permanent residency visas, Haider Ali Khan the CEO of Bayut said:
Over the last year we have seen the government take bold steps to open up the UAE market to global investors with the long-term visas, 100% company ownership and retirement visas. The new Golden Card, which will offer people permanent residency visas in the UAE is an extremely attractive proposition, especially considering the fact that this is one of the world’s safest countries. This initiative will encourage more expats to invest their assets within the UAE.”
He added that the Golden Card will benefit the real estate market in Dubai and the rest of the UAE.
“It will certainly prove to be a positive change in the property market and will inspire more talented entrepreneurs to bring innovative ideas to the region. Apart from being a safe and secure country, the fact that the government recognises and values the contribution of talent, makes the UAE a truly multicultural country; one where everyone is encouraged to create success stories!
ough the details of how to apply for permanent residency in the UAE have not yet been revealed, we can expect the official announcement in the near future.