Shaikh Mohammed Launches ‘Golden Card’, Permanent Residency System in the UAE

Shaikh Mohammed Launches ‘Golden Card’, Permanent Residency System in the UAE

6,800 expatriates have been benefited from this new residency scheme
Shaikh Mohammed Launches ‘Golden Card’, Permanent Residency System in the UAE
Shaikh Mohammed Bin Rashid Al Maktoum

Adding another feather to its cap, the UAE just unveiled a permeant residency system called the “Golden Card”, granting long-term residency to exceptional talents including doctors, engineers, scientists and artists and to everyone who positively contributes to the success story of the UAE.

Today, His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai launched the permeant residency system. The first batch to be granted permeant residency will include 6,800 investors whose total investments exceeds Dhs100 billion.

Taking to his Twitter handle, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai said on Tuesday, “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.”

He further added, “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 permanent residency system is closer to the Green card system offered in the United States.

Will this bring any change in the dynamics of the property industry? On Tuesday, the property system said that permanent residency will bring a boost to developers and sellers. Lewis Allsopp, chief executive of Allsopp & Allsopp, expressed the move is a “huge milestone for the UAE and for the property market.”

He further added, "Over the last few years we have seen continual steps to enhance the property market and to add longevity to the UAE with five-year retirement visas, long-term visas and ten-year visas.

“The Gold Card will further the stability of the UAE by encouraging more distinguished professionals to the country. The property market will benefit hugely from this step in strengthening the economy,” he said.

Speaking about how expatriates will benefit from this move, Mr Allsopp said, “Most expats have a money-making mindset when they move to Dubai with a short-term plan and goal before moving back to their home country.”

He further added, "The UAE Cabinet’s decision to enforce a Gold Card for permanent residency, now allows expats to look at Dubai as a home rather than a temporary plan.”

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