UAE is known as one of the most business-friendly countries in the whole Middle East region. It is due to the facilities they provide to investors, entrepreneurs and workers. An important issue faced by foreigners in UAE (and the whole Middle East region) is a permanent residence. As compared to several other developed countries, the Middle Eastern nations are reluctant to provide citizenship to foreigners. But now the government of UAE has come forward with new legislation to solve it.
Permanent residence in Dubai, UAE
According to the latest announcement by Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai and Vice President and PM of UAE, ‘Golden Card’ scheme has been launched in UAE. This new initiative will grant permanent residence to foreigners belonging to several fields.
The Golden Card scheme will provide permanent residency to qualified investors, entrepreneurs, researchers, field experts, and excellent students. But first, they need to meet certain conditions to qualify for a permanent residency permit. An important benefit of this scheme is that permanent residency will automatically be delivered to spouse and children of a cardholder. This will allow the whole family to make Dubai their permanent place of residence.
The aim of this scheme is to encourage foreign investors and specialists to come and provide their services in the UAE. This will certainly enhance foreign investment in the country and stimulate the flow of intelligent persons in various fields.
Benefits of Golden Card scheme
UAE has announced to grant permanent residence to 6,800 investors during the first batch. These investors invested AED 100 Billion in the UAE’s economy. These investors belong to 70 countries from around the globe. In the next stage, the scheme will be expanded for other segments including researchers, experts of various fields, entrepreneurs and brilliant students.
The Golden Card scheme is not limited to provide permanent residence to foreigners. But in fact, there will be several other benefits associated with it. These residents will be much more like citizens of the UAE and they will get several incentives.
We can expect that more and more people will be able to get this status in the future. This is a mutual benefit procedure that will prove helpful for both foreign residents and the country of their permanent residence (UAE). Foreigners will strive to produce the best results in favor of the country and as a result, they will get security, high living standard, and other benefits.
With the introduction of this fantastic scheme, we can expect the arrival of more investors, professionals and bright students in the UAE. This will certainly produce a positive impact on the growth of the UAE. If you want to apply for a permanent residence card or looking for visa services, then we at RIZ & MONA Consultancy can fully assist you.