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His Highness Sheikh Mohammed bin Rashid al Maktoum, Prime Minister of the UAE and Ruler of Dubai, has announced a new permanent residency scheme for residents in the UAE. The new “Golden Card” scheme will initially grant 6,800 select investors whose total investments exceed AED100 billion. In a tweet, Shiekh Mohammed said, “We launched today a permanent resident system named ‘Golden Card’ in the UAE. It is a permanent residency for investors and for exceptional workers in the fields of health, engineering, science and art. 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.”
The new permanent visa scheme is expected to generate more foreign investment, encourage entrepreneurship, and attract top engineers, scientists and students to the UAE. More details on the exact criteria for eligibility and application are yet to be made public, however, residency will also be extended to spouses and children of cardholders as of the announcement.
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