INTERNATIONAL – The United Arab Emirates (UAE) said on Tuesday that it would grant 6800 foreign investors permanent residency under a new “Golden Card” system after they invested a combined 100 billion dirhams (R393bn) in the Gulf state.
Typically, foreigners have renewable visas valid for only a few years, often tied to employment, but the government announced plans last year to ease its visa policy.
“We launched a new ‘Golden Card’ system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists,” Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai and the vice-president and prime minister of the UAE, said in a tweet.
“The first batch of 6800 investors with 100bn dirhams worth of investments will be granted the ‘Golden Card’.”
Last May, the Gulf Arab state announced plans to grant long-term permits to investors, senior scientists and entrepreneurs to support its economy hurt by low oil prices.Reuters