The UAE has just announced its Permanent Residency System, a long-awaited initiative that aims to boost the economic climate.
It’s official! The United Arab Emirates has announced it’s Permanent Residency System, a first for the region. Dubbed the “Golden Card”, the initiative aims to boost the current economic climate, and will have long-term positive implications.
Until recently, the UAE offered the standard 2-3 year visas for investors and employees alike. This was regardless of the amount of investment that was brought in, be it in property, manufacturing or any other business.
While the application and renewal process of these visas are fairly simple and straightforward, investors and expatriates looked forward to longer-term options so as to see the UAE as a home-destination, rather than a temporary transit point.
In 2018, the UAE announced a wide range of incentives for investors and startups. These included easier and faster licensing options, and long-term visas for investors, entrepreneurs and exceptional talents in the fields of engineering, medicine, art and science. You can read about this initiative in our detailed article here.
The Golden Card
Details on the Permanent Residency System have to still be announced. However, it has been indicated that this will be a long-lasting residency for big-ticket investors and talents in the fields of medicine, engineering, technology and science.
The first batch of beneficiaries will include 6,800 investors whose total investments exceed 100 billion Dirhams.
These residents will also receive the Golden Card, which we believe will be somewhat similar to the Green Card issued in the United States.
This move will go a long way in increasing investor confidence and providing the UAE economy a much-need boost in the years to come. We await further details, and will update this article when they are available!