The UAE has recently unveiled a permanent residency arrangement for expatriates, which is termed as the ‘Golden Card, announced the Kingdom’s Vice President, Prime Minister and Ruler.
As per this step, permanent residency would be granted to all “exceptional” professionals. Almost 6,800 people would get advantage from the scheme in its first round of applications.
He said that this new “Golden Card” system was launched to offer permanent residency to the investors, exceptional professionals like engineers, doctors, scientists and artists.
The Federal Authority for Identity and Citizenship (ICA) will manage and monitor this scheme and come up with more details very shortly, said the UAE Government Communication Office.
This arrangement is also expected to have a positive effect on the local property market as most expats come to Dubai with a money-making mindset and a short-term goal and objective before going back to their home country.
This decision taken by UAE Cabinet to implement a Gold Card for permanent residency would now also allow expats to consider Dubai as a home instead of a short-term temporary plan.
The Gold Card is set to further stabilise the UAE’s economy by inspiring more experienced and distinguished professionals for coming into the country. This clearly means that the property market would also benefit in a big way from this step in consolidating the economy.
This announcement follows last year’s announcement that UAE would offer five or 10-year residency visas for all entrepreneurs, investors, professionals in the medical, research, scientific, and technical fields, and also to the ‘outstanding’ students for encouraging business and developing an attractive investment setting in the country.
The country has already begun offering the longer-term visas to entrepreneurs, investors and scientists.
This move by UAE comes right after Saudi Arabia executed a ‘green card’-style residency arrangement for expats.
The key goal of this special residency system is attracting prosperous and highly-skilled and professional expats and plans to give Dubai residence visa to the special iqama (permit) holders without the requirement of having a Saudi sponsor.
According to the law, any holder of such an iqama would be having a family status, is allowed to recruit workers, buy, own and lease any property or even mode of transport in the country, can get visit visas for their relatives, is allowed to freely enter or exit the Kingdom and also enjoy using designated queues at various airports.
The fee for this particular permit is SAR800,000 ($213,333). A temporary one-year iqama comes at SAR100,000 ($26,666) for the expats. So if you are looking for pro services in Dubai and assistance in Dubai residence visa, do get in touch with us and we would be happy to help.
