2019 – Posted in: Daily News – Tags: UAE, Visa

‘GOLDEN CARD’ SCHEME

For: Preliminary & Mains
Topic covers: Golden Card visa, benefits to India and UAE, Significance

News Flash

To attract more Indian Professionals and businessmen (exceptional talents) to the Gulf nation, United Arab Emirates launched a permanent residency scheme.

The “Golden Card” programme is open to investors and “exceptional talents” such as doctors, engineers, scientists, students and artists.

In the first batch, a total of 6,800 investors whose total investments exceed Dh100 billion have been given Golden Cards.

“Golden Card” Visa/ Permanent Residency system

The “Golden Card” visa categories include:

General investors who will be granted a 10-year visa.
Real estate investors, who can get a visa for five years
Entrepreneurs and talented professionals such as doctors, researchers and innovators 10 years.
The category of Outstanding students — will also be permitted residency visas for five years.
All categories of visas can be renewed upon expiry.

Why “Golden Card” to India

The Indian expatriate (temporary or permanent resident) community is reportedly the largest ethnic community in the UAE.
It is constituting roughly about 30 per cent of the country’s population of around nine million.
Most of the Indians living in the UAE are employed.

Benefits to Indians

The Golden Card offers unprecedented benefits to the cardholders and their families while creating an attractive environment for business and growth.

The benefits of the permanent residency also include the spouse and children of the cardholder to ensure cohesive social ties.

Significance to UAE

The new initiative will attract greater foreign investment and stimulate the local economy.
It will also increase the UAE’s competitiveness and reaffirms the country’s position as a global incubator.

Source: Economic Times

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