DUBAI: The United Arab Emirates said on Tuesday it has launched a permanent residency scheme to attract wealthy individuals and highly skilled workers to the oil-rich Gulf country.
The “Golden Card” programme is open to investors and “exceptional talents” such as doctors, engineers, scientists and artists, said UAE Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum, who is also Dubai’s ruler.
“We want them to be permanent partners in our journey. Residents are an indispensable part of our country,” he said in a statement.
The first group of 6,800 investors with investments totalling 100 billion dirhams ($27 billion, 24 billion euros) were being given permanent residency, he said.
It is the first such scheme in the Gulf, where foreigners are generally only given limited duration residence permits under the “kafala” sponsorship system.
Foreigners account for 90 per cent of the population of around nine million in the UAE, the Arab world’s second-largest economy which has seen rapid development in recent years.
Dubai was so genius about this trick. They will be releasing golden visas only to those wealthy investors and to those who have exceptional talents or professionals. This will surely help their country’s development bigtime.