(MENAFN- Khaleej Times) At least four hundred outstanding expatriates, including business leaders, have received the Gold Card since the permanent residency was introduced last month, the General Directorate of Residency and Foreigners Affairs (GDRFA) announced at a press conference on Tuesday.
Major General Mohammad Al Marri, director-general of GDRFA, also clarified that the Gold Card visa has a duration of 10 years and has to be renewed.
"The Gold Card (permanent visa) is renewable after 10 years because there are medical insurance and other procedures that have to be done," Al Marri explained to the media and in the presence of around 100 businessmen and recipients of the gold visa.
The visa is valid as long as all terms and conditions are met, noted Al Marri, adding: "If the business falters in the future, the Gold Card visa will be reviewed on a case-to-case basis".
Al Marri added that Gold Card visa holders can freely come in and out of the country at their will. They are also exempted from the rule of 'not to be out of the country for a period of six consecutive months'.
Aside from the gold visa, there are also other categories with a lesser period of validity for small investors and businessmen.
Doctors, investors, specialists and students (those with a grade of 95 per cent and above in general secondary and university students with a grade of 3.75 and above. Executive managers with a monthly salary of Dh30,000 and above are also eligible for the long-term visa.
All you need to know about Gold Card:
The Gold Card permanent residency initiative has identified the first 6,800 qualified expats from over 70 countries to benefit from the scheme's unprecedented benefits.
The current investments of the identified 6,800 residents are estimated at Dh100 billion.
The benefits of the permanent residency also include the spouse and children of the cardholder to ensure cohesive social ties.
Indian billionaire M.A. Yusuffali gets first UAE Permanent Residency 'Golden Card'
The Gold Card will be granted to qualifying investors, entrepreneurs, professional talents, researchers in various fields of science and knowledge, and outstanding students. The new initiative will attract greater foreign investment and stimulate the local economy, making it more efficient and attractive for investors. It will also increase the UAE's competitiveness and reaffirms the country's position as a global incubator.
Angel Tesorero
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