Tourism Breaking News
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister UAE and Ruler of Dubai announced the ‘Golden Card Visa’ a long term residency scheme for investors last month. Following this announcement a special media briefing was held at the General Directorate of Residency and Foreigners Affairs few days ago to educate the media about the special criteria and eligibility for this special scheme. Major General Mohammad Al Marri, Director General of the General Directorate of Residency and Foreigners Affairs, said that this scheme was implemented to create an attractive investment environment in the UAE, which further encourages business development and draws in new talent.
Major General Al Marri stated that “As we celebrate the year of tolerance, there are other categories of investors such as those with 5 million AED capital visa for 3 years. Other investors are with bank deposits of 10 million AED capital with 10 years golden visa. Money should be owned by the individual investor 100 percent. Those who own 500,000 AED approved by state, doctors and specialists with certain conditions, excellent students and scientists – 95% in secondary school, executives with a Bachelor degree, five years’ work experience with 30,000 AED per month contract of state, specialists, talented people will also be authorised depending on the criteria. Inventors/innovators etc. will be awarded irrelevant of nationality, age, gender, just the criteria required equal to all. After 10 years (the visas) are extended for another 10-year period every 10 years. There are medical insurance and other procedures that need to be done in between but it comes without any extra conditions.”
He further said the visa would be renewed as long as residents continue to satisfy the terms and conditions in which they were granted the visa. But if investors decreased in worth or their business failed within those 10 years, “things would be looked at on a case-to-case basis.”
