The UAE government has announced a new residency programme, the Golden Card visa, for foreign nationals in the UAE. In May 2018, five- and 10-year visas were announced for expats investing AED5 and AED10 million respectively, real estate included.
Other criteria for the visa have yet to be revealed but it is confirmed
that permanent residency status will include the spouse and children of
the visa holder.
Previously, foreign nationals could only stay two to three years at a time on employer-linked visas. Foreign nationals comprise roughly 90% of residents living in the UAE, the second-largest economy in the Arab world.
“This is a shining example of visionary leadership striving to create a big opportunity for everyone aspiring to work and invest in the UAE. Dubai, besides being a business friendly and tax-free environment, is also a vibrant property market offering high quality real estate, stable rental yields and continuous planned expansions.
“It is also a great initiative for real estate investors who have been here for long. It is a big security to know that you can remain,” said Kanika Gupta Shori, founder and COO of leading proptech firm, Square Yards. Square Yards has been helping non-resident Indians as well as other foreign nationals navigate UAE’s primary residential markets.
“Overall, I feel this will encourage expats to invest more in this country and to give back even more through their businesses, professional services and social work,” Shori said.
