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The UAE supports its economy with 7,000 gold cards for investors
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The UAE has decided to grant some 7,000 foreign investors permanent residence visas under a system known as the "Gold Card".
Foreigners residing in the UAE usually obtain visas for specified periods and must be renewed periodically.
But the UAE government announced last year that it would begin granting longer-term residence permits for high-profile businessmen and scientists.
"We have launched today the permanent residency system (Gold Card) ... for investors and exceptional competencies in the fields of medicine, engineering, science and all arts," said Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister of the UAE.
He explained that "the first batch of permanent residents include 6800 investors with a total investment of 100 billion dirhams."
The move aims to support the Gulf state economy, which was affected by the decline in oil prices. Investors inject about $ 27 billion into the UAE economy.
Sheikh Mohammed said permanent residence grants would be distinguished and distinguished.
Last year, the UAE cabinet approved 10-year visas for foreigners with investments in the UAE worth up to 10 million dirhams if their non-real estate assets were at least 60 percent.
The authorities also granted five-year residency grants to those with property of at least AED 5 million.
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