UAE’s Federal Authority for Identity and Citizenship (ICA) has issued the first Golden Residence Permit in Abu Dhabi to investor Yousuf Ali, the Abu Dhabi-based Keralite billionaire tycoon.
About:
Eligibility:
The "Gold Card" programme unveiled by UAE Prime Minister early this year is open to investors and "exceptional talents" such as doctors, engineers, scientists, students and artists.
The first batch of 6,800 investors with 100 billion Dirhams worth of investments in the country will be granted the "Golden Card.
Objective: Objective of this Permanent residency scheme to woo wealthy individuals and exceptional talents.
Need of gold card scheme:
Currently, short-term visas linked to employment hold back expatriates from investing and owning real estate in the UAE. They prefer to remit savings to their home countries instead.
The Gold Card scheme will encourage expats to make long-term investment goals, including owning a property.
Implications for India:
This move could attract more Indian professionals and businessmen to the country.
The Indian expatriate community is reportedly the largest ethnic community in the UAE, constituting roughly about 30 % of the country's population of around nine million.
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