Golden Residency Visa for Foreigners to the UAE
The Dubai Chamber of Commerce and Industry and the General Directorate of Residency and Foreigners Affairs, together with the Dubai Free Zone Council, have recently announced the launch of a "Be Part of Dubai" initiative. Under the initiative, prominent business persons may receive a UAE Golden Residency Visa.
A Memorandum of Understanding was signed between the above three entities on the sidelines of the Global Business Forum Africa 2019 in Dubai this month, in terms of which the organizations will work together to identify priority investment sectors in Dubai that align with the Emirate's income diversification targets. The priority of the initiative being to encourage foreign investment and to incentivize opportunities available in Dubai to businesspeople across multiple economic sectors.
The announced "Golden Residency Visa" appears to be an extension of the "Gold Card" introduced in the UAE earlier in 2019 which scheme offers successful applicants access to a UAE visa valid for up to ten years. The exact benefits or conditions of the "Golden Residency Visa" however, have yet to be announced.
The Golden Residency Visa introduction echoes the Dubai Government’s efforts to attract high net worth individuals to Dubai while recognizing the importance of investor confidence and flexibility in their approaching business in the UAE. This announcement signifies a significant step toward recognition of, and permanent partnership with, expatriates in the UAE's success story.
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