22 May, 2019
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on recently announced permanent residency scheme “Golden Card” with unprecedented benefits, to be granted in the first round to 6800 qualifying investors, entrepreneurs, professional talents, researchers in various fields of science and knowledge, and outstanding students. The first beneficiary of this game-changing initiative will be existing businessmen.
Analysts, businessmen, and entrepreneurs in UAE praised the wise decision and described it as a magnet to long-term residents, investors and world's best talent in diverse fields, which will have a positive long term impact and play a significate role in stabilizing and increasing the size of the country’s economy.
This long-felt desired initiative, will certainly encourage expats community and reinforce their confidence in the country's governance and economy, especially those who have been here for a long time and consider UAE as home. Now that they are able to benefit from greater security and stability, Investors will plan long-term strategies for their businesses and invest more in existing businesses, thus allowing capital to remain within the UAE.
From another perspective, UAE is one of the world's top destinations for expatriates looking to embark upon or further their careers because of the fantastic possibilities offered in terms of finance, trade and commerce, plus that famous 'can do' attitude and the low-tax environment. Now the Golden Card will ensure the UAE becomes even more attractive for overseas talent as it provides permanency and, therefore, more certainty and stability. It will inevitably make recruiting more top talent easier for UAE-based firms and this can be expected to add real value to the country and its economy. Furthermore, it will fuel confidence that the UAE is a place for international companies to do business and invest. Its business powerhouse reputation will be galvanized by this proactive and forward-thinking new development.