(The Gist of PIB) ICA issues first UAE Permanent Residency Golden Card in Abu Dhabi [JUNE-2019]

ICA issues first UAE Permanent Residency Golden Card in Abu Dhabi

• 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:

• 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 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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Courtesy: PIB