Permanent Residency Schemes in Gulf Countries

By siliconindia   |   Wednesday, 08 February 2023, 17:09 IST
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Permanent Residency Schemes in Gulf Countries

The oil-rich Gulf countries have started to introduce permanent residency to wealthy foreigners to retain the existing businesses and attract more foreign investors to support economic growth.

The oil-rich Gulf nations have begun to grant affluent foreigners permanent residence to preserve their existing enterprises and draw in additional foreign capital to promote economic expansion. The UAE unveiled a similar package, the Golden Card, to keep the country's super-rich ex-pats and draw in new ones, only days after Saudi Arabia launched a "Green Card" program for wealthy foreigners. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, announced the Golden Card program on Tuesday to provide benefits of permanent residency to investors, business owners, people with specialized skills, researchers, and exceptional students.

It offers business and growth a favorable climate, providing cardholders and their families with unmatched benefits. The first 6,800 eligible ex-pats from more than 70 countries have been recognized as part of the new permanent residence effort and will get the Golden Card scheme's exceptional privileges, according to a statement from the Dubai Government Media Office. The action was taken a few weeks after an IMF report suggested that the GCC economies were being negatively impacted by tighter banking conditions. Approximately Dh100 billion has been invested by the 6,800 residents identified so far.

In his address, Sheikh Mohammed bin Rashid stated that GOLDEN CARDS will be given to those who contribute positively to the success narrative of the UAE. Residents are a crucial part of the nation and must be constantly traveling companions. The UAE has welcomed millions of people yearning to live better lives and pursue their goals throughout history. The Golden Card is a way of saying welcome to everyone who wants to become a part of the success story of the UAE and make it their second home. The nation has established a new Golden Card system to provide extraordinary investors, physicians, engineers, scientists, and artists with permanent residency. The Golden Card will be given to the initial group of 6,800 investors with deposits totaling Dh100 billion.

The UAE's new Golden Card program for people with permanent visas would encourage additional FDI and investment in the country, particularly in the real estate sector, one of the strongest in the region. For nations seeking to entice talent from abroad, permanent residency is hardly a novel concept. Singapore began offering permanent residence programs decades ago and has benefited from drawing in talent from elsewhere. Many experts may view the most recent actions taken by the UAE and Saudi Arabia as being too little, too late.

The Gulf state ranks as the most upbeat of all the regions polled, with 83 percent of investors in the UAE confident about the local economy and 78 percent optimistic about the global economy. Investors in the UAE had similarly upbeat opinions of stocks, with 80 percent of respondents favoring domestic stocks. They are also second only to Latin American investors (66 percent) in terms of having plans to increase their investments.

Globally, 51 percent of investor respondents were upbeat about the state of the economy, compared to 21 percent who were gloomy. 62 percent of business owners were optimistic, compared to fifteen percent who were pessimistic. Even more, 60 percent of investors and 68 percent of business owners, expressed optimism for the economy in their particular area.