UAE launches permanent residency scheme for foreign investors

DubaiA new scheme offering permanent residency to a selected number of expatriates, including foreign investors, has been officially unveiled in the UAE. The UAE’s vice president and prime minister and ruler of Dubai, Mohammed Bin Rashid Al-Maktoum announced the launch of the “golden card” scheme on Twitter, stating that permanent residency had been granted to a first batch of 6,800 investors from 70 countries with $27 billion worth of investments. Al-Maktoum stated that the “golden cards” would be granted to “exceptional talents” and “everyone who positively contributes to the success of the UAE”. One of the objectives of the scheme is to encourage “greater foreign investment and to stimulate the local economy and make it more efficient and attractive for investors” according to the government. By granting permanent residency, it is hoped that expat investors will benefit from greater security and stability in terms of their investments and therefore engage more in local investment services. The launch of the scheme comes after the recent publication of a report that shows expatriates in the Gulf Cooperation Council typically shun financial advice initially when arriving. The report, from Hoxton Capital Management found that just 37% of expat investors seek any financial advice within the first two years of their time in the region. ©2019 funds global mena

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