The UAE on Tuesday launched a permanent residency Golden Card scheme to woo skilled talent as well as the wealthy class. The move is likely to attract more of Indian businessman as well as professionals including doctors, engineers, scientists, students and artists.

"We want them to be permanent partners in our journey. Residents are an indispensable part of our country," Sheikh Mohammed bin Rashid, who is also Dubai's ruler, tweeted. He made an announcement that the first group of 6,800 investors coming from more than 70 nations, with investments aggregating to 100 billion dirhams or USD 27 billion have been given permanent residency.

The Golden Card comes with unmatched offerings both for the cardholder as well as his or her family while at the same establishing a business-conducive environment that nurtures growth.

"Throughout history, the UAE opened its door to millions of people looking for to pursue their dreams and better their lives. The Golden Card is our way to welcome all those seeking to be a part of the UAE's success story and making it a second home," he said.

As per the report, the spouse and children of the golden cardholder are also ensured of cohesive social ties. In the usual case, under the sponsorship system, expatriates are allowed limited period residence permits.

The Golden card visa categories include real estate investors who can get a visa for 5 years, general investors who will be allowed visa for 10 years and still others including entrepreneurs and talented professionals such as doctors, researchers and innovators 10 years.

The fifth category i.e. outstanding students will also be permitted residency visas for five years. All categories of visas can be renewed upon expiry.

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