Golden Card scheme launched by UAE

Question: Consider the following statements regarding the Golden Card Scheme launched by UAE and choose the correct option:
(1) It is launched to attract investment by the US citizens
(2) This will give permanent residence to investors and talented individuals
(3) It was launched by UAE Prime Minster Sheikh Mohammed Bin Rashid
(4) This could attract more Indian businessmen to Gulf country
Choose the correct option:
(a) 1, 2 and 3
(b) 1, 4 and 3
(c) 2, 3 and 4
(d) 1 and 3
Answer: (c)
Related facts:

  • The United Arab Emirates launched a permanent residency scheme for attracting wealthy individuals and great talents on May 21 2019. The scheme is named as Golden Card scheme.
  • This move will draw more Indian professionals and businessmen to the Gulf nation.

Golden Card Scheme:

  • The “Golden Card” programme was inaugurated by UAE Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum.
  • This scheme is valid for investors and “exceptional talents” such as doctors, engineers, scientists, students and artists.
  • Under this scheme, the first group of 6,800 investors hailing from over 70 countries with investments totalling 100 billion dirhams (USD 27 billion) was being given permanent residency.
  • The Golden Card offers great benefits to the cardholders and their families as well as creating an attractive environment for business and growth.
  • The new initiative will bring large amount of foreign investment and fuel the local economy making it more efficient and attractive for investors furthering the competitiveness of the market.
  • The permanent residency benefits also include the spouse and children of the cardholder.
  • Expatriates in the UAE are usually given limited duration residence permits under a sponsorship system.
  • The “Golden Card” visa categories include general investors who will be granted a 10-year visa, real estate investors, who can get a visa for five years, along with entrepreneurs and talented professionals such as doctors, researchers and innovators 10 years.
  • The fifth category; outstanding students will also be permitted residency visas for five years. All categories of visas can be renewed upon expiry.
  • The Indian emigrant community is the largest ethnic community in the UAE. It contributes to roughly about 30 per cent of the country’s population of around nine million.
  • Though most of the Indians living in the UAE are employed, about 10 per cent of the Indian population constitutes dependent family members.

Links:
https://economictimes.indiatimes.com/nri/visa-and-immigration/uae-launches-golden-card-scheme-to-woo-wealthy-investors-exceptional-talents/articleshow/69433510.cms
https://www.cnbctv18.com/economy/uae-launches-golden-card-scheme-to-attract-wealthy-investors-report-3426721.htm