GS 3: IR

Why in news?

The United Arab Emirates has launched a permanent residency scheme to woo wealthy individuals and exceptional talents, a move that could attract more Indian professionals and businessmen to the Gulf nation.

Golden Card Programme:

• The “Golden Card” programme is open to investors and “exceptional talents” such as doctors, engineers, scientists, students and artists.
• The visa categories include:

✓ General investors who will be granted a 10 years visa

✓ Real estate investors, who can get a visa for 5 years Visa

✓ Entrepreneurs and talented professionals such as doctors, researchers and innovators: 10 years Visa

✓ Outstanding students — will also be permitted residency visas for 5 years

• All categories of visas can be renewed upon expiry.

Significance:

• The new initiative will attract greater foreign investment and stimulate the local economy, making it more efficient and attractive for investors.
• It will also increase the UAE’s competitiveness and reaffirms the country’s position as a global incubator.
• The benefits of the permanent residency also include the spouse and children of the cardholder to ensure cohesive social ties.

Benefits for India:

• The Indian expatriate community is reportedly the largest ethnic community in the UAE, constituting 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, according to the Indian Embassy.