Over 400 people have secured permanent residency in Dubai as part of a new gold card scheme introduced by the UAE government.
The permanent residency in Dubai opportunity which was announced in May by HRH Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai allows expats to look at Dubai as a home rather than a temporary plan.
We recently did a post about why Nigerians love Dubai and if a poll of top 5 destinations for Nigeria is conducted, Dubai will feature prominently on the list.
We are launching a Visa 101 series that we hope will demystify the different levels of Visas available for Nigerians to avoid visa scams.
The equivalent of permanent residency in Dubai is the golden card which gives 5 or 10 year renewable residency visas to investors, entrepreneurs, specialists in the medical, scientific, research and technical fields, and outstanding’ students. The goal is to facilitate business and create an attractive and encouraging investment environment in the country.
How many people will the first set of Visas be given to?
According to HRH Sheikh Mohammed bin Rashid, the new permanent residency initiative has identified the first 6,800 qualified expats from over 70 countries, to benefit from the Golden Card scheme’s unprecedented benefits. The current investments of the identified 6,800 residents are estimated at AED100 billion.
Considering the requirements which we will highlight below, expectations are that some notable Nigerian real estate, financial services and business investors based in Dubai like a former Government Leader; Owner of Kiza Dubai, Lukman Akanbi, ; Financial services investor, Ismaila Mompha estimated to be worth over 5.000,000 USD; Lifestyle and Real Estate Investor, Raymond Igbalodely also known as Ray Hushpuppi and a few other unnamed investors will be beneficiaries of the permanent residency in Dubai programme.
What are the benefits of Permanent residency in Dubai?
10 Year Permanent residency in Dubai benefits
- Permanent residency in Dubai for the spouse and children of the cardholder to ensure cohesive social ties.
- Possibilities of having partners with a condition that each partner should invest Dh10 million
- 10-year visa is renewable
- 10-year visa for one executive director and one advisor
- Six month validity entry visa with permits for multiple travel.
5 Year Permanent residency in Dubai benefits
- Five year renewable residency visa
- Five year visa for spouse and children
- Five year visa for one executive director and one adviser
- Six month validity entry visa with permits for multiple travels
Conditions for different categories of the Permanent residency in Dubai.
- Public investment via deposit or company (not less than Dh10 million)
- Non-real estate investments shouldn’t be less than 60 per cent of total investments
- Investor should hold full ownership – not loan. Or he can prove that he reserves rights of investments for three years as minimum.
- Asset should not be encumbered by claims that impair the appropriateness of the financial value of Dh10 million
Real Estate Investors.
- Total investment in real estate should not be less than Dh5 million
- Investor should hold full ownership – not loan. Or he can prove that he reserves rights of investments for three years as minimum
- Financial asset should not be encumbered by claims that impair the appropriateness of the financial value.
- Owning a project with a value of not less than Dh500,000 with accreditation certificates from the government
Researchers/Scientists, Doctors and Innovators.
- To be accredited by the Emirates Scientists Council
- Holders of the Mohammed Bin Rashid Medal for Scientific Excellence.
- Creative individuals in culture and art
- Accredited by the Ministry of Culture and Knowledge Development
- Holder of a PhD degree from one of the top 500 universities in the world
- Holder of an award or certificates of appreciation for the work in the applicant’s jurisdiction
- Contribution to a major scientific research related to the work of the applicant
- Published articles or scientific books in distinguished publications in the field of work of the applicant
- Membership in an organisation related to the work of the applicant, which requires excellent work to accept membership
- A PhD degree in addition to 10-year professional experience in the applicant’s field of work.
- Specialization in areas of priority to the UAE (additional requirement for the doctor)
- Obtain a patent of value added to UAE’s economy with the approval of the Ministry of Economy
- Those who have exceptional talents that are documented by patents or scientific research published in world-class
- Student should have at least 95 per cent in secondary school with a distinction of 3.75 GPA upon graduation from any university
- Executives with a salary of Dh30,000 or more can apply for the visa. The applicant should have at least a bachelor’s degree or its equivalent and five years of work experience. They must also have a valid employment contract.
How to Apply For Permanent Residency in Dubai
- Visit the official UAE Visa application portal
- Click on the “VISA – HOLDERS OF SPECIAL VISAS” and begin the process.
Ifeanyi Abraham is a creative storyteller, life hacker and Digital Influencer.
He is a Public relations & Digital Marketing executive that helps companies, government agencies & NGOs leverage the power of marketing & communications.
He is the Founder of NigeriansinDubai.com, a knowledge sharing and transfer platform focused on harnessing the lessons, spirit and power of Dubai to the benefit of Nigerians. We tell the stories of Nigerians living, working and visiting Dubai.
He is also the Co-founder of The Beverage Room, a digital community for Beverage Lovers.