20 investors granted 5-year residency visas in Dubai

The visa extends to spouses and children

An investor and his family receive the 5-year residency visa in Dubai on Thursday. Courtesy Dubai Land Department

New, five-year residency visas have been granted to 20 foreign nationals living in Dubai, the government has announced.

Each individual was awarded the so-called 'golden visa' on the basis of holding more than Dh5 million in equity in the UAE real estate sector.

The investors received their visas, which extend to their spouses and children, at a ceremony at Dubai Land Department on Thursday.

The announcement comes following a string of recent reforms to residency rules across the emirate in an effort to bolster investment. Typically, the UAE does not grant permanent residency to foreign nationals.

"The UAE Cabinet’s decision to grant golden visas comes in line with the objectives of UAE Vision 2021 to achieve an economy based on flexibility, diversity and innovation," said Maj Gen Mohammed Al Marri of the General Directorate of Residency and Foreigners Affairs.

Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, announced plans for a golden, 10-year visa residency scheme in May.

Nearly 7,000 investors and residents worth an estimated Dh100 billion were earmarked for the initiative, which authorities hope will help generate foreign investment, encourage entrepreneurship, and attract top engineers, scientists and students.

On Thursday, Dubai officials said the 20 investors set to benefit from the latest, five-year visas programme came from 12 nations, including Tunisia, the US, the Dominican Republic, India, Iraq, China, Libya, Jordan, Iran, Pakistan and Kazakhstan.

A survey published this week found nearly 80 per cent of UAE investors and residents are considering increasing their investments in the country after the government rolled out the programme.

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UAE's Golden Card business leaders