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Tue 9 Jul 2019 02:02 PM

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Sharjah awards first gold card visa to business leader Lalu Samuel

Sharjah Industry Business Group chairman is granted golden card by General Directorate of Residency and Foreigners Affairs

Sharjah awards first gold card visa to business leader Lalu Samuel

Sharjah’s first golden card visa has been granted to Lalu Samuel, chairman and managing director of Kingston Holdings and chairman of Sharjah Industry Business Group, a unit of the Sharjah Chamber of Commerce and Industry.

The General Directorate of Residency and Foreigners Affairs – Sharjah issued the golden card to Samuel as part of the permanent residency system tailored for investors.

The golden card holders are entitled to a host of privileges and facilities including a residency visa without a sponsor to them and their families (spouse and children).

The holders can also sponsor up to three workers and obtain a residency visa for one of his/her senior employees.

Samuel thanked Sharjah’s Directorate of Residency and Foreigners Affairs, stressing the importance of this initiative to support the UAE’s investment sector, ensure family stability and highlight the importance of cultural diversity.

Last month, it was announced that 400 people have so far been granted the gold card residency visas.

The UAE plans to issue a further 6,400 gold card visas by the end of the year.

The UAE's new permanent visa is intended to generate foreign investment and attract top engineers, scientists, and star students.

The gold card visa is renewed automatically every 10 years, so long as holders satisfy terms and conditions.

The UAE also announced an extension of the scheme to make foreign executive directors eligible if they earn a monthly salary of AED30,000 ($8,200).

Applicants will also need a bachelor’s degree and no less than five years of work experience to apply for a 10-year residency visa, according to a presentation by the Federal Authority for Identity and Citizenship.