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Mon 5 Aug 2019 02:26 PM

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Indian businessman granted 10-year 'Gold Card' by the UAE

Anoop Moopen's award follows the UAE government's announcement to award long-term residency visas to entrepreneurs, investors and professionals

Indian businessman granted 10-year 'Gold Card' by the UAE

Indian businessman Anoop Moopen, chairman and managing director of Aztec Group as well as director of the Aster DM Healthcare Group, has been awarded a 10-year visa by UAE authorities.

The award, which also included Moopen's wife Ziham and their two children, follows the UAE government’s announcement to award long-term residency visas to entrepreneurs, investors and professionals.

The 10-year visas are part of a package of economic reforms, which also included 100 percent foreign ownership of companies in some sectors, and a more recent permanent residency programme announced several weeks ago. 

“It is an honour to receive this residency status as an appreciation for my efforts towards the development of the real estate and healthcare sector in the region," Moopen said.

Since 2002, Moopen has made his mark in the field of construction in Dubai, Oman, Saudi Arabia and India and has also extended his leadership to the Aster DM Healthcare Group as a director since 2009.

The long-term visa has also been granted to Dr Azad Moopen, founder chairman and managing director of Aster DM Healthcare along with his wife Naseera.

In June, 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.

A recent survey of UAE investors and residents has shown that the Gold Card permanent residency scheme has created a positive sentiment.

The poll of over 1,000 respondents indicated that existing investors have more appetite to increase their portfolio, while would-be investors are now more open to start investing.

Seventy-nine percent of UAE investors say that with the launch of the permanent residency scheme, they will consider expanding their investments in the country, according to a survey conducted by Lootah Real Estate Development, the real estate development arm of Lootah Holding.

Sixty-eight percent of the UAE expat investors said they plan to grow their investment portfolio by investing in property, more specifically in properties located in Dubai.