Ajman's first golden card residency visa has been granted to Siddique Pallolathil, director of Nesto Group
Ajman’s first golden card residency visa has been granted to Siddique Pallolathil, director of Nesto Group, a retail company based in the emirate.
Nesto operates 69 outlets in the UAE, Saudi Arabia, Bahrain, Kuwait and Oman and is a part of Western International Group.
The visa was presented to the Nesto Group director by Brigadier Mohamed Abdullah Alwan, executive director of the General Directorate for Residency and Foreigners Affairs (GDRFA) in Ajman.
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.
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.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.