Lulu Group's chairman, Yusuff Ali M.A. was granted the UAE's first residency Golden Card earlier this month.
The UAE has revealed that executives with a salary of at least AED30,000 a month (around $8200) can apply for a long-term 10-year visa. The terms also include holding a bachelor’s degree, and five years of experience in the UAE.
Over the last year, the UAE has made major changes to its visa system to boost the country’s economic competitiveness, with long-term visas for up to 10-years, five-year retirement visas and recently a new “Golden Card” system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists.
According to Emirates News Agency, 400 investors have been granted Golden Cards in the UAE so far out of the 6,800 with $27.2 billion worth of investments targeted by the end of the year. Those identified as eligible in the first year of this initiative are reportedly from 70 countries.
Lulu Group's chairman, Yusuff Ali M.A. was granted the UAE's first residency Golden Card earlier this month, Ali is the richest Indian in the Middle East region with a net worth estimated by Forbes at $4.7 billion in 2019, he also topped Forbes Middle East's Top 100 Indian Business Owners In The Arab World 2018.
Chairman of VPS Healthcare, Shamsheer Vayalil, Indian billionaire and son-in-law of Yusuff Al, along with Firoz Merchant, the Founder and Chairman of Pure Gold Group were also granted permanent residency in the U.A.E this month.
Many prominent Indian business leaders have received 10-year visas, including Vasu Shroff, Khushi Khatwani, Azad Moopen, BR Shetty, Dhananjay Datar and Rizwan Sajan.
As long as the investors still satisfy terms and conditions and are still in the same activity, the visa will continue, but if they decreased in worth or their business fails within those 10 years, things would be looked at on a case-to-case basis.
The rules do not include minimum stay inside the UAE, and there are no age restrictions.