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Ajman issues first gold card to hypermarket mogul

 

DUBAI – Ajman’s first gold card visa was issued to hypermarket mogul Siddique Pallolathil, according to state news website WAM on Wednesday (July 10).

The gold card grants Pallolathil, Director of Nesto Group, permanent residency in the UAE. The card needs to be renewed every 10 years.

Brigadier Mohamed Abdullah Alwan, Executive Director of the General Directorate for Residency and Foreigners Affairs (GDRFA) in Ajman, presented the permanent visa to the Indian businessman.

Pallolathil’s gold card visa in Ajman was issued after neighboring emirate Sharjah gave its first gold card to Indian businessman Lalu Samuel on Sunday. Samuel is the chairman of Sharjah-based Kingston Group, one of the largest manufacturers of electrical products in the Middle East.

Gold cardholders are entitled to residency visa without a sponsor for themselves and their families. They are also allowed to sponsor up to three workers.

The permanent visa is available to foreign investors, businessmen and individuals with “exceptional talents and skills”, including executives with a monthly salary of Dh30,000. The spouse and children of the cardholder will also benefit from the scheme.

Applicants must meet any of these requirements:

1. Must have a deposit of not less than Dh10 million in an investment fund in the UAE.

2. Must have a company with a capital of Dh10 million, or be a partner in a company with a capital of not less than Dh10 million. The total share in the partnership must not be less than 60 percent of the total company capital.

3. Must invest in real estate with a property value of not less than Dh5 million.

These three conditions must also be met:

1. The investment amount should not be loaned from any financial institution, and applicant must provide proof of retaining the amount for at least three years.

2. The applicant’s financial liability should not be more than his total assets of Dh10 million.

3. The applicant must have comprehensive health insurance for himself and immediate family members.

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