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Indian businessman Lalu Samuel receives his gold card visa.

PHOTO BY SUPPLIED


Sharjah issues its first golden visa to Indian businessman

 

DUBAI – The first gold card visa in Sharjah has been issued to Indian businessman Lalu Samuel, according to reports on Tuesday (July 9).

Samuel is the chairman of Sharjah-based Kingston Group, one of the largest manufacturers of electrical products in the Middle East.

The Indian businessman was granted a gold card on Sunday (July 7), after 37 years of residing in the UAE.

According to the General Directorate of Residency and Foreigners Affairs, some 400 expatriates out of 6,800 applicants have already received the Gold Card since the permanent residency scheme was implemented in May. The card needs to be renewed every 10 years.

Among the beneficiaries of the gold card are Lulu Group chairman Yusuff Ali and VPS Healthcare chairman Shamsheer Vayalil.

A GDRFA official said that holders of the long-term visa do not need to be residents of the UAE and can remain outside of the country for as long as they want.

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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