- UAE’s Federal Authority for Identity and Citizenship (ICA) has issued the first Golden Residence Permit to Indian billionaire Yousuf Ali in Abu Dhabi, as part of the Investors Permanent Residence System aimed to attract investors, entrepreneurs and qualified individuals who meet its criteria.
- Mr. Yousuf Ali is the Board Member of the Abu Dhabi Chamber of Commerce and Industry, ADCCI, and Chairman of the Lulu International Group.
About Yousuf Ali
- The Abu Dhabi-based Keralite tycoon is worth 4.7 billion dollars and has been ranked the richest expat in UAE according to Forbes magazine’s 2019 list of billionaires.
- He has been in UAE fo more than 45 years.
About Golden Residence Permit
- The programme is an outreach initiative for investors and business leaders of foreign origin. The UAE government last month had announced that the first batch of 6,800 investors with 100 billion Dirhams worth of investments in the country will be granted the “Golden Card.
- The UAE Cabinet has approved the long-term visa system for expatriates announced by the country earlier this year, while also confirming the criteria that need to be met.
- Under this scheme exceptional doctors, engineers, scientists and artists will also be considered .
- UAE which is home to expats of over 180 countries till now had a system of renewing visas for its expats every two years.
- The UAE has also started five and 10-year residency visas to investors, entrepreneurs, specialists in the medical, scientific, research and technical fields, and ‘outstanding’ stu
