Sharjah has granted its first ‘gold card’ permanent residency visa to Indian businessman Lalu Samuel, the chairman and managing director of Kingston Holdings, official news agency WAM reported.
Samuel, who is also the chairman of Sharjah Industry Business Group, received the visa on Monday from the Brigadier Arif Mohammed Al Shamsi, the executive director of Foreigners Affairs and Ports in Sharjah.
Kingston Holdings is one of the largest manufacturers of household appliances and electrical products in the region.
Samuel thanked the UAE for the initiative, stressing that it will support the country’s investment sector and ensure family stability.
The UAE launched the permanent residency scheme for expatriates in May.
Permanent residency will be granted to “exceptional” professionals, Sheikh Mohammed bin Rashid Al Maktoum, the country’s Vice President and Prime Minister and Ruler of Dubai said at the time.
“We launched a new “Golden Card” system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists,” Sheikh Mohammed said.
The first batch of 6,800 recipients includes expats who have made total investments of over Dhs100bn.
Indian businessman M.A Yussufali, the chairman and director Lulu Group, became the first expat in the UAE to receive the gold card permanent residency in June.
Gold card holders are granted a 10-year residency visa covering them and and their families (spouse and children) without the need for a sponsor, which will be automatically renewed provided all the conditions are met.
They can freely move in and out of the country and investors can also employ three workers and obtain residence for a senior employee, advisor or manager.