UAE issues first "Golden visa"

The United Arab Emirates issued the country's first "Golden visa", Report informs citing RIA Novosti.

According to the publication of The National, this man was Indian Yusuf Ali, whom "Golden visa" guarantees the right to permanent residence in the country.

The businessman lived in the UAE for more than 45 years. His fortune is estimated at $4.7 billion. The man is the head of the trading network Lulu Group, which owns hypermarkets in the Middle East.

In March, the UAE Cabinet of Ministers for the first time allowed the issuance of five - and ten-year resident visas to certain categories of foreign citizens. Prior to that, the maximum period was three years.

Investors, entrepreneurs, scientists, highly qualified specialists and talented students can apply for “Golden Visa”.

A month ago, Abu Dhabi introduced the "gold card", which gives the right to foreign investors and valuable professionals to reside permanently in the country.