Around 6,800 people have been granted permanent residency and a ‘Gold Card’ in the first round of applications under a new law that has been described as a "game changer" for the UAE property market.

Announced in a tweet by Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, the Gold Card system allows permanent residency for “exceptional” professionals.

At a glance: 

• A new Gold Card permanent residency system has been introduced in Dubai.
• The system allows permanent residency for "exceptional" professionals.
• More than 6000 people have been granted permanent residency in the first week of applications. 

According to Property Finder, the new permanent residents have collectively pledged investments worth an estimated AED 100 billion.

Lynnette Abad, Director of Research and Data, Property Finder said it was a "game changer" for the real estate industry in Dubai.

“Initiatives and new regulations like these are expected to have a positive impact on the real estate market in Dubai," she said.

The UAE already offers long-term visas valid for five to 10 years to property investors, entrepreneurs, specialised talents and researchers, without the need for a local sponsor. A minimum investment of AED 5 million is needed to obtain a five-year visa, and double that amount is necessary for a decade-long visa.

The five-year retirement visa is also available for expatriates aged 55 or above against property investments worth at least Dh2 million.

Click here for more information about land ownership laws in Dubai.

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