The UAE has reportedly launched a new nomination-based Golden Visa program, offering lifetime residency to Indians without requiring significant property or business investments. This pilot project, initially for India and Bangladesh, allows eligible individuals to secure long-term residency for a one-time fee, a substantial departure from previous investment-heavy routes.
UAE Golden Visa: A Game Changer for Indians?
The United Arab Emirates has reportedly introduced a groundbreaking nomination-based Golden Visa program, significantly easing the path to lifetime residency for Indian nationals. Unlike the traditional Golden Visa, which mandated substantial investments in real estate (around AED 2 million or Rs 4.66 crore) or business, this new scheme allows eligible individuals to secure long-term residency for a one-time fee of approximately Rs 23 lakh (AED 100,000).
This pilot project, which has commenced with India and Bangladesh, is a testament to the deepening ties between the UAE and these nations. It aims to attract skilled professionals, entrepreneurs, and individuals who can contribute to the UAE’s economy and society.
Key Takeaways
- Reduced Financial Barrier: The new nomination-based visa eliminates the need for large property or business investments, making long-term residency more accessible.
- Nomination-Based Eligibility: Eligibility is merit-based, focusing on professional accomplishments, income levels, or recognition in fields such as science, education, entrepreneurship, or digital content creation.
- Family Sponsorship: Golden Visa holders can sponsor their spouse, children (including adult children), parents, and household staff, providing comprehensive family residency benefits.
- Lifetime Residency: Unlike property-based visas that can become invalid upon property sale, the nomination-based visa offers permanent residency.
- Pilot Project: India and Bangladesh are the first countries to participate in this pilot, with plans to expand to other Comprehensive Economic Partnership Agreement (CEPA) countries.
Eligibility and Application Process
To be eligible for the nomination-based Golden Visa, applicants must demonstrate significant contributions or potential in various fields. The process involves a thorough background check, including anti-money laundering and criminal record checks, as well as an assessment of the applicant’s potential to benefit the UAE’s economy and society.
Who is eligible?
- Professionals with proven skills and good records.
- Individuals recognized for achievements in medicine, science, technology, art, trade, or business.
- Entrepreneurs and digital content creators.
How to apply?
- Category Identification: Determine the appropriate category (talent, entrepreneur, humanitarian work, etc.).
- Document Gathering: Prepare all required documents, including passport copies, past UAE visas (if applicable), recent passport-sized photos, proof of eligibility, financial statements, valid health insurance, and a police clearance certificate.
- Application Submission: Submit the application through the official ICP online portal or an authorized nomination agency. Pre-approval can be obtained from the applicant’s home country without needing to visit the UAE.
Benefits of the UAE Golden Visa
The Golden Visa offers numerous advantages beyond long-term residency:
- No Income Tax: The UAE’s favorable tax environment includes no personal income tax.
- Travel Freedom: Multiple-entry privileges allow seamless travel in and out of the UAE.
- Access to Government Services: Golden Visa holders gain access to healthcare and education services, similar to UAE nationals.
- No Sponsor Required: The visa does not require an employer or sponsor.
It is important to note that the UAE Golden Visa is a residency permit and does not lead to citizenship, which is granted only in exceptional cases for significant contributions to science, business, or culture.
Sources
- Indian real estate set to gain as investment shifts amid UAE visa changes | Immigration News, Business Standard.
- Is UAE offering Indians Golden Visa for Rs 23 lakh?, India Today.
- UAE’s nomination-based Golden Visa vs real estate-linked residency: Know the key differences, Moneycontrol.
- Rs 23 lakh UAE Golden Visa a marketing gimmick? It’s a ‘rebranding’ of the existing practices, says
immigration consultant – Investing Abroad News, Financial Express. - UAE’s Golden Visa: Cost, application process, documentation, India Today.
