UAE Introduces Nomination-Based Golden Visa For Indians
The United Arab Emirates (UAE) has launched a pilot nomination-based golden visa programme for residents of India and Bangladesh. This new policy offers lifetime residency in the UAE on payment of a fee of AED 100,000 (around Rs 23.3 lakh). Unlike the previous golden visa scheme, it does not require investment in property or business. This initiative reflects deepening ties between the UAE and India, especially after the 2022 Comprehensive Economic Partnership Agreement (CEPA).
What Is the UAE Golden Visa Scheme?
The UAE golden visa grants long-term residency without the need for a local sponsor. It allows expatriates and their families to live, work, and study in the country. The visa duration ranges from five to ten years under the existing system. It supports business growth and attracts talented individuals.
Categories Eligible for Golden Visa
Two main categories qualify for the golden visa –
- Investors who commit at least AED 2 million (Rs 4.67 crore) in business or real estate, or start projects valued at AED 500,000 (Rs 1.17 crore).
- Outstanding talents, including doctors, scientists, artists, inventors, executive directors, athletes, doctorate holders in engineering and science, and high-achieving students.
How Is the Nomination-Based Policy Different?
The nomination-based policy offers lifetime residency, unlike the current five to ten years. It removes the requirement of investment in property or business. Applicants are nominated and undergo strict background checks including anti-money laundering and criminal record verification. The policy initially applies only to India and Bangladesh, with plans to expand to other CEPA countries like China.
Application Process and Benefits
Applicants do not need to visit the UAE for pre-approval. Applications can be submitted through visa concierge services like OneVASCO centres in India and Bangladesh. Successful applicants can bring family members, employ domestic help, and engage in business or professional activities freely in the UAE.
Significance of the Scheme
This programme strengthens UAE-India relations and promotes economic cooperation. It offers a legal pathway for skilled and financially capable individuals to settle in the UAE. The scheme is expected to attract over 5,000 Indians in the pilot phase alone. Such visas generate revenue and encourage investments in the host country.
Global Context and Concerns
Golden visa and citizenship-by-investment schemes exist worldwide. Countries like Saint Kitts and Nevis and Portugal introduced them to boost economies during crises. However, these programmes face criticism for risks related to money laundering, tax evasion, and misuse by criminals. Some nations have restricted or scrapped such visas due to security concerns and local economic impact. The UK ended its investor visa in 2022 amid fears of illicit funds linked to geopolitical tensions.
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