Source: TOI
Context: The UAE has introduced a new nomination-based Golden Visa scheme for Indian and Bangladeshi nationals, offering lifetime residency without any property or business investment.
About UAE nomination-based Golden Visa scheme:
- What is the UAE Golden Visa?
- The UAE Golden Visa is a long-term residency visa that enables foreign nationals to live, work, study, or run a business in the UAE without the need for local sponsorship.
- Objectives:
- Attract global talent in science, culture, trade, and innovation
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- Boost UAE’s position as a global hub for skilled professionals and entrepreneurs
- Strengthen strategic ties with countries like India under CEPA
- Diversify UAE’s economy beyond oil by encouraging knowledge-driven growth
- Key Features of the Golden Visa:
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- Lifetime Residency: No renewal or expiration upon asset sale
- One-time Fee: AED 1,00,000 (Approx. ₹23.3 lakh)
- No Investment Needed: No property or business investment required
- Sponsor Family and Staff: Family members of any age + unlimited domestic staff
- No Sponsor Requirement: Independent of local UAE sponsorship
- Uninterrupted Residency: Can live outside UAE >6 months without losing visa
- Multiple-Entry Starter Visa: 6-month visa for entry to complete formalities
- ‘One Touch’ Service: Streamlined portal for all documentation and renewals
- What’s New for Indians?
- Under the new nomination-based system:
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- Indians can now qualify without property or business investment
- Selection based on:
- Professional background
- Social contributions
- Potential in science, culture, startups, trade, or finance
- Pilot phase applies to India and Bangladesh.
- Significance for India-UAE Relations:
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- Deepens India-UAE people-to-people ties, aiding skilled diaspora.
- Complements India-UAE CEPA (2022) with broader mobility and talent exchange.
- Helps Indian professionals access UAE markets more easily.
