UAE updates its Golden Visa scheme: How it benefits Indians?
What's the story
The United Arab Emirates (UAE) has launched a new nomination-based Golden Visa scheme, allowing Indians to get lifetime residency for a one-time fee of AED 1,00,000 (around ₹23.3 lakh). The new system does away with the earlier requirement of high-value investments in property or business. Instead, it permits applicants to be nominated and approved based on their professional background and societal contributions to key sectors like culture, trade, science, start-ups, or finance.
Pilot launch
Pilot phase launched in India, Bangladesh
The pilot phase of this initiative has been launched in India and Bangladesh, with more than 5,000 Indian applicants expected to apply within the first three months. The Rayad Group has been appointed to oversee the application process in these countries. Applications can be submitted through One VASCO centers, Rayad Group's registered offices, their online portal, or a dedicated call center.
Application process
Extensive background checks conducted
The application process includes extensive background checks such as anti-money laundering, criminal record checks, and social media verification. Rayad Group's Managing Director Rayad Kamal Ayub called this a "golden opportunity for Indians" to get the UAE's Golden Visa. The final decision on nominations rests with UAE government authorities.
Benefits
Visa is permanent and comes with several benefits
Successful applicants can bring their family members, hire staff and conduct business activities in the UAE. Unlike property-based visas which expire upon sale of property, this nomination-based Golden Visa is permanent. The move is part of the UAE's efforts to strengthen economic and strategic ties with India under the Comprehensive Economic Partnership Agreement (CEPA) signed in 2022.