The United Arab Emirates (UAE) has introduced a pilot nomination-based golden visa programme for residents of India and Bangladesh. This initiative provides lifetime residency in the UAE for a fee of AED 100,000 (approximately Rs 23.3 lakh), without the need for property or business investment. The move comes after the signing of the 2022 Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India.
Overview of UAE Golden Visa Scheme
The UAE golden visa scheme allows long-term residency in the country without a local sponsor, enabling expatriates and their families to live, work, and study. The visa duration varies from five to ten years, supporting business growth and attracting skilled individuals.
Categories Eligible for Golden Visa
- Investors: Individuals investing a minimum of AED 2 million in business or real estate or starting projects valued at AED 500,000.
- Outstanding Talents: Including doctors, scientists, artists, inventors, executive directors, athletes, doctorate holders in engineering and science, and high-achieving students.
Difference with Nomination-Based Policy
The nomination-based policy offers lifetime residency, eliminates the need for property or business investment, and involves strict background checks. Initially available to India and Bangladesh, it aims to expand to other CEPA countries like China.
Application Process and Benefits
Applicants can apply through visa concierge services like OneVASCO centres in India and Bangladesh without visiting the UAE. Successful candidates can bring family members, hire domestic help, and engage in various activities in the UAE.
Significance of the Scheme
The golden visa programme enhances UAE-India relations, fosters economic cooperation, and provides a legal pathway for skilled individuals to settle in the UAE. The initiative is projected to attract over 5,000 Indians during the pilot phase, generating revenue and encouraging investments.
Global Context and Concerns
While golden visa and citizenship-by-investment schemes are prevalent globally, they face scrutiny for potential risks such as money laundering and tax evasion. Some countries have discontinued such programmes due to security and economic concerns. For instance, the UK terminated its investor visa in 2022 amid fears of illicit funds associated with geopolitical tensions.
Key Takeaways for Competitive Exams
- The UAE introduced a nomination-based golden visa scheme for Indians and Bangladesh residents.
- The scheme allows lifetime residency in the UAE without property or business investment.
- Applicants can apply through designated visa centres in India and Bangladesh.
- The programme aims to enhance UAE-India relations and attract skilled individuals to the country.
- Global concerns surrounding golden visa schemes include risks like money laundering and tax evasion.
