The United Arab Emirates (UAE) government has launched a new type of Golden Visa that operates on a nomination basis, differing from the previous system which required substantial investment in property or business. This new visa comes with conditions and offers lifetime residency to qualifying individuals.
Until now, Indian applicants could obtain a Golden Visa by investing a minimum of AED 2 million (approximately Rs 4.66 crore) in property or by making large investments in a business based in the UAE.
Lifetime Golden Visa at Rs 23.30 lakh
Under the new policy, Indians can now secure a lifetime UAE Golden Visa by paying AED 1,00,000 (around Rs 23.30 lakh). According to people involved in the process, over 5,000 Indians are expected to apply within three months.
India and Bangladesh have been selected for the first phase of this pilot programme. The Rayad Group has been chosen to oversee and test the nomination-based Golden Visa process in India.
Eligibility and background check
Rayad Group’s Managing Director, Rayad Kamal Ayub, explained that a thorough background check, including criminal record, anti-money laundering status, and social media activity, will be conducted for all applicants.
The assessment will also evaluate how applicants may benefit the UAE in areas such as culture, finance, trade, science, startups, and professional services.
Application process
Once cleared, applications will be forwarded to the UAE government, which will make the final decision. Applicants can submit their forms through One VASCO centres in India and Bangladesh, Rayad Group’s registered offices, the online portal, or via the dedicated call centre.
Perks of the nomination-based Visa
Successful applicants will be able to relocate their family to Dubai, employ domestic help and drivers and engage in any business or professional activity among others. Importantly, unlike property-linked visas, this nomination-based Golden Visa remains valid for life, even if the applicant sells or divides their property.
The introduction of this nomination-based Golden Visa and India’s selection as a pilot country highlights the deepening India-UAE relationship, especially after the Comprehensive Economic Partnership Agreement (CEPA) came into effect in May 2022.
The nomination-based Golden Visa is part of a broader agreement between the UAE and its CEPA partner nations. After India and Bangladesh, the programme is expected to expand to include China and other CEPA countries.