T
he UAE has introduced a new Golden Visa program, offering lifetime residency to foreigners, including Indians. This initiative comes as a relief for those planning to relocate to the Emirates, who previously had to invest AED 2 million (approximately Rs 4.7 crore) in local real estate to qualify for a 10-year renewable residency visa.
The UAE continues to dominate as the top destination for wealthy migrants, with an estimated 6,700 millionaires relocating to the country by the end of 2024. The new Golden Visa program eliminates the need for large financial commitments and offers a more tax-efficient environment than India, allowing individuals to preserve more of their wealth.
The UAE Golden Visa under the nomination category can be obtained with pre-approval from the applicant's home country without visiting the UAE. Nomination refers to recognition for achievements or potential in fields such as medicine, science, technology, art, trade, or business within their home country.
Applicants who demonstrate significant contribution to the UAE's trade and economic development, business, advancements in science and technology, or enrichment of arts and cultural landscape are eligible to apply. Required documents include a comprehensive personal and professional profile, bank statements for six months, passport copy, highest academic qualification, valid proof of address, and police clearance certificate.
Key benefits of the visa include no employer or sponsor required, travel freedom, family benefits, easier options to support family members, obtain a driver's license without completing mandatory courses, and access to premium health insurance. Applications can be submitted through One VASCO centres in India and Bangladesh, Rayad Group's registered offices, their online portal, or dedicated call centre.
The primary applicant can sponsor their spouse, children, and eligible support staff under the UAE Golden Visa program. Golden Visa holders have access to a range of government services, including healthcare, education, and more. The new programme grants long-term residency, typically ranging from 5-10 years, which is renewable.
Under the new nomination-based visa policy, Indians can now enjoy the UAE's Golden Visa for life by paying a fee of AED 1,00,000 (around Rs 23.30 lakh). This is expected to be a one-time fee. The application and pre-approval process can be completed online without the need to travel to the UAE.
Over 5,000 Indians will get to apply for this nomination-based visa in three months. India and Bangladesh have been selected for the first phase of testing this visa, and a consultancy named Rayad Group has been chosen to test the initial form of the nomination-based Golden Visa in India.
