(Image source from: Canva.com)
In a significant policy shift, the United Arab Emirates has introduced a new Golden Visa program that grants permanent residency to eligible Indian nationals through nomination, eliminating the requirement for investments in real estate or businesses. Instead of the previous investment-linked model, applicants can now obtain lifelong residency by paying a one-time fee of AED 1,00,000 (approximately Rs 23.3 lakh). Previously, Indian citizens had to invest a minimum of AED 2 million (around Rs 4.66 crore) in qualifying sectors to be eligible for the prestigious Golden Visa in the UAE. The updated program allows individuals to be nominated based on their professional accomplishments, societal contributions, or potential to support key sectors like science, arts, finance, trade, startups, and culture in the UAE.
The UAE has initially launched this new residency model as a pilot program for citizens of India and Bangladesh, with expectations of over 5,000 applications from India in the first quarter. The application process in India is being facilitated by Rayad Group, the official consulting partner for the initiative. They are collaborating with VFS Global and One Vasco centers in both India and Bangladesh to handle in-person applications, along with providing digital portal and customer support hotline options for submission. Managing Director of Rayad Group, Rayad Kamal Ayub, emphasized the exceptional opportunity this presents to Indian professionals and talent. He noted that the selection process involves thorough checks such as financial due diligence, criminal history verification, and analysis of digital footprints, including social media activities.
Although nominations are assisted by the consultancy, the ultimate decision lies with the UAE's immigration authorities. Successful applicants will have the ability to sponsor family members, hire domestic or professional staff, and engage in economic and business ventures. Unlike previous visas tied to property investments, this nomination-based Golden Visa offers lifelong validity. The introduction of this new program highlights the strengthening strategic partnership between India and the UAE, particularly following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in 2022. Authorities suggest that the program may expand to other CEPA partner countries like China in subsequent phases.
