CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The United Arab Emirates (UAE) has initiated a pilot nomination-based golden visa scheme, offering lifetime residency to selected residents from India and Bangladesh. This newly launched policy eliminates the need for property or business investments and requires a one-time fee of AED 100,000 (approximately Rupees 23.3 lakh). The programme reflects the growing bilateral relations, especially following the 2022 Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE.
Understanding UAE Golden Visa
The golden visa is a long-term residency permit that allows expatriates and their families to live, work, and study in the UAE without needing a local sponsor. Existing golden visas are typically valid for five to ten years and are aimed at boosting business and attracting skilled individuals.
Apply For Golden Visa
There are two key categories under the existing golden visa eligibility:
Investors: Those investing at least AED 2 million (Rupees 4.67 crore) in real estate or businesses, or starting ventures worth AED 500,000 (Rupees 1.17 crore).
Exceptional Talent: Including professionals such as scientists, doctors, artists, inventors, engineers with doctorates, athletes, and top-performing students.
Nomination-Based Model Differs
This new model grants permanent residency, rather than limited durations. Importantly, it does not mandate any financial investment in property or enterprise. Candidates must be nominated and go through comprehensive screening processes, including checks for criminal history and money laundering. Initially, the scheme targets applicants from India and Bangladesh, with potential expansion to other CEPA partners like China.
Steps To Apply
Applicants don’t need to travel to the UAE for preliminary approval. Applications can be submitted via visa facilitation centres like OneVASCO, operating in both India and Bangladesh. Approved candidates can bring their families, hire domestic workers, and conduct business or professional activities freely within the UAE.
Strategic Importance
This initiative strengthens economic and people-to-people ties between the UAE and India, and is likely to appeal to skilled professionals and financially capable individuals. In the pilot phase, the programme aims to attract over 5,000 Indian residents. It also provides the UAE with a new channel for economic inflow through visa fees and increased local engagement by long-term residents.
International Perspective And Criticism
Golden visa and similar investment residency schemes have gained popularity globally, particularly in countries like Portugal and Saint Kitts and Nevis, which used them to revive their economies during downturns. However, such programmes are often criticised due to potential risks like tax evasion, money laundering, and misuse by individuals with criminal intent. For instance, the UK discontinued its investor visa in 2022, citing national security concerns and potential misuse of funds.
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