Paper: GS – II, Subject: International Relations, Topic: India’s Relation with Other Nations, Issue: UAE’s Golden Visa scheme.
Context:
The UAE has recently revamped its Golden Visa scheme to offer a more attractive long-term residency option for residents of India and Bangladesh, allowing for a lifetime residency without the usual requirements for substantial investment.
Key Takeaways:
What are Golden Visas?
- Golden Visas are a pathway to residency offered by some countries to individuals who can make a significant financial contribution to the host country.
- This contribution typically takes the form of investments in government bonds, real estate, or businesses.
- Unlike traditional immigration routes that require specific qualifications or job offers, Golden Visas prioritize an individual’s financial capacity.
- Some countries even offer “golden passports,” granting citizenship through investment.
Recent Changes to the Golden Visa Scheme:
The UAE has recently introduced a new nomination-based program that significantly alters the Golden Visa landscape.
Key changes include:
- Lifetime Residency: The new program offers lifetime residency to Golden Visa holders, a significant upgrade from the previous five-to-ten-year validity.
- Reduced Investment Requirements: The new program does away with the current requirement of investing in property whose value should be at least AED 2 million (Rs 4.66 crore), or investing a large sum in business in the UAE.
- Nomination-Based System: The new program is based on nomination, and will award the UAE’s golden visa for life for a fee of AED 100,000 (around Rs 23.3 lakh).
- Remote Application Process: Applicants can obtain Golden Visa approval from their home country without needing to visit Dubai.
- Comprehensive Background Checks: The consultancy entrusted with testing the pilot phase of the program will conduct thorough background checks, including anti-money laundering and criminal record checks, as well as social media analysis.
Impact of UAE’s Golden Visa Schemes on Indian Migration:
Conclusion:
- The UAE’s new Golden Visa scheme represents a significant shift in its immigration policy, offering a more accessible and attractive pathway to long-term residency for individuals who can contribute to the country’s economy and society.
- For Indians, this program presents a unique opportunity to secure their future in a thriving and dynamic environment, while also potentially benefiting both the UAE and Indian economies.
https://indianexpress.com/article/explained/uae-nomination-based-golden-visa-scheme-10111918
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