UAE's Strategic Shift in Residency Policies
In a groundbreaking move, the United Arab Emirates (UAE) has redefined its golden visas framework, offering Indian citizens a pathway to lifetime residency without requiring substantial property investment. Historically, securing a Golden Visa in the UAE necessitated a property purchase of at least Dirham 2 million. However, the newly introduced nomination-based model allows eligible Indians to apply with a one-time fee of Dh 100,000 (approximately Rs 23.28 lakh), representing a significant departure from traditional pathways.
India's Role in the Pilot Phase
India, alongside Bangladesh, has been selected for the initial phase of this initiative, aligning with the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India signed in 2022. As reported by the Press Trust of India (PTI), it's anticipated that over 5,000 Indian nationals will apply during the first three months. This strategic pilot aims to showcase the UAE's commitment to fostering closer economic ties with India and demonstrates the country's shift towards attracting skilled professionals and global talent, rather than solely focusing on high-net-worth individuals.
Application Process and Eligibility
The application process is designed for convenience, allowing candidates to apply from their home country. Rayad Group, a UAE-based consultancy, has been appointed to oversee the vetting process in India, ensuring that applicants meet the outlined criteria. This streamlined approach underscores the UAE's objective of making the Golden Visa more accessible to qualified professionals.
Benefits of the Nomination-Based Golden Visa
Once approved, the Golden Visa grants holders lifetime residency in the UAE, with several key advantages:
Unlike the previous property-based Golden Visa, which expired upon the sale or division of assets, this nomination-based version remains permanently valid, ensuring long-term stability for its holders.
Implications for the Future
The introduction of this model reflects the UAE's broader vision of attracting a diverse range of talents to its shores, supporting its economic growth and innovation landscape. The program is expected to expand to other CEPA signatory countries, including China, following the successful completion of the pilot phase. This initiative marks a pivotal moment in the UAE's residency policy, as it seeks to balance economic incentives with the global demand for flexible, long-term residency options.
.svg)
