UAE New Golden Visa: Eligibility, Perks, and Everything You Need to Know

For a set cost, foreigners, including Indian nationals, can now obtain lifetime residency through the United Arab Emirates' (UAE) new nomination-based Golden Visa program.

For Indians wishing to move to the Emirates, this effort is a huge relief. Previously, they needed to invest about AED 2 million (about Rs 4.7 crore) in local real estate to be eligible for a 10-year renewable resident visa. Henley & Partners estimates that by the end of 2024, 6,700 millionaires will have moved to the United Arab Emirates, making it the top destination for wealthy migrants. With an anticipated inflow of almost 3,800 millionaires last year, the US ranks second.

UAE's New Golden Visa vs Real Estate-Linked Visa: Key Differences 

Sources claim that the UAE government has created a new Golden Visa category based on nominations, providing an alternative to the current system that necessitates large commercial or real estate investments. Although this new visa type has some restrictions, it does away with the requirement for significant financial obligations.

The UAE provides a more tax-efficient environment than India, enabling people to keep more of their wealth because there is no personal income tax, capital gains tax, or inheritance tax. The new program offers long-term residency, which is renewable and usually lasts five to ten years. Since the visa does not need to be renewed every few years, the country offers a sense of security and stability.

Indians can now take advantage of the UAE's Golden Visa for life under the new nomination-based visa policy by paying AED 100,000 (about Rs 23.30 lakh). This should be a one-time cost. In three months, more than 5,000 Indians will be able to apply for this nomination-based visa. A consultancy called Rayad Group has been chosen to test the first version of the nomination-based Golden Visa in India, and India and Bangladesh have been picked for the first phase of testing this visa.

Any further ways the applicant may help the UAE market and business operations—such as in the areas of culture, finance, trade, science, startups, professional services, etc.—will be thoroughly investigated. Applications for UAE residency under the current investment-linked program must be submitted with the required fees and supporting documentation.

The government charges between AED 2,800 and AED 5,000 for registration and applications, plus extra for family sponsorship. Medical examinations, biometric scans, and legal and advisory fees are additional expenses. People are free to bring family members to Dubai after receiving the nomination-based Golden Visa, and they are also allowed to hire domestic staff, including drivers.