All about UAE's nomination-based golden visa for Indian, Bangladeshi residents

The United Arab Emirates government has introduced a pilot nomination-based golden visa program for residents of India and Bangladesh seeking lifetime residency there, it is reported.

- TDG NETWORK

The proposed policy awards Indians the UAE's golden visa for life on paying a fee of AED 100,000 (around Rs 23.3 lakh), sources said.

This policy would do away with the current requirement of investing in property or a business in the Emirates.

What is the golden visa scheme? How is the new nomination process different? Here is what to know.

WHAT ARE GOLDEN VISAS?

Individuals seeking to immigrate to a country are typically required to fulfill criteria such as a minimum educational qualification and/or an offer letter from a company to work there. This process can be tedious and may take years.

A golden visa bypasses this requirement and hedges on an individual's ability to pay a significant sum of money to the host country, which may be in the form of investments in government bonds, real estate, and more.

A smaller number of countries offer the 'golden passport,' another route to citizenship by investment.

AND WHAT IS THE UAE'S GOLDEN VISA SCHEME?

According to the UAE's Federal Authority for Identity, Citizenship, Customs & Port Security, the golden visa is essentially a pathway to long-term residency in the country without the need for a sponsor in the country. Eligible candidates may apply for residency for a period of five to 10 years. The golden visa system allows residents, foreign expatriates, and their families to move to the UAE to work, live, and study, while enhancing the environment that supports business growth and success in the country.

The UAE currently welcomes two larger categories of persons under the golden visa scheme:

PUBLIC INVESTORS, INVESTORS IN REAL ESTATE AND ENTREPRENEURS

People who commit an investment of at least AED two million (approx Rs 4.67 crore) in business or real estate in the country, or seek to start a project valued at not less than 500,000 AED (approx Rs 1.17 crore), fall in this category.

OUTSTANDING SPECIAL TALENTS