The United Arab Emirates (UAE) has recently eased the eligibility criteria for its residency program, thus making it more accessible to professionals from a wider range of fields than what the Golden Visa earlier allowed for.
A new version of the Golden Visa has been introduced by UAE, which allows individuals to be nominated for long-term residency, though certain conditions still apply. This is a shift from the previous Golden Visa system that required individuals to have significant financial investments in property or business ventures to get the Visa.
This development comes as an especially encouraging thing for Indian citizens, who represent one of the largest expatriate populations in the UAE.
The Golden Visa, which has now been revised, has now made inclusions for professionals such as nurses, teachers and content creators, thus expanding its scope beyond the original focus on only entrepreneurs, investors, top students and specialists.
Even with this development to the Golden Visa, the UAE continues to and will likely increase the attraction of South Asians with its tax-friendly policies, advanced infrastructure and overall political and economic stability.
What does the new visa offer?
In addition to investors, entrepreneurs, and high-achieving students, the scope of the UAE’s Golden Visa was broadened in May to include a more diverse group of professionals.
The updated list now features scientists, senior executives, frontline healthcare workers, school teachers and principals, university faculty members, and experienced nurses with over 15 years in the field.
The new Golden Visa also extends to digital creators such as YouTubers and podcasters, certified e-sports players aged 25 and above, as well as luxury yacht owners and leaders in the maritime industry.
Indians can now secure lifetime residency in the UAE under the new nomination-based Golden Visa scheme by paying a fee of AED 100,000 (approximately Rs 23.3 lakh), news agency PTI has reported.
It has also been estimated that more than 5,000 Indian nationals are likely to apply for this nomination-based visa within a span of three months.
What did the old one offer?
The original Golden Visa, which was launched in 2019, was originally designed for the individuals with high net worth - often calculated through their substantial real estate investments.
At first, the Golden Visa used to cater to those who invested significant amounts in property or businesses within the UAE.
However, in 2022, the minimum property investment required for a 10-year visa was reduced to AED 2 million, thus making it more accessible to a wider range of investors.
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