Why in news?
The United Arab Emirates (UAE) introduced a new nomination‑based Golden Visa that allows Indian and Bangladeshi nationals to obtain lifetime residency without investing in property or businesses.
What is the Golden Visa?
- The UAE’s Golden Visa is a long‑term residency scheme that lets foreigners live, work and study in the country without requiring a local sponsor.
- It typically grants a 10‑year or lifetime residency, depending on the category, and holders can sponsor family members.
Features of the nomination‑based scheme
- No investment requirement: Unlike earlier schemes, applicants do not need to purchase property or invest in a local business.
- One‑time fee: Applicants pay a single fee (around AED 100,000) for processing and issuance.
- Wide eligibility: Candidates are nominated based on professional achievements, social contributions or potential in fields such as science, culture, startups, trade and finance.
- Family sponsorship: Successful applicants can sponsor their spouse, children and domestic staff. Residency is maintained even if the holder stays abroad for more than six months.
- Streamlined process: A multiple‑entry “starter visa” allows entry for completing formalities. All procedures are completed via an online “One Touch” service.
Benefits and implications
- The scheme aims to attract talented professionals and entrepreneurs to the UAE, boosting innovation and diversifying the economy beyond oil.
- For Indians, it enhances people‑to‑people ties and complements the 2022 Comprehensive Economic Partnership Agreement (CEPA) that liberalised trade and services.
- Bangladeshi nationals similarly gain opportunities for employment and investment.