Context: The UAE government has given clarification on eligibility and investment criteria for its Golden Visa scheme, dismissing the widespread media claims in India about a ₹23 lakh visa as false.
Relevance of the Topic: Prelims: Key facts about UAE's Golden Visa.
What is the UAE’s Golden visa?
The UAE’s ‘Golden visa’ is a long-term residence visa which enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits which include:
- entry visa for 6 months with multiple entries to proceed with residence issuance
- long-term, renewable residence visa valid for 5 or 10 years
- privilege of not needing a sponsor.
- ability to stay outside the UAE for more than the usual period of 6 months in order to keep their residence visa valid
- ability to sponsor their family members, including spouses and children and domestic helpers
- permit for family members to stay in the UAE until the end of their permit duration, if the primary holder of the Golden visa passes away.
Who is a Sponsor?
- In the context of the UAE residency system, a sponsor refers to a local individual or organisation (usually an employer or relative) who takes legal responsibility for a foreign national residing in the UAE.
- The sponsor has the legal right to cancel the visa of the person they are sponsoring.
Categories eligible for UAE Golden Visa
How much money has to be spent for the visa: AED 2 million for real estate and other investors. Main categories of individuals eligible for the UAE Golden Visa :
- Public investors: People willing to invest dirhams (AED) 2 million in an accredited UAE investment fund. There are some requirements for this:
- investors must possess a valid commercial or industrial licence
- a tax certificate to prove annual tax contribution of at least AED 2,50,000
- Entrepreneurs: People willing to invest AED 5,00,000 in any project approved by the authorities are eligible. The projects need to be tech-based.
- Real estate investors: People owning property worth AED 2 million (not under mortgage) along with proof of residence in the UAE.
- Exceptional talent: Doctors, scientists, athletes and domain experts.
- Outstanding students, Humanitarian pioneers and Frontline heroes.
Who is not Eligible?
- The UAE has clarified that crypto investors are not eligible for this visa.
Golden Visa available in the US:
- Requirement: Applicants who invest $1 million in a non-targeted area or invest $8,00,000 in a targeted, rural area with high unemployment, and create 10 full-time jobs for US workers are eligible for the EB-5 visa.
- Benefit: The US EB-5 visa also allows permanent residency.
How is the UAE Golden Visa different from the US Green Card?
- The UAE Golden Visa offers long-term but temporary residency, while the US Green Card provides permanent residency.
- The Golden Visa has no citizenship pathway, whereas Green Card holders can apply for US citizenship after 5 years (or 3 years if married to a US citizen).