UAE's Nomination-Based Golden Visa: A Game-Changer for Indian Migrants
The UAE has introduced a nomination-based Golden Visa programme, offering Indians and other foreigners a lifetime residency for a fixed fee, eliminating the need for substantial real estate investments.
Real Estate News:The United Arab Emirates (UAE) has launched a new nomination-based Golden Visa programme, providing foreigners, including Indian nationals, with lifetime residency for a fixed fee. This initiative is a significant relief for those planning to relocate to the Emirates, who previously had to invest around AED 2 million (approximately Rs 4.7 crore) in local real estate to qualify for a 10-year renewable residency visa.
According to Henley & Partners, the UAE continues to attract the highest number of wealthy migrants, with an estimated 6,700 millionaires relocating to the country by the end of 2024. The US follows with inflows of more than 3,800 millionaires last year. The new visa category offers an alternative to the existing system that requires substantial investments in property or business, making it more accessible for a broader range of individuals.
With zero personal income tax, no capital gains tax, and no inheritance tax, the UAE provides a more tax-efficient environment compared to India, allowing individuals to preserve more of their wealth. The new programme grants long-term residency, typically ranging from 5 to 10 years, which is renewable. This provides a sense of stability and security, as it does not require the visa to be renewed every few years.
Under the new nomination-based visa policy, Indians can now enjoy the UAE's Golden Visa for life by paying a fee of AED 1,00,000 (around Rs 23.30 lakh), as reported by PTI. This is expected to be a one-time fee. In contrast, the real estate-linked visa requires the purchase of a property worth a minimum of AED 2 million (approximately Rs 4.7 crore), with additional options for financing through specific local banks or approved real estate companies.
Over 5,000 Indians will have the opportunity to apply for this nomination-based visa within the next three months. India and Bangladesh have been selected for the first phase of testing this visa, and a consultancy named Rayad Group has been chosen to test the initial form of the nomination-based Golden Visa in India.
When an applicant applies for this Golden Visa, a thorough background check is conducted, which includes anti-money laundering and criminal records, as well as social media. The background check also assesses how the applicant can benefit the UAE's market and business activities in various sectors such as culture, finance, trade, science, startups, professional services, and more.
In the existing investment-linked programme, applications for UAE residency require the appropriate fees and supporting documents. The government's registration and application fees range from AED 2,800 to 5,000, with additional costs for family sponsorship, medical tests, biometric scans, and legal and advisory fees.
Once granted the nomination-based Golden Visa, individuals have the freedom to bring their family members to Dubai and are also permitted to employ domestic help, including drivers. According to Rayad Kamal Ayub, Managing Director of Rayad Group, individuals can engage in any business or professional activity in the UAE. Unlike the property-based Golden Visa, which becomes invalid if the property is sold or divided, the nomination-based visa offers lifetime residency regardless of such changes.
The benefits of the UAE Golden Visa include a favourable tax environment with no personal income tax, making it an attractive destination for high net worth individuals and professionals. The Golden Visa also grants multiple-entry privileges, allowing visa holders to travel in and out of the UAE without the need for additional visas. Apart from the real estate investment Golden Visa and the new nomination-based visa, the UAE offers other types of visas, such as the Entrepreneur & Business Investor Visa, Highly Skilled Professionals Visa, Outstanding Students Visa, Creative & Cultural Talent Visa, Freelancers & Remote Workers Visa, and Humanitarian & Social Work Visa.
It is important to note that the UAE Golden Visa is strictly a residency permit and does not lead to citizenship. The UAE only grants citizenship in exceptional cases, such as for individuals who have made significant contributions in the fields of science, business, or culture.
Frequently Asked Questions
What is the new nomination-based Golden Visa programme in the UAE?
The new nomination-based Golden Visa programme in the UAE offers foreigners, including Indian nationals, lifetime residency for a fixed fee of AED 1,00,000 (approximately Rs 23.30 lakh). This eliminates the need for substantial real estate investments.
What are the benefits of the UAE Golden Visa?
The benefits of the UAE Golden Visa include no personal income tax, multiple-entry privileges, and the freedom to bring family members and employ domestic help. It also offers a stable and tax-efficient environment for high net worth individuals and professionals.
How does the nomination-based Golden Visa differ from the real estate-linked visa?
The nomination-based Golden Visa requires a one-time fee of AED 1,00,000, whereas the real estate-linked visa requires a property investment of at least AED 2 million. The nomination-based visa offers lifetime residency, while the real estate-linked visa becomes invalid if the property is sold or divided.
What is the application process for the nomination-based Golden Visa?
The application process includes a thorough background check, which assesses the applicant's financial, criminal, and social media history. It also evaluates how the applicant can benefit the UAE's market and business activities. The application fees and supporting documents are also required.
Can the Golden Visa lead to citizenship in the UAE?
The UAE Golden Visa is strictly a residency permit and does not lead to citizenship. Citizenship in the UAE is only granted in exceptional cases, such as for individuals who have made significant contributions in the fields of science, business, or culture.