From UPSC perspective, the following things are important :
Prelims level : Golden visa scheme
Mains level : Not Much
A Bollywood actor has recently received a golden visa from the UAE government.
What is the Golden Visa?
- The Golden Visa system essentially offers long-term residency (5 and 10 years) to people belonging to the following groups: investors, entrepreneurs, individuals with outstanding talents the likes of researchers, medical professionals and those within the scientific and knowledge fields, and remarkable students.
- The main benefit of the visa will be security.
- The UAE government has made it clear that they are committed to providing expatriates, investors and essentially everyone looking to make the UAE their home an extra reason to feel secure about their future.
Who are eligible to apply?
- For the 10-year visa, investors having no less than AED (Dirham) 10 million worth of public investment, either in the form of an investment fund or a company, can apply.
- However, at least 60 per cent of the total investment must not be in the form of real estate and the invested amount must not be loaned, or in case of assets, investors must assume full ownership.
- The investor must be able to retain the investment for a minimum of three years as well.
- The long-term visa can also include the holder’s spouse and children, as well as one executive director and one advisor.
- In addition to the aforementioned, foreign nationals who are looking to set up their business in the UAE may also apply for permanent residency (5 years) through the Golden Business Visa scheme.
Perks for the talent
- Besides entrepreneurs, individuals with specialized talent can also apply for the visa. They include doctors, researchers, scientists, investors and artists.
- These individuals may be granted a 10-year visa following accreditations granted by their respective departments and fields and the visa will also be extended to their spouses and children.
- Exceptional high school and university students are eligible for a 5-year residency visa in the UAE.