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Current Affairs

UAE’s Golden Visa

Date: 29 May 2021 Tags: Miscellaneous

Issue

Bollywood actor Sanjay Dutt has received a golden visa by the UAE government under its famous residency scheme.

 

Background

The government of UAE had implemented the golden visa scheme to allow foreigners to live and work in country without the need of a sponsor.

 

Details

  • The country’s law was amended to bring in the new visa scheme particularly in Dubai, which is facing economic slowdown due to the pandemic.

  • The golden visa scheme provides a long term residency rights, ranging from 5 years to 10 years for a select class of citizens.

  • This group includes medical professionals, those having scientific knowledge, researcher and also gifted students.

  • The main benefit of the scheme will be providing security to all the holders of this visa. The government aims to make those groups feel at home.

 

Applying for the visa

The candidates will have to submit the required documents for the authority and relocate to the UAE according to their business demands.

 

Eligibility

  • For the 10 year visa an individual must have invested atleast AED 10 million worth of public investment through a company or investment fund.

  • The business must not be loaned and the individual will have to assume full ownership. The share of real estate in investments should not be more than 60 percent.

  • The investor must own the investments for atleast 3 years. If there are multiple partners, they can also get visa if they have contributed AED 10 million.

  • University and high school students are also eligible for 5 year visa if they have exceptional grades in their academics.

 

Other modifications

Foreign university students can also bring in their family if they can afford the costs. This was also a result of modifications in the law.