UAE’s “Golden Visa” system offers long-term residency

What is the News?

Bollywood actor Sanjay Dutt has received his golden visa from the UAE government.

What is a Golden Visa?

• The Golden Visa system was introduced by the United Arab Emirates(UAE) Government in 2019.
• Purpose: The Golden Visa essentially offers long-term residency (5 and 10 years) to people belonging to specific groups.
  • The visa enables foreigners to live, work and study in the UAE without the need of a national sponsor. Further, the foreigners can have 100% ownership of their business in the UAE.
• Which are those specific groups? The Visa is offered to the following groups with specific eligible criteria:
  • Investors
  • Entrepreneurs
  • Individuals with outstanding talents like researchers, medical professionals and person within scientific and knowledge fields
  • Remarkable students.

Why this move by the UAE Government?

• The move targets wealthy individuals ready to offer the UAE significant investment. In exchange, they get an opportunity to reside within the country.
• It also aims to attract talented professionals from various fields of expertise and further encourage innovation, creativity and applied research. This will add to the appeal of a career in the UAE for the world’s brightest minds.

Significance for India:

• It would attract more Indian professionals and businessmen to the Gulf nation and strengthen the India-UAE Relations.
• It will also facilitate the return of Indians to the UAE to resume work after the relaxation of Covid-19-related restrictions.

Source: Indian Express