Why in News?
- Actor and Humanitarian Sonu Sood has received the UAE Golden Visa for his efforts to help the needy during the Corona Virus Pandemic.
- During Covid-19 lock-down in 2020, Sonu helped many stranded migrant workers reach their homes and also engaged in other philanthropic activities.
- His work was appreciated widely and he was also called 'The Messiah of Migrants' by people.
About Golden Visa
- In 2019, the United Arab Emirates (UAE) implemented a new system for long term residence visa, thereby enabling foreigners to live, work and study in the UAE without the need of a national sponsor.
- 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 field and remarkable students.
Eligibility Requirement for Investors
- A deposit of at least AED (United Arab Emirates Dirham) 10 million worth of Public investment, Funds, Company
- 60% of the total investment must not be in the form of real estate
- The investor must be able to retain the investment for a minimum of three years.
For individuals with Specialized Talents
- These category includes doctors, researchers scientists, investors and artists.
- These individuals may be granted a 10 years visa following accreditations granted by their respective departments and fields.
- The visa also extends to their spouses and children.
- Students with a minimum grade of 95% in public and private secondary schools
- University students within and outside the country having a distinction GPA of at least 3.75 upon graduation.
Why is a Golden Visa Necessary?
- The UAE's economy has been hit hard by the covid-19 pandemic and low Oil prices, Prompting many expatriates to leave.
- The Move intends to bring them back now and keep the talented people and great minds in the Gulf country and help in nation - building.
- It will attract talented professionals from various fields of expertise and further encourage innovation, creativity and applied research, adding 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 nations and strengthen the India - UAE Relations.
- It will also faciliate the return of indians who want to resume work after the relaxation of Covid-19 related restrictions. For which Indian had requested the members of the Gulf cooperation council (GCC) in early November, 2020.