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Post at: Jun 29 2022

UAE Golden Visa

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

  • 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.

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