UAE's new nomination Golden Visa vs Real-Estate Visa: What's the difference?
Tagged nomination-based Golden Visa programme, it offers foreigners, including Indian nationals, lifetime residency in the UAE for a fixed fee.
The UAE already has a Golden Visa programme for foreign nationals, which has made the country a top destination for wealthy individuals seeking to relocate. But the new category is somewhat different and gives a chance to immigrate without spending a huge fortune.
So, what is the difference between the two Golden Visa programmes?
New nomination-based Golden Visa vs real-estate linked programme
According to a PTI report, the UAE government has introduced a new category of Golden Visa based on nominations as an alternative to the existing system, which requires substantial investments in local real estate.
The new programme has certain conditions, but it significantly reduces the amount of money needed to obtain it.
The nomination-based system would give the applicant a long-term renewable residency in the UAE, ranging from five to ten years.
The UAE's Golden Visa for life can be obtained by paying a one-time fee of AED 1,00,000 (around ₹23.30 lakh), PTI reported.
On the other hand, the real estate-linked visa is quite expensive. To get into such a programme, a 10-year renewable residence visa can be purchased by purchasing one of the following:
A property worth a minimum of AED 2 million (approximately ₹ 4.7 crore).
4.7 crore). A property worth a minimum of AED 2 million, with a loan from specific local banks.
One or more off-plan properties worth a minimum of AED 2 million from approved local real estate companies.
This visa becomes invalid if the linked property is sold or divided. But the new nomination visa wouldn't have that problem.
According to Henley & Partners, the UAE continues to dominate as the top destination for wealthy migrants, with an estimated 6,700 millionaires relocating to the country by the end of 2024. The US comes next with inflows of more than 3,800 millionaires estimated last year.
With zero personal income tax, no capital gains tax, and no inheritance tax, the UAE offers a more tax-efficient environment than India, allowing individuals to preserve more of their wealth.
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