₹23 lakh Golden Visa? These residency schemes are meant only for ultra-rich

Business Standard

2 days ago

Golden Visas are for the ultra-wealthy, not middle-class dreamers. Last week, a fake scheme claiming Indians could secure a 'lifetime UAE Golden Visa' for ₹23.30 lakh went viral, offering what seemed like a budget-friendly shortcut to long-term residency in one of the world's wealthiest nations.
Within 48 hours of the buzz, the UAE government shut down the story completely, calling it baseless and warning that such residency routes must go through official channels only.
The fact is that the Golden Visas aren't for the average migrant. They're built for rich investors with deep pockets, not middle-class families.
Golden Visas are for the wealthy — no shortcuts
Golden Visas do exist, but they're not a shortcut to permanent residency for the middle class. They're investment-driven and geared towards those who can inject substantial capital into a country's economy.
'These are not immigration pathways for the general population; they are exclusive to High Net-Worth Individuals and Ultra High Net-Worth Individuals seeking to expand their global footprint,' Andri Boiko, founder and CEO of international advisory firm Garant In told Business Standard.
According to Boiko, entry into these programmes doesn't come cheap. Most countries require investments ranging from hundreds of thousands to several million US dollars or euros, depending on the route.
'Over the years, I've seen various nations fine-tune their offerings, tailoring them to appeal to affluent investors by offering a mix of security, mobility, and premium lifestyle benefits. But the entry point remains firmly out of reach for most,' he said.
There's usually a long list of requirements too—proof of legal income, a clean legal record, and holding the investment for a minimum number of years.
What other countries offer
UAE: Requires real estate investments worth AED 2 million (approx. USD 545,000) for a 10-year visa
Singapore: Demands a SGD 2.5 million investment under its Global Investor Programme
Grenada: Offers citizenship via a $235,000 donation or $270,000 property investment
Now, Trump is also planning to come up with a similar, yet much pricier 'Gold Card' for $5 million.
'These visas are about opening borders with capital,' said Boiko. 'For the select few who qualify, the world becomes significantly more accessible.'
Why the ₹23 lakh rumour took off
The idea of a Golden Visa for just ₹23 lakh caught fire for a reason. It felt reachable.
'The viral belief in the ₹23 lakh UAE Golden Visa scheme among Indians was fuelled by a mix of economic aspiration and a genuine desire for a better life abroad,' said Boiko. 'The UAE is always seen as a land of opportunity—offering tax-free income, modern infrastructure, and a cosmopolitan lifestyle.'
Compared to the usual ₹4 crore needed for such programmes, ₹23 lakh didn't sound that far-fetched. And that's what made it so easy to believe.
The story spread fast—consultancy firms hinted at it, and influencers jumped on board. Soon, it was all over YouTube, Facebook and family WhatsApp groups.
Prashant Ajmera, an immigration lawyer and founder of Ajmera Law Group, didn't mince words.
'The so-called scheme was fake, generated by those wanting to scam Indians,' he told Business Standard.
Ajmera pointed to a deeper problem — media channels picking up such news without checking the facts.
'I received several phone calls, and when I said the information wasn't true, people simply replied, 'But it's in the newspaper.' There's a deeply ingrained assumption that if something appears in print, it must be true,' he said.
'In my view, the media failed to verify this information properly, which is what led to all the confusion over the past four days.'
He added that some firms in the global residency business release sensational reports just to stay in the spotlight and attract high-profile clients.
'These firms, who are often legal advisors in the residency and citizenship business, use this attention to grow their practice. And their clients? Often politicians, corrupt bureaucrats, and even criminals looking for safe havens abroad,' he said, though he did not name specific firms.
Fake visa pitch preys on real hopes
Boiko said the fake visa pitch preyed on real hopes.
'This misinformation exploits the aspirations of individuals seeking better opportunities abroad,' he said.
He made it clear that Golden Visas are not something you can simply purchase.
'The Golden Visa is indeed a legitimate pathway for highly skilled professionals, investors, and other eligible categories, but it is not a commodity to be bought outright. Eligibility is determined by professional merit, contributions to the UAE economy, and a thorough vetting process—not by a simple fee payment.'
He said the UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has confirmed that no internal or external consultancy is authorised to process Golden Visa applications. Any offer that claims otherwise, he said, is fraudulent.
How did the ₹23 lakh Golden Visa rumour start?
It all began with a press release from Dubai-based firm Rayad Group, which claimed that Indians could secure a Golden Visa at a fraction of the usual cost. News agency PTI picked it up, and within hours, the story was everywhere. The offer sounded almost too good to be true, and it was.
Soon, WhatsApp forwards, Facebook reels and X threads were flooded with posts marvelling at the deal. Some went as far as saying that for the price of a Mercedes-Benz E-Class in India, you could not only get the same car in Dubai but also bag a long-term UAE residency.
However, after two days of #UAEGoldenVisa trending online, the UAE government broke its silence. It called the claims baseless and confirmed there is no such 'lifetime residency' visa. It also reminded the public that all Golden Visa applications must go through official government channels only.
Rayad Group then withdrew its press release and issued an apology, saying its managing director, Rayad Kamal Ayub, had made incorrect statements.