UAE's new Golden Visa vs real estate-linked lifetime residency: How are they different?
This marks an addition to the UAE's earlier residency option, which required a person to make a certain amount of investment in the Gulf country's real estate market or business.
For now, this new visa system has only been extended to India and Bangladesh to test the efficiency of the system.
This new visa intends to diversify its talent pool beyond ultra-wealthy people and attract global contributors across multiple industries.
The visa's final approval lies solely with the UAE authorities. Here are some non-negotiable checkpoints that the authorities are seeking: The visa is designed for mid-career professionals, entrepreneurs, creators, and individuals with significant contributions across different sectors such as healthcare, media, innovation, or humanitarian work.
The applicant must go through anti-money laundering clearance, have a clean criminal background, and even have their social media audits vetted by the relevant authorities.
UAE-based Rayad Group and VFS Global, a visa service provider, have been chosen by UAE authorities to vet the applicants and then forward them.
The real estate-linked residency required applicants to invest at least AED 2 million (roughly ₹ 4.7 crore) in the UAE's local property market.
However, the old model has a catch; if the property is sold or divided, the visa could be revoked. The visa system was applicable for 10 years and can be renewed.
On the other hand, the nomination-based visa removes the asset ownership requirement altogether.
The new scheme offers permanent residency in the country even if the person does not have any real estate holdings or business ownership, making the visa more feasible for skilled professionals.
It may also open doors for those who may not have the funds to buy luxury properties but have valuable knowledge and experience to contribute to the UAE's talent pool.
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