UAE Golden Visa confusion: Has a Rs 23 lakh special visa programme really been launched for Indians? Here's what we know
Has the UAE launched a new golden visa pilot programme? Reports about UAE launching a pilot programme for a new golden visa have created excitement on social media. However, visa consultants and applicants are confused due to lack of official announcements, leading to doubt and frustration.
The possibility of obtaining a permanent visa to relocate to Dubai, a highly sought-after destination, for the cost equivalent to a mid-range SUV, appeared unrealistic. Indeed, this might be the case, according to an ET report.
UAE Golden Visa
: Has a Rs 23 Lakh Visa Been Launched?
A prominent Dubai-based golden visa consultant confirms that UAE officials have not announced any modifications to Golden Visa regulations permitting Indian nationals to obtain a lifetime Golden Visa for AED 100,000.
While Indian media outlets have extensively covered the news about UAE's new golden visa pilot, there has been no coverage in UAE media outlets or the Emirates News Agency, which typically publishes all official announcements.
The story has gained significant traction on Indian social media platforms, as affluent Indian citizens have shown keen interest in investment visas and residency programmes in recent years.
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Nomination-based visa schemes, despite being contentious, have become a preferred option for wealthy families worldwide seeking relocation opportunities for various reasons including taxation, quality of life, and educational prospects.
Speaking to ET from Dubai via telephone, Iqbal Marconi, former chief executive of ECH Group (recognised by Khaleej Times as the region's principal golden visa facilitator), mentioned receiving numerous enquiries from India following the circulation of this information.
"I checked with the authorities here, and they say they have no such information. So, the news is likely to be untrue. The only new update they have is that crypto investors won't be considered for the Golden Visa scheme.'
'I checked with the GDRFA (General Directorate of Residency and Foreigners Affairs Dubai) also, they too said they don't have any information on this. I also checked with a couple of officials here who are in the same line of work, they also said they don't have any information in this regard,' he added.
UAE Golden Visa Confusion
The speculation originated from a PTI wire service report, which was extensively shared, suggesting UAE was testing a new category of golden visa specifically for India and Bangladesh. The report indicated a substantial reduction in financial requirements from approximately Rs 4 crore investment to Rs 23 lakh, stating this nomination-based visa was being trialled exclusively for Indian and Bangladeshi citizens.
The article references Rayad Kamal Ayub, MD of Rayad group, a consultancy that recently introduced an advisory programme for UAE golden visa in collaboration with VFS Global, serving India and Bangladesh.
However, the nomination-based pathway, which acknowledges an individual's economic contribution potential to the UAE without requiring financial investment, has been available since the golden visa programme's inception in 2019, with approvals solely determined by UAE authorities.
"Nomination-based UAE golden visa with no investment requirement is not new at all. Many of us working in this space have helped our clients get such visas and continue to do so. There has been no intimation from any official sources that any policy change has happened with regard to the UAE golden visa," Rajneesh Pathak of Mumbai-based residency and citizenship consultant Golden North was quoted as saying by the financial daily.
UAE Golden Visa Route For Indians
The UAE golden visa programme includes options through property investments and business establishment that generate employment. This investment route, requiring AED 2 million (equivalent to Rs 4.66 crore), enabled Dubai property developers to promote premium properties as "Golden Visa eligible".
Any relaxation in visa regulations could influence this sector's performance.
Indians constitute approximately 7-8% of annual Dubai property transactions, primarily driven by Golden Visa aspirations, which will experience changes.
The property market dynamics, including supply and pricing strategies, will undergo adjustments, according to Ritesh Mehta, senior director, residential services, JLL India.
The UAE government has not officially commented, though relevant authorities have confirmed the Golden Visa programme remains under government regulation.
A senior official, speaking anonymously, emphasised that UAE visas are not available for purchase.
The government may grant Golden Visas based on various criteria, including AED 2 million real estate investments, business ownership, and notable achievements in science, medicine, arts, culture, media, and sports.
An official communication clarified that all applications, including those from authorised agents, undergo thorough government scrutiny, with UAE authorities retaining exclusive decision-making authority. The Vision Dubai 2033 strategy aims to double the UAE economy, acknowledging population growth as essential for achieving this objective.
The Gulf nation may consider expanding its visa policies for high-income individuals from various countries in the future. However, there is limited evidence suggesting such changes have already been implemented.
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