United Arab Emirates (UAE)’s golden visa, a long-term residence permit, is currently drawing widespread attention for offering lifetime residency in the UAE by paying a fee of AED 1,00,000 (approximately INR 23.30 lakh). The process sounds easy but there are still many formalities involved in it that makes it cumbersome for the applicants. The official UAE government website states that the people paying the Rs 23.30 Lakh fee will not automatically qualify for the UAE golden visa.
Different conditions for every sector
The official UAE websites state different criteria for investors, students, professionals and entrepreneur.
1. INVESTORS- The investors have to invest AED 2 million (Rs 4,66,94,560) in a UAE based fund or property and also prove their capital ownership which should not be a loan. They also need to provide their medical insurance and pay AED 2,50,000 (Rs 58,36,820) annually as taxes to be eligible for a 10-year visa.
2. STUDENTS- High school toppers with 95 per cent marks or the university students with high Grade Point Averages (GPA)’s from the world class institutions may be granted visas of 5-10 years.
3. ENTREPRENUERS- The entreprenuers must be in ownership of a business establishment valued at AED 5,00,000 (Rs 1,16,72,310) in a technology or the innovation sector. They also have to receive approvals from the auditors, incubators and the local authorities.
4. PROFESSIONALS- Professionals like the doctors, scientists, executives and the athletes need to be endorsed by the government bodies to procure the UAE Golden Visa. Additionally, the executives also require a salary certificate of at least AED 50,000 (INR 11,69,119) and a five-year experience letter as well.
5. FRONTLINE HEROES AND HUMANITARIAN WORKERS- VISA applicants need the verification of their long-term service and other recognised contributions to qualify for the Golden Visa.
Why are citizens from different countries moving to UAE in large numbers?
The citizens have shown interest in settling in Dubai due to good employment prospects, tax-free income, world-class healthcare and many other factors.
Also read: Death Toll In Texas Floods Cross 100 As More Feared Trapped
