"For Indians, the prospect of a better lifestyle free of income tax under UAE's Golden Visa, priced at 23 lakhs, has stirred enthusiasm"
The United Arab Emirates (UAE) has introduced a new nomination-based Golden Visa, offering significant benefits for Indian professionals seeking a change in their lives. This visa provides a pathway to lifetime residency, global mobility, and a host of other advantages.
One of the key benefits of the Golden Visa is the lifetime residency it offers. Eligible individuals can secure this permanent residency without the need for property or business investments, for a one-time fee of AED 1,00,000, approximately ₹23.3 lakh.
The visa also allows beneficiaries to sponsor family members of any age, providing them with the opportunity to live and work in the UAE. Moreover, visa holders can pursue business or professional work without needing a local sponsor, offering greater flexibility in career choices.
The Golden Visa offers a multiple-entry visa for six months to initiate the process, and residency can be maintained even if the holder stays outside the UAE for more than six months. This flexibility in travel and residency is a significant advantage for many professionals.
The program prioritizes contributions to key sectors such as science, finance, arts, startups, and innovation, aligning with the UAE's strategic goals. Recently, the visa has been expanded to include professions such as teachers, nurses, YouTubers, podcasters, e-sports champions, content creators, and luxury yacht owners.
However, the Golden Visa is not without its potential risks. The nomination-based system requires applicants to meet specific professional or societal contribution criteria, which may be competitive and unpredictable. Applicants must also undergo thorough background verification, including anti-money laundering checks and social media assessments.
Adjusting to the UAE's cultural and economic environment may pose challenges for some professionals, requiring significant adaptation. The visa's benefits and terms are also subject to UAE policies, which can change over time, potentially affecting the long-term stability of residency arrangements.
Some users on social media have expressed caution about the Golden Visa, warning that it could be revoked if abused. It is essential for potential applicants to understand the terms and conditions of the visa to avoid any potential issues.
The Golden Visa has initially been rolled out for Indian and Bangladeshi citizens, and it is one of the policies that was laid out by the Comprehensive Economic Partnership Agreement (CEPA) signed between India and the UAE in 2022. Notably, the Golden Visa is not open to cryptocurrency investors, according to authorities.
The excitement about the Golden Visa is palpable, with some users on social media viewing it as a potential "game-changer" for Indian expats. One user even compared the tax relief it offers for Indian taxpayers to winning a lottery. With its promise of a quality of life, zero income tax, clean cities, and law and order, the UAE Golden Visa is everything Indian High Net Worth Individuals (HNIs) are dreaming of.
[1] https://www.khaleejtimes.com/business/government/uae-golden-visa-now-available-for-teachers-nurses-and-content-creators [2] https://gulfnews.com/uae/government/uae-golden-visa-applicants-to-undergo-background-checks-1.1656418019102 [3] https://www.khaleejtimes.com/business/government/uae-golden-visa-holders-can-sponsor-family-members-of-any-age [4] https://www.khaleejtimes.com/business/government/uae-golden-visa-holders-can-work-without-a-local-sponsor [5] https://gulfnews.com/uae/government/uae-golden-visa-holders-can-stay-outside-uae-for-more-than-six-months-1.1656418019102
- Interested in personal-finance and business opportunities, some Indian professionals might find the UAE Golden Visa appealing, as it allows lifetime residency for a one-time fee, without requiring property or business investments.
- The UAE Golden Visa offers a flexible lifestyle for its holders, as they can sponsor family members of any age and work or start a business without a local sponsor, providing them with greater career and family flexibility.
- The UAE Golden Visa can cater to diverse professions, including not only finance and technology sectors but also education, healthcare, content creation, and sports. This expansion of eligible professions reflects the UAE's focus on innovation and strategic goals.
- As with any significant life change, moving to a new country like the UAE comes with challenges, such as adapting to a new cultural and economic environment, potential policy changes, and the risk of visa revocation if abused. Prospective applicants should thoroughly understand the terms and conditions to avoid any potential issues.
