UAE Golden Visa

In News

• Recently, Bollywood actor Ranveer Singh has been awarded the UAE Golden Visa by the Abu Dhabi Department of Culture & Tourism. 
  • So far, more than 10 Bollywood actors have got their UAE golden visas.

Golden Card Visa of UAE

• It is a long-term residency programme that was announced in May 2019.
  • In 2019, the United Arab Emirates (UAE) implemented a new system for long-term residence visas, thereby enabling foreigners to live, work and study in the UAE without the need of a national sponsor and with 100 per cent ownership of their business.
• It provides a rainbow of benefits to cardholders and their families and creates an attractive environment for business and growth.
• The Golden Visa system essentially offers long-term residency (5 and 10 years) to people belonging to the following group investors, entrepreneurs, individuals with outstanding talents the likes as researchers, medical professionals and those within the scientific and knowledge fields, and remarkable students.
• The main benefit of the visa will be security as, through the issuance of the Golden Visa, the UAE government has made it clear that they are committed to providing expatriates, investors and essentially everyone looking to make the UAE their home an extra reason to feel secure about their future.

Reasons Behind the Move

• The economy of the UAE has been affected by the COVID-19 pandemic and low oil prices have prompted many expatriates to leave. 
• The decision intends to bring them back now and keep the “talented people and great minds” in the Gulf country and help in nation-building.
• It will also increase the UAE’s competitiveness and reaffirms the country’s position as a global incubator.
• It will attract talented professionals from various domains and further encourage innovation, creativity and applied research which will help the nation in its recovery of crawling industries and economy.

 Benefits for India

• It would attract more Indian professionals and businessmen to the Gulf nation and strengthen India-UAE Relations.
• It will also facilitate the return of Indians who want to resume work after the relaxation of Covid-19-related restrictions.

Source: FE