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Context:

The United Arab Emirates government refuted claims about a new nomination-based golden visa programme which would provide lifetime residency specifically for residents of India and Bangladesh.

What is the UAE Golden Visa?

It is a long-term residency visa, which allows foreign nationals to live, work, study, or even start a business in the UAE without requiring a local sponsor.

What are the features of the Golden Visa?

According to the UAE government, the Golden Visa allows eligible candidates to apply for UAE residency for 5-10 years.  

Two main categories

Public Investors, Real Estate Investors, and Entrepreneurs => Individuals who invest minimum AED two million (about Rs 4.67 crore) in a business or real estate in the UAE. It also covers those starting a new business project valued at a minimum of AED 500,000 (about Rs 1.17 crore). AED is the official currency of the United Arab Emirates.

Outstanding Special Talents => This group recognizes highly eminent individuals in six specific areas:

• Doctors and Scientists: People with advanced qualifications and significant contributions.
• Creative People: Those excelling in culture, art, and invention.
• Executive Directors: Senior business leaders.
• Athletes and Specialists: Recognized athletes or experts in specific scientific fields prioritized by the UAE.
• Doctorate Holders: Individuals with PhDs in engineering or science.
• Outstanding Students: High-achieving students in high school and university.

Recent Controversy

A news report claimed that the UAE would offer Indians a Golden Visa for life for a fee of only AED 100,000 (around Rs 23.3 lakh), without requiring property or business investment. However, the United Arab Emirates government officially refuted these claims. They stated that no such new, nomination-based golden visa program providing lifetime residency specifically for residents of India and Bangladesh has been introduced. They maintained that no country-specific scheme exists.  

Source: 

INDIAN EXPRESS