The United Arab Emirates has introduced a nomination-based Golden Visa for Indians, distinct from traditional investment-driven residency programs.
The United Arab Emirates (UAE) government is launching a new Golden Visa specifically targeting Indian nationals, shifting the process from a traditional investment-based model to a nomination-based system.
India and Bangladesh have been selected as the initial countries to test this nomination-based visa system. The UAE has appointed the Rayad Group consultancy to oversee the introduction of this visa in India.
Golden Visas have become an attractive option for high-net-worth individuals (HNWIs) seeking to relocate overseas either immediately or for future retirement plans. These visas grant the right to live, work, study, and access healthcare in the host country.
Various countries offer the Golden Visa under different programs, tailored mainly to affluent foreigners willing to invest in the host country’s economy or meet certain conditions. Here’s a look at five such countries and the costs associated with obtaining their Golden Visas:
United Arab Emirates: The UAE’s new nomination-based Golden Visa for Indians allows for pre-approval from the applicant’s home country without requiring a visit to Dubai. This lifetime visa comes with a fee of AED 100,000, approximately ₹23.30 lakh.
United States: During his presidency, Donald Trump announced the Trump Gold Card Golden Visa aimed at wealthy individuals who invest in the United States in exchange for permanent residency.
New Zealand: The Active Investor Plus Visa, launched in September 2022, permits beneficiaries to live, work, and study indefinitely in New Zealand, subject to investment and residency requirements. The minimum investment begins at NZD 5 million.
Canada: Known as the Canada Start-Up Visa Program, this plan offers permanent residency to entrepreneurs and investors willing to set up businesses in Canada. The cost ranges from $215,000 to $275,000, depending on the start-up venture.
Singapore: The Singapore Global Investor Program targets entrepreneurs, business owners, and managers intending to establish businesses in the country. Successful applicants can secure permanent residence within 9 to 12 months, with an investment starting at SGD 10 million and potentially reaching SGD 50 million, based on business size.
These Golden Visa programs provide various pathways for individuals seeking permanent residence options outside their home countries by leveraging economic contributions or specific qualifications, according to LiveMint.