UAE’s Golden Visa:
Bollywood actor Tusshar Kapoor awarded Golden Visa.
- He joins a growing list of Indian movie stars, including Mohanlal and Shah Rukh Khan, who have received the coveted 10-year residency.
- 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.
- The Golden Visa system essentially offers long-term residency (5 and 10 years) to people belonging to the following groups:
- investors, entrepreneurs, individuals with outstanding talents the likes of researchers, medical professionals and those within the scientific and knowledge fields, and remarkable students.
Eligibility requirements (Have a brief overview; need not mug up):
For investors:
- A deposit of at least AED (United Arab Emirates Dirham) 10 million worth of public investment, either in the form of an investment fund or a company.
- 60% of the total investment must not be in the form of real estate.
- The invested amount must not be loaned, or in case of assets, investors must assume full ownership.
- The investor must be able to retain the investment for a minimum of three years.
- May be extended to include business partners, providing that each partner contributes AED 10 million.
- Can also include the holder’s spouse and children, as well as one executive director and one advisor.
For individuals with specialized talents:
- The category includes doctors, researchers, scientists, investors and artists. These individuals may be granted a 10-year visa following accreditations granted by their respective departments and fields. The visa also extends to their spouses and children.
Eligibility for a 5-year visa:
- The investor must invest in a property of a gross value of not less than AED 5 million.
- The amount invested in real estate must not be on loan basis.
- The property must be retained for at least three years.
Outstanding students:
- Outstanding students with a minimum grade of 95% in public and private secondary schools.
- University students within and outside the country having a distinction GPA of at least 3.75 upon graduation.
