About 4,300 Indian millionaires were likely to leave the country in 2024, and a majority of them have set their eyes on the United Arab Emirates (UAE) as their preferred destination, according to a June report by international investment migration consultancy firm Henley & Partners.
UAE’s visa regulations are a major factor why the ultra-rich see it as their best option when leaving their home countries.
Anyone with a Golden Visa can reside, work, and make investments in any of the seven emirates — Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah, and Umm Al Quwain — in the UAE.
Key Features UAE Golden Visa
Here are the key features of the UAE Golden Visa, according to the official portal of the UAE Government:
- Extended residency: The visa grants a long-term residence permit without a local sponsor.
- Travel ease: Visa holders can enter and exit the UAE with ease.
- Professional freedom: The visa promotes an atmosphere favourable to both professional and entrepreneurial growth by allowing complete business ownership and the ability to select employers.
- Sponsorship of family members and domestic workers: Visa holders can sponsor one or more family members as well as domestic workers.
Eligibility Of UAE Golden Visa
- Physicians and scientists: You need to get permission from the appropriate scientific committees or the Ministry of Health.
- Creative professionals: Department of Culture and Arts clearance is required.
- Executive directors: A degree, a minimum of five years of experience, and an AED 50,000 salary are required.
- Executive directors: A degree, a minimum of five years of experience, and an AED 50,000 (about Rs 11,42,808) salary are required.
- Investors: Must have a business, deposit AED 2 million, and pay AED 250,000 in taxes.
- Entrepreneurs: Must have a project with a minimum estimated value of AED 500,000 and the necessary approvals.
- Entrepreneurs: Must have a project with a minimum estimated value of AED 500,000 and the necessary approvals.
The UAE government launched the Golden Visa programme in 2019 with the goal of attracting and keeping international investors and talent.