Indian media is abuzz with the news that the United Arab Emirates government has started a new type of Golden Visa. PTI reported that it will be based on nomination, albeit with some conditions, unlike the current practice of investing large amounts in either property or business.

Under the ‘new nomination-based visa policy,’ Indians can now enjoy the UAE’s Golden Visa for life by paying a fee of AED 1,00,000 (around Rs 23.30 lakh), beneficiaries and people involved in the process have told PTI.

But is the road to UAE residency as easy as it sounds? Getting a UAE Golden Visa for a mere Rs 23 lacs?

The price for the UAE golden visa, which requires an investment, is substantial. According to official records, Indians need to invest in property valued at least AED two million (Rs 4.66 crore), or invest a large amount in business in the country to get the UAE Golden visa.

The new nomination-based visa policy for obtaining a UAE Golden Visa will not require any investment in real estate or business.

Golden visa is one of the services offered by the UAE’s Federal Authority for Identity, Citizenship, Customs, and Port Security. Currently, the ICP website of the UAE, which is the one-stop platform for all immigration requirements, is not displaying features and conditions on the new nomination-based visa policy.

Reports suggest, The United Arab Emirates government’s ‘new nomination-based visa policy’, is for those looking to obtain a UAE Golden Visa. It is a long-term residency visa that allows international talent to live, work, and study while obtaining exceptional benefits.

Investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and front-line heroes can all apply for the UAE Golden Visa.

“This opportunity allows eligible individuals, including business owners, professionals, scientists, entrepreneurs, creatives and influencers to apply for a 10-year UAE residency under a government nomination category, with no requirement to invest in real estate or establish a company. Visa holders can sponsor their spouse, children (including adult children), parents, and household staff to live in the UAE,” reads the VFS release.

This specialised service will be the maiden rollout from the Centre of Excellence jointly set up by VFS ETM and Rayad Group recently in New Delhi, Mumbai, Ahmedabad, Chennai Hyderabad and Pune.

These centres will utilise advancements in Generative AI technology alongside legal expertise to assist individuals with migration processes and compliance with immigration regulations, a statement from VFS states.

Over 5,000 Indians will apply for this nomination-based visa in three months, they said.

India and Bangladesh have been selected for the first phase of testing this visa.

However, the visa approvals will go through a vetting process and won’t be granted by merely submitting Rs 23 lakh.

“Whenever an applicant applies for this Golden Visa, we will first check their background, which will include anti-money laundering and criminal record checks, as well as their social media,” said Rayad Kamal.

The background check will also show if and how the applicant can benefit the UAE’s market and business activities in any other way such as culture, finance, trade, science, Start Up, professional services, etc.

“After this, RayadGroup will send the application to the government, which will make the final decision on the nomination-based Golden Visa,” he added.

Applicants seeking the UAE Golden Visa under the nomination category may obtain pre-approval from their home country without the need to visit Dubai.

Rayad Kamal said the property-based Golden Visa ends in case of property sale or division, but the nomination-based visa will remain forever. RayadGroup and VFS have been chosen to vet the applicants and then forward them to the UAE authorities.

As of now, the UAE Golden Visa is open for investors, entrepreneurs and those with specialized talents, bright students with promising scientific capabilities.