UAE's Nomination Visa Golden Residency for ₹23L

 

Dubai, July 8, 2024: The UAE has launched a game-changing "nomination-based" Golden Visa programme, offering foreigners – including Indian nationals – a path to lifetime residency for a significantly lower fixed fee (AED 100,000 / ~₹23.3 lakh), providing a stark alternative to its existing, more expensive real estate-linked Golden Visa.

This move aims to broaden access to the coveted long-term residency status that has made the UAE a top destination for global wealth, particularly as it expects a record 6,700 millionaire migrants in 2024.

Also Read BRICS Slams Pahalgam Terror, Backs India

The Two Paths to Golden Residency: Key Differences

The New Nomination-Based Golden Visa:

Cost: AED 100,000 (Approx. ₹23.3 Lakh) - A fixed, one-time fee.

Residency: Lifetime residency in the UAE, renewable every 5-10 years.

Also Read Bank of Baroda Hiring 2,500 Officers: Apply by July 24 Now

Basis: Granted based on a "nomination" system (specific eligibility criteria under this route are still emerging, but it bypasses traditional investment or employment routes).

Key Advantage: Substantially lower upfront cost compared to real estate investment. No property tie-in – residency isn't invalidated if assets are sold.

Target: Likely aimed at professionals, skilled individuals, or investors seeking permanency without massive capital lock-up in property.

Also Read Himachal Floods Kill 78, Uttarakhand Landslide Alert

The Existing Real Estate-Linked Golden Visa:

Cost: Minimum AED 2 Million (Approx. ₹4.7 Crore) invested in UAE property.

Residency: 10-year renewable residence visa.

Basis: Direct investment in UAE real estate. Options include:

Owning a property worth AED 2M+ outright.

Owning a property worth AED 2M+ with a loan from specific local banks.

Owning one or more off-plan properties worth AED 2M+ from approved developers.

Key Advantage: Provides residency based on a tangible, high-value asset investment.

Key Disadvantage: Significantly higher financial barrier. Conditional on ownership – selling the linked property invalidates the visa.

Also Read  TN Rabies Alert After Kerala Deaths

Why the UAE Golden Visa is So Sought After:

The UAE's dominance in attracting high-net-worth individuals (HNWIs) is underpinned by its compelling benefits:

Long-Term/Lifetime Residency: Security and stability without needing frequent renewals tied to employment.

Unmatched Tax Regime: Zero personal income tax, zero capital gains tax, zero inheritance tax. This allows individuals to preserve and grow wealth far more efficiently than in many other jurisdictions, including India.

Global Hub: World-class infrastructure, safety, strategic location, luxury lifestyle, and a dynamic business environment.

Pathway for Families: Golden Visas typically allow sponsors to include spouses and children.

Also Read Baba Vanga Tie Revives Japan Quake Fear

The Millionaire Magnet:

According to the latest Henley Private Wealth Migration Report, the UAE is projected to attract a net inflow of 6,700 millionaires by the end of 2024, solidifying its position as the world's number one destination for migrating HNWIs, far ahead of the US. The introduction of the more accessible nomination-based visa is expected to further fuel this trend, attracting not just the ultra-wealthy but also affluent professionals and investors seeking long-term security and tax efficiency.

Also Read Blood Type A Tied to 16% Higher Early Stroke Risk

The UAE's new nomination-based Golden Visa dramatically lowers the financial threshold for obtaining lifetime residency, offering a compelling alternative to the traditional AED 2 million real estate route. While details of the nomination criteria are awaited, the fixed ~₹23 lakh fee structure makes the dream of permanent residency in the tax-advantaged UAE a tangible reality for a much wider pool of foreign nationals. The real estate visa remains an option for those preferring to secure residency via significant property investment.

Disclaimer: Only the headline and image of this report may have been modified by the PulseNext team; the rest of the content is auto generated from a syndicated feed