UAE Golden Visa for Indians: Hype vs. Reality!

UAE Golden Visa for Indians: Hype vs. Reality!

KAKALI DAS

Recently, a wave of excitement swept across India and neighbouring countries with news about a new UAE golden visa that promised permanent residence for just ₹23 lakh. The story, widely reported by Indian media, sparked huge interest among Indians dreaming of a better future abroad.

But soon, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) of the UAE officially dismissed these claims, clarifying that no such permanent golden visa program exists for any specific nationality.

Let’s unpack the entire episode.

In the past couple of days, major Indian news outlets, TV channels, websites, and newspapers reported that the UAE was launching a new “nomination-based” golden visa for Indians and Bangladeshis with much lower entry barriers than before. The price tag reportedly was around 100,000 dirhams, roughly ₹23.3 lakh.

This new visa was said to offer permanent residence rights, allowing applicants and their families to live, work, and study in the UAE for a long time. The news went viral quickly, and many Indians expressed excitement, seeing it as an accessible opportunity to settle in a prosperous country with a booming economy and no income tax.

The story originated from the Press Trust of India (PTI), one of India’s largest and most trusted news agencies. PTI quoted a company called the Riyad Group, which is allegedly involved in testing this new visa application process in India. The Riyad Group is not very well-known, and this raised some early questions about the credibility of the information.

PTI’s report said that the UAE and India were piloting this visa under a nomination system, with the Riyad Group and the Visa Facilitation Services (VFS) tasked with vetting applicants before sending their applications to UAE authorities.

What is the Golden Visa in UAE?

To understand the buzz, it’s important to know what the golden visa is.

The UAE launched its golden visa program a few years ago to attract foreign investors, talented professionals, entrepreneurs, and outstanding individuals who contribute significantly to the country’s economy and society. The golden visa allows long-term residency (usually 5 or 10 years, renewable), letting foreigners live, work, and study without the need for a local sponsor.

The Old Process vs. The Rumoured New Process

Before the rumours, to qualify for a golden visa in the UAE, Indians typically had to invest large sums: Invest at least 2 million dirhams (about ₹4.66 crore) in real estate, OR

Invest a significant amount in a business that creates jobs in the UAE, OR

Be an outstanding professional such as a doctor, scientist, or entrepreneur with a salary over ₹11 lakh per month.

Other categories included top students, humanitarian pioneers, and frontline workers, but all had strict requirements.

The news suggested that Indians could now get a golden visa for just 100,000 dirhams (₹23.3 lakh) through a “nomination-based” system. This visa would supposedly allow Indians and Bangladeshis to apply more easily and bring their families with them. The PTI report claimed over 5,000 Indians might apply in the first three months.

What Does the “Nomination-Based” Visa Mean?

Experts and some follow-up reports have said that this “nomination-based” visa is not actually a brand-new visa. Instead, it seems to be a rebranding or restructuring of the existing golden visa process. This system already invites entrepreneurs, investors, and talented professionals to apply, but the new terminology and process could make it easier and more formalized.

Paresh Karia, CEO of Acquest Advisors, told the Financial Express that the UAE government is trying to make the visa process clearer and more structured, especially as Indian interest in long-term UAE residency grows.

According to the PTI story quoting Riyad Kamal Aiyub, managing director of the Riyad Group, the application process would have four steps: First, the Riyad Group would check applicants’ criminal records, money laundering cases, and social media activities.

Second, they would assess whether the applicant’s profession or business benefits sectors such as culture, finance, trade, science, startups, and professional services in the UAE.

Third, the vetted application would be sent to the UAE government, which would make the final decision.

Fourth, applicants would receive pre-approval from India, possibly without needing to visit India in person.

Why is UAE Interested in Indians?

India and UAE have strengthened ties significantly in recent years, especially after signing the Comprehensive Economic Partnership Agreement (CEPA) in May 2022. This partnership aims to boost trade, investments, and economic collaboration.

Given India’s growing middle class and booming entrepreneurial culture, the UAE sees an opportunity to attract talented professionals and investors who can contribute to its economy beyond just money like, bringing innovation, startups, and skilled labour.

What Makes the UAE Attractive?

Many Indians find the UAE an appealing destination because:

• No income tax: Unlike India, where income tax can exceed 40%, the UAE has no income tax, only a 5% GST on goods and services.
• Ease of doing business: Faster approvals, fewer bureaucratic hurdles, and clear regulations.
• Better lifestyle: Safe cities, excellent infrastructure, international schools, and luxury living.
• Education and opportunities: Access to international universities and a cosmopolitan work environment.
• Status: Dubai and Abu Dhabi are global hubs known for luxury and innovation.

The ₹23.3 lakh price tag created buzz on social media. Some joked that in India, the same amount might only buy a parking space, while in the UAE, it could buy a golden visa. Others compared it to buying a luxury car, noting how expensive cars are in India due to taxes.

Experts noted that the visa is affordable enough for the upper middle class to consider taking loans to send their children or themselves abroad for better opportunities.

The Henley Private Wealth Migration Report 2024 estimates that about 4,300 Indian millionaires will relocate abroad this year. Kotak Private Wealth, in partnership with Ernst & Young, said nearly a quarter of India’s high-net-worth individuals are actively considering international relocation.

Between 2010 and 2023, about 18 lakh Indians renounced their citizenship, often for personal and professional reasons.

Reasons for moving abroad include lower taxes and easier wealth protection, better education and safety for children, legal certainty and less risk of arbitrary policy changes, better infrastructure and social mobility opportunities etc.

UAE Government Denied

After days of speculation and media reports, the UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) officially dismissed the rumours. According to an Emirates News Agency report, the ICP clarified that the UAE does not offer permanent golden visas to any specific nationalities, including Indians.

They warned against misinformation spread on various media platforms and online sources regarding permanent residency golden visas for particular countries.

This official statement put an end to the speculation about the “nomination-based” permanent golden visa.

What Does This Mean for Applicants?

The official denial does not mean the golden visa program is not real,  it exists, but with the original requirements and investment thresholds. The “nomination-based” system, if implemented, would likely remain a structured, multi-step process without promises of permanent lifetime residence for ₹23 lakh.

Applicants interested in moving to the UAE should continue to follow official UAE government sources and authorized visa application centres like VFS Global to avoid falling prey to false promises.

This episode shows how rumours and reports can spread quickly, especially on topics as exciting as migration and residency visas.

While the idea of a low-cost golden visa for Indians was welcomed enthusiastically, it is important to wait for official government confirmations before making life-changing decisions.

The UAE remains a popular destination for Indians seeking opportunities, and its golden visa program continues to evolve, but with clear rules and official guidelines.

For those considering migration, it’s wise to seek professional advice, follow official updates, and be cautious of offers that seem too good to be true.

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