UAE's New Golden Visa: A Boon for Indians, A Challenge for India
The United Arab Emirates, a Muslim nation, has significantly altered its visa regulations, facilitating the process for Indians to obtain a Golden Visa. The UAE government has introduced a new nomination-based Golden Visa. India's primary worry is the potential drain of talent and financial resources. As skilled and knowledgeable professionals begin to relocate to countries like the UAE, those who contribute to India's core strength may leave the country. That is why it is being said that the cheap Golden Visa may prove costly for India! Will both talent and money go away? Kerala and Punjab are already facing large-scale migration. Now that the Golden Visa has become so cheap, more people will start moving out of these states. This may lead to a shortage of local labor, which will affect agriculture, small businesses and domestic services. In such a situation, not only money, but talent and hardworking people can also gradually leave India.
The UAE is strategically positioning itself to become a global hub akin to New York or London, attracting talent and investment from around the world. It is welcoming skilled individuals, particularly in technology, health, education, and innovation sectors. Indian professionals and entrepreneurs are expected to establish new ventures, contributing to tax revenue and job creation in the UAE. The country's goal is to lessen its reliance on oil and transition to a knowledge-driven economy.
The UAE government has introduced a new type of golden visa, which will be based on nomination, although it will have certain conditions, which is different from the current practice of investing large amounts in property or business here. Till now, one way to get Dubai's golden visa from India was to invest in property, which should be worth at least AED two million (4.66 crores), or invest a large amount in business in the country. Beneficiaries and people involved in the process said that under the "new nomination-based visa policy", Indians can now enjoy a lifetime UAE golden visa by paying a fee of AED 1,00,000 (about Rs. 23.30 lakh). More than 5,000 Indians will apply for this nomination-based visa in three months. There has been a large number of people seeking residency in the UAE. In such a situation, this decision has brought relief to Indians.
Those who get the golden visa will get many benefits from it. They can bring their family members to the UAE. They can also hire employees and engage in business or professional activities in the UAE. Students could also get a Golden Visa, but they would need to have a high school grade of over 95% or a very good GPA at university. In addition, people doing humanitarian work could also get this visa if they have at least 5 years of experience or have made a contribution of AED 2 million. India and Bangladesh have been selected for the first phase of testing this visa, and a consultancy called Riyad Group has been chosen to test the initial form of nomination-based Golden Visa in India. The initiative of the UAE government and the selection of India as the first country for this visa reflects the strong trade, cultural and geopolitical ties between India and the UAE, which have been strengthened further after the Comprehensive Economic Partnership Agreement (CEPA) between the two countries effective from May 2022.
The Golden Visa enrollment process is an agreement between the UAE and its (Comprehensive Economic Partnership Agreement) CEPA signatory/partner countries. This is a pilot project that has started with India and Bangladesh and will soon include China and other CEPA countries. The biggest concern for India is the outflow of talent and money. When educated, intelligent professionals like doctors, engineers and IT experts start settling in countries like UAE, the people who strengthen India's backbone will move away from the country. In the year 2023 itself, about 16 lakh Indians had taken foreign citizenship, a large number of which were from Gulf countries. Now that the Golden Visa has become so cheap, this number can increase even faster. Also, the fees and living expenses in this process will also take crores of rupees out of India.
Between 2019 and 2022, the UAE issued more than 1.5 lakh golden visas and 5,000 Indians are expected to apply in 2025. If 5,000 Indians apply with a fee of Rs 23.3 lakh, it will earn an income of about Rs 1167 crore. Apart from this, the UAE will also benefit in the real estate and consumer market, as visa holders will rent or buy houses there, and spend on the education and treatment of their children. Vietnam has been steadily becoming a tourist attraction in the last few years. In such a situation, Vietnam has now made a new attempt to attract global talent and investment. Vietnam has launched a new 10-year Golden Visa program. The main objective of this visa is to attract global investors, businessmen and professionals, including Indian citizens, this program is designed to promote investment, tourism and economic development in the country.
The Government of Vietnam has launched this visa scheme, which specifically targets Indians. Vietnam has made Indians the main target of this program, as trade and cultural ties between India and Vietnam are constantly getting stronger. Indian entrepreneurs, especially in the technology and startup sector, are excited to invest in Vietnam's fast-growing economy. Now getting a Golden Visa has become a child's play, it seems like a great life-changing offer, but this is where the alarm bells start for India. In such a situation, the Indian government will have to make such policies, so that people prefer to stay and work here instead of leaving India. Such as simplifying the tax system, increasing job opportunities and improving the standard of living.