New Delhi: In line with its vision to become an engine of growth and diverting from an oil-based economy, the United Arab Emirates (UAE) has restructured its visa programme to offer renewable residency of up to 10 years for investors, entrepreneurs, scientists, doctors, athletes and students.

The UAE’s “Golden Visa” programme provides talented and high-net-worth Indians and other nationalities the opportunity of long-term residency in the Gulf nation, UAE officials said.

One of the most significant aspects of the government-regulated visa programme is that the applicants do not require a sponsor for the residency, unlike other expats working in the country, they said.

The UAE is a favourite destination of Indians looking for greener pastures, and this provision in the Golden Visa programme will be helpful to those looking at long-term stay in the Gulf nation, according to strategic affairs experts.

The Golden Visa initiative has been rolled out as part of the restructuring of the UAE’s visa programme over the years.

The Indian diaspora of approximately 3.5 million is the largest foreign community in the UAE, constituting roughly about 35 per cent of the country’s population.

There has been a significant upswing in bilateral trade and people-to-people ties after New Delhi and Abu Dhabi inked an ambitious comprehensive economic partnership agreement in 2022.

Under the scheme, the UAE government grants Golden Visas for distinguished contributions in fields such as business, science, medicine, art, culture, media, and sport, the officials cited above noted.

The scheme provides for granting a long-term, renewable residence visa valid for five or 10 years without needing a sponsor. The visa holders will have the privilege of staying outside the UAE for more than the usual period of six months.

The visa holders will also be able to sponsor their family members, including spouses and children, regardless of their age, as per the provisions. The scheme also allows family members of a Golden Visa holder to stay in the country for the permitted duration if the primary holder of the Golden Visa passes away.

For investors to get a Golden Visa, an investment of AED (UAE Dirham) 2 million (approximately Rs 4.67 crore) in a UAE-accredited investment fund would be a primary requirement.

Alternatively, a submission of a valid commercial licence or industrial licence and a memorandum of association stating that the investor’s capital is not less than AED 2 million would also entail eligibility for a Golden Visa.

The applicants will also need to submit a letter from the UAE’s Federal tax Authority stating that the investor pays the government no less than AED 2,50,000 annually, according to the provisions.

Owners of a property or a group of properties may also be granted a Golden Visa for a period of five years, without a sponsor, subject to the condition that he or she owns real estate whose value is not less than 2 million dirhams, according to the provisions.

The India-UAE bilateral ties have been on an upswing in the last few years.

Following the landmark visit of Prime Minister Modi to the UAE in August 2015, bilateral relations between the two countries were elevated to a Comprehensive Strategic Partnership.

PTI