UAE 'golden visa' scheme

2020 NOV 17

Preliminary   > International Relations   >   Miscellaneous   >   Diaspora

Why in news?

  • United Arab Emirates announced that it is seeking to expand its 'golden visa' scheme under which individuals may obtain residency in the Gulf state for up to 10 years, granted they meet specific eligibility criteria.

About the Visa

  • The golden card is a long-term residency programme announced by the Prime Minister and ruler of Dubai, in May 2019.
  • The visa class was originally drafted to be a permanent residency system however the General Directorate of Residency and Foreign Affairs later noted that it is actually a long-term, 10-year visa that is renewable.
  • Not long after its launch, more than 400 investors and businesspeople, including some of their families, had already been granted the visa, with dozens more receiving it each day.
  • Typically, a golden visa is a type of grant issued to wealthy individuals looking to trade significant investment into a country for the opportunity to reside within it. The system has often been used by governments to broaden their tax base. The UAE has emerged as an attractive destination for investors and entrepreneurs particularly for its business-friendly and tax-free environment. 
  • The latest expansion of UAE's golden visa will now enable PhD holders who have studied from one of the top 500 universities in the world to apply for the grant.
  • Under the new law, certified doctors can also obtain the visa as the country looks to meet the shortfall of resident medical professionals exposed by the COVID-19 pandemic. Engineers who have specialised in the fields of computers, electronics, programming electronics, active technology, electricals, AI and Big Data are also eligible for the visa.
  • The visa has also been extended to 'highly qualified individuals' who have received Grade Point Average (GPA) scores of 3.8 (out of 4) or higher from government-approved universities. This also extends to scientists and researchers who are specialists in their chosen fields, as long as they have been accredited by the Emirates Scientists Council.

PRELIMS QUESTION

Consider the following statements regarding Indian Diaspora:
1.United Arab Emirates is home to the largest number of Non Resident Indians.
2.UAE holds the largest reserve of natural gas in the world. 
Which among the above statements is/are correct?
(a)1 only 
(b)2 only 
(c)Both 1 and 2
(d)Neither 1 nor 2

Answer to prelims question
 

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