The United Arab Emirates (UAE) has recently made headlines by expanding its Golden Card visa program. The initiative, which offers a 10-year residency visa, has been extended to include more professionals such as PhD holders, engineers, and doctors. The Golden Card program is an investment or residency-based citizenship initiative aimed at attracting affluent foreign nationals interested in establishing residency by investing a considerable amount of money or purchasing property in the country.
Eligibility and UAE’s Golden Card Visa Overview
The Golden Card visa provides 10-year residency to visa holders and their families. Starting from December 1, 2020, eligibility has been expanded to include all holders of doctorate degrees, medical doctors, and engineers specializing in computer, electronics, programming, electrical and biotechnology fields. The program is also open to individuals with specialized degrees in artificial intelligence, big data and epidemiology. High-performing high school students living in the UAE, as well as university students with a GPA of 3.8 or higher from certain institutions are also eligible.
Historical Background
Previously, foreigners in the UAE were granted renewable visas tied to their employment, valid for just a few years. In May 2019, however, the UAE began offering 5 to 10-year renewable visas to specific types of foreign investors, entrepreneurs, CEOs, scientists, and exceptional students under the Golden Card scheme. This initiative provides cardholders and their families with benefits that foster a conducive environment for business growth and attract foreign investments, thus stimulating the local economy.
Reasons for the Expansion
The expansion of the Golden Card scheme can be linked to the economic impact of the Covid-19 pandemic and plummeting oil prices, which led to the departure of many expatriates. By welcoming these individuals back and attracting talented professionals from diverse fields, the UAE aims to drive innovation and applied research. This would also reinforce the appeal of a career in the country for highly skilled professionals worldwide.
Impact on India-UAE Relations
The new policy could boost the movement of Indian professionals and businessmen to the Gulf nation, thereby strengthening India-UAE relations. The Indian expatriate community, which forms about 30% of the UAE population, has significantly contributed to the nation’s economic development. The policy may also facilitate the return of Indians eager to resume work following the easing of Covid-19-related restrictions.
Recent Developments in the UAE
The UAE has been in the news for other significant events as well. In March 2019, it hosted the 46th session of the Council of Foreign Ministers of the Organisation of Islamic Cooperation (OIC), with India invited as a guest of honour. In February 2020, the UAE obtained an operating license for the Arab world’s first nuclear power plant. The UAE also launched the Mars probe Amal from Japan in July 2020, marking the Arab world’s first interplanetary mission. Moreover, in September 2020, the UAE signed the Abraham Accord with Israel and Bahrain, the first Arab-Israeli peace deal in 26 years.
