Bollywood actor Sanjay Dutt was granted golden visa by the United Arab Emirates (UAE) government.
What is the Golden Visa?
- The Golden Visa came into effect in May 2019 following approval from the Prime Minister and Ruler of Dubai.
- The new visa system was implemented in a bid to attract new foreign residents, particularly to the emirate of Dubai, following the economic upheaval caused by the coronavirus pandemic.
- This is a long-term residence visas, which enables foreigners to live, work and study in the UAE without the need of a national sponsor and with 100 per cent ownership of their business.
- The visa provides long-term residency to people belonging to the following groups: investors, entrepreneurs, individuals with outstanding talents the likes of researchers, medical professionals and those within the scientific and knowledge fields, and remarkable students.
- For the 10-year visa, investors having no less than AED 10 million worth of public investment, either in the form of an investment fund or a company, can apply.
- For the 5-year visa, the norms are largely similar for investors with the only difference being the amount of investment required is set at AED 5 million.
