New Delhi: The United Arab Emirates (UAE) is transforming its visa policies to foster economic growth and reduce reliance on oil. The revamped visa program now offers renewable residency for up to 10 years to a diverse group, including investors, entrepreneurs, scientists, doctors, athletes, and students.

The UAE's "Golden Visa" initiative aims to attract high-skilled individuals and affluent Indians, among others, by providing them with long-term residency options, as stated by UAE officials.

A key feature of this government-backed visa program is that applicants are not required to have a local sponsor, a significant departure from the norms for other expatriates in the country.

The UAE remains a popular destination for Indians seeking better opportunities, and this new provision in the Golden Visa program is expected to facilitate long-term stays for many, according to experts in strategic affairs.

This initiative is part of a broader effort to modernize the UAE's visa framework over recent years.

With around 3.5 million Indians residing in the UAE, making up approximately 35% of the population, the Indian community is the largest foreign demographic in the country.

Since the signing of a comprehensive economic partnership agreement between New Delhi and Abu Dhabi in 2022, there has been a notable increase in trade and interpersonal connections.

The Golden Visa is awarded for exceptional contributions in various sectors, including business, science, medicine, arts, culture, media, and sports, as highlighted by officials.

The program allows for a long-term, renewable residence visa valid for either five or ten years without the need for a sponsor. Visa holders can also remain outside the UAE for longer than the standard six-month limit.

Additionally, Golden Visa holders can sponsor their family members, including spouses and children of any age. If the primary visa holder passes away, their family members can continue to reside in the UAE for the duration allowed.

To qualify for a Golden Visa, investors must make a minimum investment of AED 2 million (approximately Rs 4.67 crore) in a UAE-approved investment fund.

Alternatively, presenting a valid commercial or industrial license along with a memorandum of association indicating a capital investment of at least AED 2 million can also qualify an applicant.

Furthermore, applicants must provide a letter from the UAE's Federal Tax Authority confirming that they contribute at least AED 250,000 annually to the government.

Property owners or those with multiple properties may also be eligible for a five-year Golden Visa, provided their real estate holdings are valued at no less than AED 2 million.

The relationship between India and the UAE has strengthened significantly in recent years, particularly following Prime Minister Modi's landmark visit to the UAE in August 2015, which elevated bilateral ties to a Comprehensive Strategic Partnership.