2 min read.Updated: 14 Sep 2021, 04:33 PM ISTLivemint
In the past, cine stars who have been granted the Golden Visa by Dubai include Shah Rukh Khan, Sanjay Dutt, Suniel Shetty, Mammootty, Mohanlal, and Tovino Thomas
Listen to this article
Indian film producer Boney Kapoor today said that he and his family have received the prestigious 10-year Dubai Golden Visa. The 65-years-old filmmaker took to Twitter to share the news.
"Grateful to Dubai government for granting me and my family a 10 years golden visa. Dynamic and kind hearted leadership. Best Destination ….. Dubai and UAE #Goldenvisa #Dubai #UAE (sic)," Kapoor, who has backed films like ,"Mr India", "Wanted" and the upcoming "Maidaan", wrote on Twitter.
In the past, cine stars who have been granted the Golden Visa by Dubai include Shah Rukh Khan, Sanjay Dutt, Suniel Shetty, Mammootty, Mohanlal, and Tovino Thomas.
What is the Golden Visa?
The Golden Visa was instituted by the UAE government in 2019 as a new system, which allowed investors (minimum of AED 10 million) and entrepreneurs, as well as professionals and specialised talents like in the field of science, knowledge and sports, to apply for it.
These golden visas are issued for five or 10 years and will be renewed automatically.
The main benefit of the visa will be security as through the issuance of the Golden Visa, the UAE government has made it clear that they are committed to providing expatriates, investors and essentially everyone looking to make the UAE their home an extra reason to feel secure about their future.
Those who are interested to apply for the Golden Visa, may do so through the website of the Federal Authority for Identity and Citizenship — ICA (the eChannel for residency and citizenship), or the General Directorate of Residency and Foreigners Affairs (GDRFA) which works under the ministry. While ICA offers only online channels, GDRFA offers both online and offline channels.
The process is quite straightforward with candidates required to submit the necessary documents and be willing to relocate to the UAE in accordance with their business venture.
Who are eligible?
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.
However, around 60% of the total investment must not be in the form of real estate and the invested amount must not be loaned, or in case of assets, investors must assume full ownership.
The investor must be able to retain the investment for a minimum of three years as well. This 10-year long visa may be extended to include business partners, providing that each partner contributes AED 10 million. The long-term visa can also include the holder’s spouse and children, as well as one executive director and one advisor.
Apart from entrepreneurs, individuals with specialised talent can also apply for the visa. They include doctors, researchers, scientists, investors and artists.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!