UAE under Radar amid safety concerns of country’s golden visa

The security and safety concerns in the United Arab Emirates Business and Golden Visa Programme are in major discussion these days. The root cause for such deliberation is centered around the shortcomings in their due diligence procedures.

Wednesday, 8th May 2024

UAE under Radar amid safety concerns of country’s golden visa

The Golden Visa Programme of the United Arab Emirates is receiving severe scrutiny after reports of individuals with unlawful backgrounds receiving visas went viral. The international partners seem concerned about the minimal background checks on the "golden visa applicants".

Recently, Press Editorials, a Brussels-based media organization outlined the concerns and mentioned that an upsurge count of applications has put these programmes under the radar by the Organization for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF). As per Press Editorials, these agencies are now keeping a thorough check on the programme. According to the reports by Press Editorials, several individuals associated with illegal backgrounds have succeeded in receiving "golden visas" from the United Arab Emirates. Reportedly, it mainly occurred because of a lack of due diligence and background checks on the applicants. As per the information available in the public domain, it is demonstrated that more than 150,000 golden visas were allowed under this programme to people across the world by November 2023.

Experts believe that harsher actions should be taken in terms of ensuring that people with shady backgrounds are not awarded "golden visas". This should mainly be done by strengthening background checks. The due diligence should be done by independent agencies in different phases and must include on-ground, online, financial and other necessary checks to ensure that the applicant holds a legitimate background

This highlights the need for resolving the issues. And, this is possible by implementing multiple layers of security so that security can be ensured. This would lead towards strengthened due diligence procedures which each applicant would have to undergo. The rules and regulations as the part of it would surely address the issues. Citing professional expert views, Press Editorials reported that UAE must also authorize independent third party agencies for conducting the background checks. The stringent measures are required to be implemented as it could mitigate the concerns that are connected to the due diligence processes. The cross examination as a part of implementing multi-layer due diligence would act as an active agent for the change. As, the procedure deals with checking all the credentials of the one applying for the visa. The checking of all the documents may include:

Applicant’s Birth Certificate
Place of Residence
Source of Income
Source of funds in Bank Account
Police and criminal records among other necessary checks

There are many other countries as well who support the strengthened due diligence processes which as well casts light on why the UAE should start with the multi- layered due diligence.Reportedly, European Union, UK and the United States are also keeping an eye on the recipients of the UAE golden visas. The reports say that with the adaptability of multi-layered due diligence, the sense of security in UAE would lead towards fostering the free zone. Not only this, the Financial Action Task Force has as well given the suggestions to encourage improvements to several of the sectors; banking, real estate, and the metals trade. Moreover, the European Union has also demonstrated that there is the need to put forth quality background checks. This further focuses on the need for collaborative efforts for the security as this would push the country towards meeting global standards.