India, July 7 -- The UAE is offering a nomination-based Golden Visa system for Indians, replacing the previous process that required investment of large sums in property or business.

Eligible individuals from select countries-including India-can now obtain a long-term residency by paying a one-time fee of AED 100,000 (approximately Rs.23.3 lakh), reported CNBC TV 18.

Under the old system, people needed to invest minimum of AED 2 million (Rs.4.66 crore) in real estate or business to qualify for the Golden Visa.

The new system does not require investment in assets. It is based on nomination.

Rayad Kamal Ayub, managing director of the group, told CMBC TV 18 that the process includes background checks for criminal history, anti-money laun...