Golden Visa, or Golden Passport, and how to choose the best country option? | World News
 "Passport")
Passport and visas (Photo: Shutterstock)
Between July and August, the property purchases by Indian investors in Greece has increased by an astounding 37%. The rush has been accelerated with the Indian buyers eager to secure permanent residency under Greece’s Golden Visa Programme just as significant regulatory changes took effect on September 1, 2024.
So, what exactly is the Golden visa scheme and how is it different from the Golden passport? How can one opt for the best country to choose under the Golden Visa scheme 2024? Let’s know everything about it to clear all your doubts.
What is a Golden Visa Program?
A residence by investment (RBI) plan, which grants temporary residency to foreign nationals in exchange for a significant donation or investment in real estate, business, or other fields is known as a “Golden Visa.” Although the majority of golden visas come with a temporary residency permit, several countries allow you to convert this to permanent status after a few years.
High-net-worth individuals (HNWIs) often physically relocate to favorable jurisdictions through golden visa schemes, granting them complete legal residency rights, including the facility to live, work, study, and receive healthcare in that nation.
What is a Golden Passport Program?
The common term for a Citizenship-by-Investment (CBI) Program is “Golden Passport,” which is another route used by people seeking foreign citizenship. Contrary to golden visas, the golden passport offers people a chance to get immediate citizenship and a passport in the host country. Moreover, golden passport holders are granted entry to several other countries without the need for a visa. This programme does away with the need for prior residency in a country, with the person immediately becoming a permanent resident.
Most CBI projects are often supported with preferential tax regimes, making it highly tempting for individuals with very high incomes.
Plans for “golden passports,” or investor citizenship, provide the opportunity to get a new nationality. In essence, a foreign national can get a “Golden Passport” by investing money or putting a certain amount into a government bank account in their host nation. Every Golden Passport scheme has its own guidelines and investor incentives.
Certain nations grant resident rights in return for a minimal investment. The precise amount needed differs depending on the nation. However, wealthy people can enhance their privileges in other nations through these visa programs.
For those who obtain these rights, these programs can facilitate commercial transactions, taxes, estate planning, and healthcare access while also enhancing freedom of movement. Critics also claim that they run the risk of encouraging the flow of black money and upsetting housing markets.
How many countries are there under the Golden Visa Scheme?
Even though the initiatives have caused controversy throughout Europe, especially in the EU (European Union), where a passport allows entry into all 27 member states; many of which do not immediately profit from the initial investment, the scheme is, nonetheless, very popular.
Countries like Greece, Spain, Portugal, Malta, Cyprus, and Italy in the European Union have the most popular golden visa programs because of a stable political climate, high standard of living and beautiful locales.
Not just Europe, similar programmes are in place in several other nations, including the United Arab Emirates (UAE), Australia, Malaysia, Monaco, Namibia, Austria, Canada, Luxembourg, New Zealand, Panama, Singapore, Thailand, and the Hong Kong administrative region of China.
Which countries can you opt for under the Golden Visa Scheme 2024?
The most sought-after golden visa programs are found in Greece, Cyprus, Portugal, Malta, Spain, and Italy due to their stunning landscapes, excellent living standards, and stable political environments.
However, there have been some recent modifications to Portugal’s scheme. Programs for the Caribbean and Europe are in high demand since their residence requirements are either very low or non-existent.
Is there a Golden Visa program available in the US?
Yes, the United States offers an employment preference visa known as the EB-5 that allows for residency-by-investment programs.
Which nations have discontinued their Golden Visa drive?
Several nations have discontinued their golden visa initiatives, including Ireland, the United Kingdom, and Montenegro.
Golden Visa Program 2024: The Bottom Line
Residency through investment programs, also referred to as golden visas, can help wealthy immigrants streamline the residency process. These controversial initiatives trade political rights for financial investment.
First Published: Sep 20 2024 | 2:57 PM IST
