Everything You Need to Know About a Golden Visa

Posted on: May 3, 2023 | | Written by:

Everything You Need to Know About a Golden Visa

Published on May 2, 2023. EST READ TIME: 3 minutes

In the past few years, many Indian celebrities like Shah Rukh Khan, Ranveer Singh and Mammootty have been granted Golden Visas. This has now become a trend, so more and more people want to receive the Golden Visa. But what is Golden Visa, why is it so special, and how can you get one? Read on to know it all.

What is Golden Visa?

A Golden Visa, also known as an investment immigration program, is a type of investor visa that allows foreign investors to obtain residency in a country by investing in the local economy. The Golden visa programs are offered by many countries around the world and provide various benefits to those who qualify for them. These may include access to healthcare services, education opportunities, tax benefits and other incentives such as a residence or citizenship status.

A major advantage of having a Golden Visa is that without having to reside in the country, the visa holder, typically along with their immediate family members, receives the right to work, study and avail of a number of other benefits. These visas are highly sought after by investors, entrepreneurs, and those who wish to take advantage of the benefits associated with living and working in a foreign country.

Launched with the aim of publicizing their country, luring foreign investors and inviting to the home country the most well-known people in the world, the Golden Visa countries typically offer a duration of ten years. At the end of this period, if the candidate meets the eligibility criteria, the visa is renewed automatically.

What does the Golden Visa offer?

Golden visas have surely generated a buzz among expatriates. The benefits you can enjoy with a Golden Visa are aplenty but can vary from country to country. Given below are some of the most common ones:

1. Long-term visa saves you from regular renewals and paperwork hassle

2. Ability to stay, work or study in the host country

3. Self-sponsored visa for yourself, your family as well as domestic helpers

4. Eligibility to apply for host country's citizenship

5. Less physical presence is required in the host country

6. You can claim tax benefits

7. Great entrepreneurship avenues.

Who Qualifies for a Golden Visa?

To qualify for a Golden Visa, applicants must meet certain requirements related to their level of investment or business activity in the country they are applying to. In most cases, golden visas are granted to entrepreneurs or HNIs, High Net-worth Individuals, who have the financial capacity to pay the visa fee, make necessary investments, or fulfil the other requirements that are stipulated by the host country.

Countries Offering Golden Visa

The concept of a golden visa is becoming very popular. As golden visa countries are now offering a number of benefits to visa holders. Some Golden Visa countries are:

1. UAE Golden Visa:

◦ A renewable visa that is valid for 5 to 10 years

◦ Golden visa holders do not need a sponsor

◦ Ability to sponsor their family members.

2. Canada Golden Visa:

◦ Requires a minimum investment of CAD 1.2 million

◦ If your business can generate economic benefits for Canada, you can get a Canada Golden Visa

3. USA Golden Visa:

◦ While it's not really called a Golden Visa, the closest you can get is the EB-5 visa

◦ Typically requires an investment of USD $1 million.

4. Mauritius Golden Visa:

◦ Requires a minimum investment of $500,000

◦ Get the advantage of generous tax benefits.

5. Portugal Golden Visa:

◦ Enjoy the right to live, study and/ or work in Portugal

◦ Requires a minimum investment of EUR 280,000

◦ A 5-year programme for non-EU people.

How does one apply for a Golden Visa?

The process of obtaining a Golden Visa varies from country to country but typically involves making an investment in the nation's economy or real estate market. Also, bear in mind that in a number of countries, it is mandatory for the visitor to have International Travel insurance . Make sure that you have the right travel insurance cover, especially if you are a frequent traveller and are planning to get a Golden Visa soon. Depending on whether you are travelling alone or with youur family, you can opt for family or individual travel insurance .

Conclusion

The Golden Visa is a type of residence permit that allows foreign citizens to live and work in a certain country. Also called a visa of opportunity, it is typically granted on the basis of an investment made by the applicant, such as purchasing property or investing in local business opportunities. People from varied economic backgrounds can opt for a golden visa for themselves as well as their families. If you, too, are planning to apply for a golden visa, make sure you understand all about it. Buy the right travel insurance cover so that your travel is safe and well-secured.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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