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Procedures for a Golden Visa and PR in other countries

List of countries offering PR for Indians through investment

Permanent residency (PR) is a person’s legal status to reside in that country. It is the right to live permanently in a country. They are also known as green card holders. 

Golden Visa

An immigration policy is known as a “Golden Visa” gives non-citizens the option of obtaining citizenship or permanent residency. People who buy a home and make sizable donations or investments in the nation are frequently granted Golden Visas. 

Golden visas have grown quite popular in recent years. If you and your family are qualified to apply for a Golden Visa, you can do things like go to school and access medical facilities as well as become a country’s legal residents. 

Some countries offer PR for people investing in real estate. Wealthy people from all over the country invest money, property etc., in other nations. We need property ownership and permission to stay in the country.

The countries giving Golden Visa are as follows:

 

The United Arab Emirates (UAE): The UAE allows investors to get permanent status but cannot obtain citizenship. Under the Dubai Golden Visa scheme, the nation in the Middle East offers residency programmes for 5 and 10 years. A 5-year and a 10-year residency programme are available under the UAE Golden Visa programme.

One needs to invest AED 5 million to get a 5-year residency programme and 10 million for 10 years.

The United Kingdom (UK): For those with the necessary capital to invest in the UK, the Tier-1 Investor visa is available. The minimum investment must be held in a licenced financial institution and is at least £2,000,000. After a few years, you can apply for citizenship in the UK.

The UK’s golden visa applicants must be 18+ years of age. They should invest an amount of INR 16 Cr to get eligibility to apply for a Golden Visa in the UK.

Singapore: You must be prepared to invest at least SGD 2.5 million in your new or current business, in an authorised fund, or a single-family office in Singapore if you want to be granted a Golden Visa there.

You must also have past business experience and present the audited financial statements of your company. You can use this programme to establish yourself as a Singaporean permanent resident, following which you can apply for citizenship. Singapore, however, does not permit dual citizenship.

Switzerland: Switzerland’s Golden Visa programme is slightly different from other nations. You are not compelled to purchase government bonds, real estate, or funds here. Anyone demonstrating that they pay between CHF 150,000 and CHF 1 million in annual taxes is eligible for the scheme mentioned above. You must stay there for at least 10 years if you also seek Swiss citizenship. However, Singapore does not allow dual citizenship.

Canada: Canada provides several investment schemes for golden visas, but the Quebec Immigrant Investor Program is the most well-known (QIIP)and is mainly used. To participate in this programme, you must contribute at least CAD 1.2 million in bonds. Three years later, you can apply for citizenship. But remember that to qualify for most of Canada’s investment programmes, a person must reside there for at least 183 days over three years. 

Spain: An investment amount of € 5,00,000 in real estate in Spain could give you a chance to get a family residence. The Golden Visa in Spain was launched in 2013. An investor visa can be renewed every two years, and after 5 years, you get a permanent residency. They can get citizenship after ten years when they stay in the country. 

There is a programme in Spain called residency-by-investment that enables one to invest, become a permanent resident after five years, and then obtain citizenship after ten years if they choose to stay in the nation. But keep in mind that until you are a permanent resident, you must renew your permit every two years. The minimum real estate investment required to be eligible for Spain’s Golden Visa is €500K (about Rs 4.3 Cr).

Portugal: Portugal Visa Program is the most popular scheme in Europe, known for its flexibility. The investor visa is attracting thousands of investors across the Globe. If you spend at least €500,000 in real estate—or €400,000 if it’s in a low-density area—you can submit an application to live in Portugal. You must submit an application for citizenship or permanent residency after five years; most investors select the latter in order to have a second passport that enables them to travel to the EU and the Schengen Area.

Greece: Greece has drawn a lot of investors over the past few years thanks to its Golden Visa programme. This Visa gives you an opportunity for permanent residence. The Greek Golden Visa can be obtained by investing € 250,000. The processing time may take 3-5 months.

Malta/ Maltese Citizenship: Under its Golden Visa programme, Malta offers citizenship and residency to foreigners who invest. The entire family can be applied for citizenship. You have a choice of applying for the Maltese Golden Visa in one of the following ways, depending on your interests and financial situation:

  • You must be at least 18 yearsold to obtain a Golden Visa for Malta.
  • Applicant income is around €100K (Rs 87 Lakh) per year or €500K in the capital (Rs 4.3 Cr).
  • To qualify for Malta’s residency-by-investment programme, you must purchase or rent a property worth €320K (about Rs. 2.7 Cr.).
  • The government of Malta will require you to pay an administrative cost of EUR 30K. (Rs 26 Lakh).

The applicant must also fulfil:

  • Buy a residential property for € 700,000 or a rented house for € 16,000.
  • Donate €10,000 to cultural/ sports or National Development funds.
  • Invest €600000 to 750000 in the National Development Fund.

Turkish Citizenship: Turkish Citizenship Program has many advantages, and it is one of the very flexible citizenship. You need not learn the language or reside in the country to obtain one. 

  • The applicant can include their spouse and children below 18 years of age. The applicant should invest $250000 in real estate for three years. 

The Turkish real estate market is well-developed, with Istanbul as its centre. Investors often buy apartments in the centre for easy citizenship.

Dominica Citizenship: This citizenship program is one of the best and most common programs, which allows the whole family to be eligible for the program. One need not reside in the country for this. 

  • The applicant must choose any of the following options:
  • Non- refundable contribution of at least $100000. 
  • Buying real estate for at least $200000

Epilogue

Residing in a foreign country and getting a strong base to live in is a dream come true for many of us. Getting a permanent residence abroad is not at all a silly thing. It has to go through many procedures as the rules and regulations of every country are different. 

Golden Visa and other residency programs by investing in Real Estate is an easy way to obtain a PR. A green card or a plastic card with all your details gives you the right to live and work in a foreign country. 

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