Golden visas allow people to reside in a desired location with benefits like visa-free travel as well as business and tax advantages, among others.
The thought of experiencing diverse lifestyles as well as residing and making a living in a different country is both alluring and daunting, yet enticingly possible. Through golden visas, or residency by investment, one may discover new horizons and forge connections with people of diverse cultures. This program offers gateways to new opportunities internationally.
Golden visas pose benefits enabling affluent individuals to explore innovative avenues for citizenship. These global programs reshape the landscape of international mobility and a promising future.
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What are golden visas?
Euronews defines golden visas as opportunities for people of affluent backgrounds to buy the right to residency in destinations around the world. The report added sometimes people can do this without physically living there in their chosen country.
Global citizens firm Henley and Partners said that golden visas have the ability to expand business and lifestyle opportunities. These can extend market reach and the key to optimizing a high net worth portfolio.
“Acquiring a golden visa is the best possible insurance policy against economic and political risk in a volatile world,” the website mentioned.
The firm added that the program enables full residence rights. These include living, working, studying, and receiving healthcare in their country of choice.
Applying for golden visas
Financial media website Investopedia said that golden visa holders will undergo a complex application process. First off, it requires a significant investment in the host country, typically in real estate industries. Countries around the world offer golden visas to promote economic growth.
Euronews added applicants should be over the age of 18, have no criminal record, and possess sufficient funds.
The application procedure is time consuming and requires vetting, submission of numerous requirements, and approval. Applicants get to benefit from unrestricted travel, fast-track citizenship, and other country-exclusive privileges.
Here are some countries offering golden visa programs around the world.
Canada’s Start-Up program
A report from Condé Nast India mentioned Canada requires its visa applicants to propose an innovative start-up business approved by accredited organizations as investment.
The Canadian Immigration website said the Start-Up Business Class targets successful people seeking opportunities in Canada. They have separate applications for those who want to reside in Quebec due to separate immigration requirements.
Applicants must meet specific criteria and submit required documents. These include a letter of support from a designated entity, meet the language requirements, and must have sufficient settlement funds.
To learn more about Canada’s application process, you may visit this link, and this site for Quebec.
Singapore’s Global Investor Programme
Singapore introduced its Global Investor Programme as a way for eligible global investors to attain permanent resident status. Interested patrons will need to have a substantial business track record and successful entrepreneurial background to qualify.
The Global Investor Programme requires applicants to submit all required downloadable forms and supporting documents. The process also obliges applicants to pay a non-refundable SG$100 processing fee directly to the Immigration and Checkpoints Authority (ICA).
Interested investors need to provide detailed information of their family members’ backgrounds.
ICA will review all applications for permanent residence. Their website indicated that the general processing time for each application is six months or longer.
You may check this website for the list of requirements and downloadable forms for submission.
The Malta Permanent Residency Program
Malta’s immigration website explained that the Malta Permanent Residency Program (MPRP) is a residency-by-investment program. The program encourages financing properties as well as participating in government contributions.
Benefits of the MPRP include having the right to stay permanently in Malta, visa-free travels across Schengen, and access Malta’s property market. Applicants may also include up to four generations in the application.
Interested investors should be third country nationals who are not part of the European Union and are non-Swiss. They should not have sanctions from other countries and must have no criminal record. Malta’s immigration said applicants should have capital assets of no less than €500,000. They must also have a minimum of €150,000 as their financial asset.
Applicants should submit an application via Malta’s licensed agents and pay a non-refundable administrative fee of €40,000. They should either rent a property for a minimum of €10,000 to €12,000, or purchase a property for a minimum value between €300,000 to €350,000. Each additional adult or dependent would pay €7,500.
Expect a four to six-month processing time upon submitting a complete and correct application. Visit Malta’s immigration website for more detailed information.
Greece’s Permanent Residence Permit for investors
Greece also has a program for interested investors. Through the country’s permanent residence permit, those who want to reside in the Hellenic Republic.
Application requirements include the application form with recent printed digital passport photos in a jpeg2000 format. Interested investors will need certified copies of their valid passport or other recognized travel documents with a national visa. They have to pay for the electronic residence permit fee and electronic fee as required by the law.
Ensure that you secure the proof of transfer registration from the land registry, a purchase agreement from the site, and planning permissions in your name.
Greece’s immigration website provided the rest of the information you will need as well as a list of specific documents.
Taiwan’s Resident Visa for Investment
Taiwan has a Resident Visa for Investment available for patrons who wish to invest in the country. This involves them investing $200,000 in an active business or any funding that will contribute to the country’s economy.
Requirements needed are proof of investment, passport-size photos, certified copies of passport, and business and investment plans, among others.
Investors get to keep their residency permit as long as they maintain funding and live 183 days per year in Taiwan. Dependents may also obtain residency. Taiwan’s residences website said patrons may apply for a permanent residence permit after five years of consecutive legal habitation.
Permanent residency includes benefits like visa-free or visa on arrival travel to 143 countries and right to healthcare and education. They also have business friendly policies, high quality of life, a well-connected airport, and a safe and modern environment.
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