US President Donald Trump has floated the idea of a "gold card" visa programme, providing a pathway to US citizenship for individuals who invest $5 million (about Rs 44 crore).
The plan, the details of which will be released in two weeks, will make the US golden visa among the priciest in the world.
The gold card visa will replace the EB-5 investor visa programme, which has a lower investment threshold and includes job creation requirements.
Under the EB-5 programme, in place since 1990, foreign investors must invest between $800,000 and $1.05 million in US businesses that generate at least 10 full-time jobs.
The new plan is targeted at ultra-wealthy individuals against a broader range of investors in the EB-5 visa programme.
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Trump said American companies would be able to hire graduates, including from India, under the 'gold card' plan.
The application process is likely to be more streamlined compared to EB-5’s complex requirements.
Golden visa, or residence-by-investment, grants residence rights to vetted candidates in exchange of a defined economic contribution.
These range from the Thailand Visa Program, with a minimum application fee of approximately $18,000, and the Latvia Residence by Investment Program, requiring an investment of euro 60,000 (about Rs 55 lakh), to programmes tailored for ultra-high-net-worth investors such as Singapore’s Global Investor Program, which requires an investment of Singapore dollar (SGD) 2.5 million (about Rs 16.25 crore).
Here are the major so-called golden visas on offer around the world:
Australia National Innovation Visa
This is a permanent visa for people who have an internationally recognised record of exceptional and outstanding achievement in a sector or in future-focused sectors.
The visa allows permanent stay, work and study in Australia and enrolment in the country's public health care scheme. Visa holders can also sponsor their relatives to come to Australia. The application cost for the Australian National Innovation Visa is AUD 4,840 (about Rs 2.66 lakh). There is no financial contribution requirement under this visa.
Canada Start-Up Visa
The programme allows foreign entrepreneurs the opportunity to create an innovative business in Canada and apply for permanent residency.
The investment requirements, including fees, is $215,000 to $275,000, depending on the start-up business. After three years of permanent residence in Canada in a five-year period, successful applicants can apply for citizenship.
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Greece Golden Visa
The programme allows non-European Union citizens to obtain permanent residency in Greece by investing in the country’s real estate.
It is considered one of the more affordable residences by investment programmes in Europe. The initiative requires minimum specialised real estate investment of euro 250,000 (about Rs 2.28 crore).
The programme offers visa-free travel within the Schengen Area. There is no requirement to reside in Greece and an unlimited expiry date of residence permit. Individuals can rent out the investment property and the residence facility is applicable to the whole family. After seven years of residence, visa holders can apply for citizenship.
Luxembourg Residence by Investment Program
Luxembourg is the latest immigrant investor programme to be created in Europe in 2017. There are four investment or minimum contribution options, starting with a minimum of euro 500,000 investment into an existing Luxembourg company.
This contribution can go up to euro 20 million if an individual deposits this sum into a financial institution established in Luxembourg.
Malta Permanent Residence Programme
The European country is fast becoming a top choice among Indians for golden visa. There's a property purchase requirement of euro 375,000 or a lease of euro 14,000 a year for a minimum of five years.
Individuals also need to contribute euro 30,000 to the Maltese economy if the residential property is purchased, or euro 60,000 if the property is leased.
There's also an administration fee of euro 50,000 as well as euro 10,000 per dependent. A donation to a non-governmental organization of euro 2,000 also needs to be made.
The island nation has introduced two categories of visa — growth and balanced — to facilitate investments.
Under the growth option, investors will have to invest at least NZ$5 million (close to Rs 25 crore) for three years in “high-risk” options. These include managed funds and direct business investments. They have to spend minimum 21 days in the country over the investment period.
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The minimum investment needed under the relatively less-risky balanced option — in listed equities, bonds (government, local government and corporate) and philanthropy — is NZD $10 million (approximately Rs 50 crore) for five years.
Portugal Golden Residence Permit Program
The residence permit allows visa-free access to Schengen Area and requires an average stay of just seven days a year in Portugal over the five-year period, a key benefit of the programme.
For individuals, the minimum requirement is euro 250,000 in support of artistic production or in the recovery or maintenance of national cultural heritage.
This requirement can go up to euro 500,000 in case of investments in local businesses.
Singapore Global Investor Program
For Singaporean permanent residence, one can invest a minimum of SGD 10 million into a new or existing business and hire at least 30 employees.
Another option is an investment of SGD 25 million into a fund approved by the Singapore Economic Development Board.
One can also establish a Singapore-based single family office with assets under management of at least SGD 200 million for Singapore Global Investor Program.
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UAE Residence by Investment
The UAE is one of the most attractive business destinations worldwide.
By investing in UAE's real estate, investors can obtain a 10-year renewable residence visa. The minimum property worth needs to be dirham AED 2 million (about Rs 5 crore).
The UAE has a favourable tax regime for investors — with no personal income, capital, net worth, or withholding tax, and several double-tax treaties in place.
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