Whenever we plan to travel abroad, the constant fear that comes to mind is the visa and the long appointment wait time! Well, not for everyone! Apart from individuals with strong passports, there are few other people who can easily skip the whole visa process. Yes, we’re talking about people with Golden Visas. This visa comes with its own set of perks and benefits and has been making a lot of waves lately. That’s why we decided to break down and give you a proper guide on everything you need to know about golden visas. Read on to get started.
What Exactly Is A Golden Visa & Who Can Apply?
Golden Visa, in layman’s terms, can be understood as a visa that grants individual citizenship or full residency by investment in another country. This means that the individual has to ensure certain economic contributions to be granted residency or citizenship in the host nation. The candidates for this visa have to be qualified and vetted since it provides them with full legal rights in that nation. They can physically relocate to the host country and enjoy the right to live there to work or study. They are also eligible to receive healthcare and tax benefits there.
Now, coming to the important question – who can apply for golden visas? Let us begin by clarifying that this visa is not for everyone. Since the visa asks for economic contribution, it is mainly appointed to investors, entrepreneurs, or people with special talents (as described by the host country). Simply put, high net worth individuals. This visa ensures quick mobility and has become a symbol of status among the rich.
How Does It Work?
To ensure a golden visa, a candidate must make certain investments in either government bonds, real estate, or some other investment vehicle. These rules and investment necessities are mentioned by the government of the host country beforehand.
This kind of visa is applicable in more than 100 countries across the world. These include countries like the USA, the UK, Greece, Australia, Canada, Malta, Austria, Turkey, Switzerland, UAE, and Italy – amongst others. Asian countries like Hong Kong, Malaysia, Singapore, and Thailand are also on the list.
Also Read: US Visa 101: A Guide To Everything You Need To Know For US Visa Application
What Are The Advantages Of Golden Visa?
It is called a ‘golden’ visa because of the many benefits it ensures the individuals applying for it. First and foremost, you get the benefit of citizenship or residency in a foreign country. You and your family can work with ease and live like normal citizens in the host country. Not to forget, there is an ease of travel for people with golden visas. You can travel without restrictions within the host country. In fact, many European countries extend the right to travel within the European Union with this visa.
Furthermore, the candidates enjoy broader business and lifestyle opportunities, healthcare benefits, local education facilities, and avail tax incentives. Since real estate investment is one of the major means to gain a golden visa, you can enjoy asset appreciation and rental income from it as well.
How Can One Apply For It
The rules and criteria for application for a golden visa might differ from country to country. On a broader horizon, one has to be a non-resident of that country, be of a certain age (as applicable in the host country), have no criminal records in their mother nation, and have enough resources to meet the cut for the visa.
Once you do your research and apply for the golden visa, you have to wait for the approvals from the concerned authorities. There are periodical renewals and requirements that you also have to familiarise yourself with while applying for this visa.
Cover Image Courtesy: Website/Echeverria Abogados & Pixabay
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