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Golden visas offered by many countries are opportunities for the wealthy people to essentially ‘buy’ the right to residen- cy by investing either in property or business. Residence by investment schemes under these visas offer HNIs of any country to get a resi- dency permit by purchasing a house there or making a large investment or donation and Indian HNIs have particularly been drawn to European countries and UAE. The reasons vary from attractive property prices, tax benefits to lifestyle enhancement.
EUROPEAN ATTRACTION
Golden visas are now gradually being phased out across Europe. As per latest reports, Netherlands ended its golden visa scheme in January 2024. Portugal amended its scheme removing real estate investment as a basis for golden visa applications in the hope of reducing property speculation. For similar reasons, Spain has axed its golden visa scheme under which foreign investors get residency for a 500,000 Euro-investment in property
These new developments can be attributed to the decision by EU governments to stop selling citizenship to investors, as such schemes can pose risks regarding security, money laundering or tax evasion and to address the housing shortage.
In the past, UK government scrapped its golden visa scheme in 2022 that allowed wealthy foreign nationals to settle in the country in exchange for bringing part of their wealth with them. In 2023, Ireland also axed its golden visa scheme followed by Portugal which had been Indian HNIs favorite country on account of many tax breaks for expats.
There are still a few countries in Europe that Indian super rich can consider such as Malta. where, the minimum investment amount starts at €690,000 and it allows you to travel freely within the Schengen Area. Italy is another popular des- tination for those looking to get residence by investment. Greece offers golden visas, and has one of the lowest thresholds for investment at just €500,000 spent on property in the country. However, the EU governments are toughening the laws to restrict expat population in the wake of spurring property prices and speculation in the housing sector.
DUBAI CALLING
Dubai has been an all-time favorite for Indian investors. In fact, Indian investors are the second-larg- est group of foreign investors in Dubai after Britishers and UAE real estate developers to make the most of the Golden Visa scheme are now directly offering attractive bene- fits to eligible customers, including shouldering the cost of obtaining a UAE Golden Visa.
Those purchasing property off- plan or with a mortgage now have the option to obtain 10-year resi- dency in the UAE through a Golden Visa as part of the country’s plan to attract further investments and boost the benefits for long-term residents. As per Dubai Land Development (DLD) data, UAE real estate developers are looking to take advantage of the Golden Visa scheme as property demand grows. The scheme is part of the country’s plan to attract further investments, boost the benefits for long-term residents and encourage further foreign investments in the country.
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