What does the term ‘Golden Visa’ mean?
Today, it is widely accepted for individuals to reside in a foreign nation for various purposes, such as work, business, or simply a lifestyle change. However, the process of obtaining and guaranteeing residency rights in a foreign country through a ‘Golden Visa’ is often a daunting task.
This article explores the importance of ‘Golden Visas’ and the distinctive factors that visa holders should consider in terms of travel policy.
Understanding Golden Visa
Golden Visa is a program offered by many countries around the world that allows foreign investors to obtain residency or citizenship by investing a certain amount of money in the country.
This type of visa is becoming very popular for wealthy individuals to gain more freedom and security. However, the requirements and benefits of each program vary. Thus, it’s important to research and compare them before making a decision.
Engaging in a ‘Golden Visa’ program demands an extensive investment in the host country, allowing foreigners and their loved ones to work and live there. This global trend provides wealthy individuals a way to obtain secondary residency while boosting the country’s economic growth.
Who Qualifies for a Golden Visa?
It depends on the country that is offering the Golden Visa. Many people can apply for it, including foreign investors, entrepreneurs, outstanding talent, and students can apply for it.
The chances of getting a Golden visa are high with wealthy business persons, entrepreneurs and industrialists who can pay for hefty Golden Visa fees, necessary investments in public projects and other requirements as stipulated by the host country’s government.
Benefits of Having a Golden Visa
There are several benefits to having a Golden Visa; major ones are discussed below:
Residency or Citizenship
A Golden Visa offers individuals and their families the opportunity to live and work in the country where they obtain the Visa. In some cases, this investment can lead to the ability to apply for citizenship.
Golden Visa holders gain the right to travel freely within the country offering the program. In many European countries with Golden Visa programs, this also includes the ability to travel within the European Union, making business or leisure travel easier without additional visas.
Many Golden Visa programs grant access to local education systems, including public schools and universities, ensuring access to quality education for their children.
People who have a Golden Visa may get local healthcare benefits in some countries, providing peace of mind for their health needs. This also saves them from extreme healthcare costs in a foreign land.
Real Estate Investment
The primary means of obtaining a Golden Visa is through investment in real estate. This grants them a Visa and offers an opportunity for capital appreciation and rental income, potentially increasing their wealth.
Countries that Offers Golden Visa
Currently, nearly 40 countries around the globe offer golden visas. Many countries have specific rules that allow people from other countries to invest in their country and get a visa.
Here are some of the top countries offering a golden visa:
Canadian Golden Visa
There is no particular investment required for obtaining a Canadian golden visa. This visa allows visa holders to stay and live in Canada and will enable them to travel through North America without needing additional visas. After completing 3 years of residency, one can apply for citizenship in Canada.
United States EB-5 Program
The United States EB-5 program requires a minimum investment of $800,000 in a new commercial set-up that creates at least ten full-time jobs. The program grants conditional residency in the United States and allows visa-free travel to nine countries. You can apply for permanent residency after 2 years of residency.
Each country’s golden visa program has unique requirements and benefits, so it’s essential to research each program carefully.
To Sum Up
Golden Visas allow people to live and work in different countries by investing in them. Each country has its own rules and perks. With this, to secure yourself from any kind of risk that can happen during travelling, considering travel insurance is a wise choice.
Some popular insurance brands like Tata AIG offer affordable travel insurance policies that you can look at for your next trip. Always remember to check the terms and conditions of the travel insurance plan when you buy travel insurance online. You can also carry out a “travel insurance compare” online to know their prices and coverage value.