The Rise Of Golden Visa: Reasons for High Demand In 2021
The world is abuzz this year with investors actively looking for a “golden visa” to migrate to the world’s best countries. A golden visa is a citizenship by investment or residency by investment programme. It is targeted towards bringing wealthy foreign nationals who want to obtain residency to a certain country via investment with a substantial amount of money or by purchase of a property.
The onset of Covid-19 last year drove investors to seek refuge in foreign countries which were safer than their home country and offered a safe and healthy lifestyle for their families. The same trend continues in 2021 too with investors getting various investment opportunities in those countries due to their economy being severely affected because of the pandemic. Another reason that the golden visa is gaining popularity in 2021 might be due to the international business opportunities. Wealthy HNIs are now looking for worldwide business expansion, especially via European citizenship.
Growing demand of golden visa applications due to the pandemic
Golden visa programmes have long flourished in times of economic stress (like the 2008 financial crisis), but they took on a special significance in the Covid-19 times where the high net-worth individuals became a special currency. Potential tax savings aside, the attraction for applicants is a better healthcare system, top-quality education and a lower cost of living compared to the country they are currently residing. Furthermore, the golden visa often leads to a faster acquisition of a permanent residency.
Naturally, the pandemic saw a steady rise in the demand for golden visa. The US government had to increase the EB-5 visa applications, their residency by investment programmes, to 18,567 from the earlier 10,000. Similarly, Montenegro and Grenada citizenship by investment programmes saw a rise in demand too as they gave investors citizenship in 6 to 8 months for a reasonable investment and offer an indirect way for US immigration through the E-2 visa. Even Thailand started to dole out residency to investors willing to build residential real estate for a sum of about $334,000. Similarly, the United Arab Emirates in November 2020 announced a new 10-year golden visa for professionals in lucrative fields like medicine, biotechnology and electrical engineering, and artificial intelligence. While the Portugal second residency by investment programme became one of the major sought-after programmes as it served as a gateway to Europe for an investment of just €280,000 (minimum) and is about to reach its Q3 milestone of 10,000 applications.
European citizenship – preferred and privileged in 2021
European countries dominate top spots in golden visa rankings for 2021. With that privilege, you and your family members will have the freedom of movement throughout the entire Schengen Zone. If your Golden Visa eventually leads to European citizenship, then the resulting passport will offer visa-free travel to over a hundred countries in the world.
How to get your European citizenship and residency:
- Invest in or set up businesses in the country of your choice.
- Buy government bonds.
- Purchase or invest in property.
- Make donations to projects and organisations across the country.
EU countries with golden visa
The following countries are members of both the EU and Schengen:
The following EU member state, which is not part of the Schengen Area, also has a golden visa programme:
- The Republic of Ireland
Benefits of migration with a golden visa
Golden visa programmes are likely to become more attractive for countries searching for a shot of foreign investment to recover from the COVID-19 crisis. But is it worth making that investment? Let us look at the benefits.
One of the significant advantages of having a golden visa is the freedom of movement without any hassle. For example, Portugal citizenship offers visa-free access to 160+ countries of the world, whereas the UK investment visa provides access to 166+ countries of the world.
Investment immigration provides a significant upgrade to you and your family’s lifestyles. So, enjoy a higher standard of living in terms of food and culture, and experience the landscapes and history of the country you invest in.
Healthcare & education
The healthcare and education benefits are immense. You can even access universal healthcare, publicly funded, in countries like Portugal. With your golden visa, you can give a boost to your children’s career and send them to world-class universities and schools, without going through the hassle of unnecessary permits and restrictions.
Your golden visa can be a safety deposit box in times of crisis. With it, you can easily recover from financial downfalls and take advantage of growing economies and booming markets to compensate for the losses in your home country. It is a good policy for increasing profitability in other countries.
The last but not the least is that the golden visa programme can act as your Plan B. With your second residency by investment, you can move to peaceful and relaxing locations like the lush green Ireland and the vibrant coastline of Portugal or the rolling hillside of Austria and the Mediterranean landscape of Malta.
To sum it up, if you’re looking for the perfect immigration opportunity, golden visa programmes should be at the top of your list. Get all the benefits of residency and citizenship in your dream country. Get set to live your dream life.
Contact Passport Legacy today for an online consultation about your European citizenship and golden visa opportunities.