Despite the multiple travel bans, lockdowns and reduced number of flights, the demand for a privileged visa is on the rise.
Just the other day, two families from Kerala made the news when they took an Emirates flight to Dubai amidst the COVID-19 pandemic and temporary suspensions of flights from India.
Yunus Hassan, a managing director and chairperson of a Gulf region, his family, and another family from Kerala traveled to Dubai. As per the reports from Khaleej Times, The family sponsored the golden visa and spent almost 1.8 lakhs on their tickets. Their 10-year golden UAE residency exempted them from the current restrictions. Wondering how it was made possible? Read to find out more.
What exactly is a privilege visa?
A privilege visa is a type of system that allows non-residents to obtain citizenship or residence in a country against making investments. It is an immigrant investor program that can provide citizenship on investment grounds. You may also know it as Cash for passports or Golden Passports!
Most countries give out privilege visas to investors. This helps both rich and poor countries promote stability and grow their economy. Additionally, it helps the investors tap into government funds, create employment, engage in business, etc. Hence, counties attract more investors through this option.
Which countries provide citizenship by investment?
- Germany offers citizenship after eight years, EU residency, and EU Schengen zone travel options for investing over $360,000.
- You can obtain a European residency in Portugal and apply for citizenship after five years for investments of over $350,000. You also get to invest in real estate and travel in the EU Schengen zone. Spain offers the same for investors investing over $500,000.
- Ireland offers full family residency without the requirement to reside for investments over $1 million.
- The gorgeous nation of Cyprus offers European citizenship, real estate, and opportunities to study, live or work in Europe. However, it comes with an investment of $2,200,000.
- USA offers EB5 approved investments, residency for the family along with a green card, and residency for investments over $900,000.
Other counties offering citizenship offers include St Lucia, Grenada, Vanuatu, St Kitts, Antigua and Barbuda, Montenegro, Turkey, Malta, Austria, and Dominica.