Dreaming of foreign citizenship? Try the ‘invest and migrate’ route

medium118501853Successful corporate professionals and startup entrepreneurs are on the prowl for a new home — and, preferably, a new passport — somewhere in the West.The search for greener pastures, or the need to unlock doors for their children who might wish to settle abroad, is prompting them to buy into ‘invest and migrate’ programmes in the US, Europe’s richer neighbourhoods and even the Gulf.Well, for one, there is a rising number of yuppies who have had windfall gains from the stock market or Esop (employee stock ownership plan) payouts, apart from hefty bonuses and mind-numbing compensation packages. Several startup owners have also seen “liquidity events” leading to a groundswell of their bank balances. So, there’s a lot of money out there.So, these are very rich people?Yes, mostly ultra-high-net-worth professionals, promoters and business owners; even Indians who are currently on H-1B visas in the US.Why ‘invest to migrate’?There are four reasons:1. These people have decent amounts of money, and they have already parked their investible surpluses in many asset classes back home.2. If you ‘invest to migrate’, you get unhindered access to a foreign country of your choice. In some years, you can even think of getting citizenship there. But for the present, you can invest in real estate or a business venture. You can jet-set to your chosen country (where you have invested) if the weather in India becomes unbearably smoggy or too hot or cold to bear.3. Several of these well-to-do Indians have children studying abroad; by investing to migrate, parents are helping their children get a green card or residency in those countries so as to help them get a job easily, alongside other social benefits.4. ‘Invest to migrate’ is the easiest pathway to getting citizenship in the West. medium nocaptionhttps://youtu.be/PAbBWyFtmok?si=YTArO39Zi2M5CoqJAre countries happy when people ‘invest to migrate’?They are. After all, it’s foreign money coming into their exchequer or projects. Not to say, the benefit of having more well-to-do, educated and skilled Indians living with them.Which are these ‘welcoming’ countries?There are many, but to name a prominent few: Portugal, the US, the UAE, Greece, Malta, the Caribbean islands and Türkiye. Canada has a startup visa option. The UK now offers the residency option only through an innovative startup route.The USEB5 Visa ProgrammeInvestment options: New commercial enterprise, mostly real estate projects (residential/commercial complex, hotel/resort, industrial projects, etc).Cost: Investment of $800,000 for Targeted Employment Area (TEA) locations (rural or high-unemployment area) or $1.05mn for non-TEA locations for the creation of full-time employment for at least 10 people.Time to permanent residence (conditional green card): 12-24 months (in case of rural projects), 24-36 months (in case of non-rural projects). Also, under AoS (Adjustment of Status), people applying from the US can get work and travel permits in 4-6 months.Time to citizenship: 5 years after receiving a conditional green card.Terms to maintain permanent residence: Not allowed to stay more than one year outside the US without a re-entry permit; with a re-entry permit, not more than two years.Family members covered: Spouse, dependent children up to 21 years old at the time of application.Benefits: Quickest and most certain route to a green card; gives the ability to work in security-sensitive assignments that are only reserved for locals; allows to live, work, do business and settle down in the US. mediumPortugalGolden Visa ProgrammeInvestment options: Venture capital (VC) fund or donation.Cost: Investment of €500,000 in Portuguese VC funds or €250,000 in support of artistic output/maintenance of national heritage.Language test: A2 level basic Portuguese language for transition to permanent residency or citizenship.Time to residency: 12-14 months.Terms to maintain residence permit: Seven days stay per year, 14 days in a block of two years.Time to citizenship: 5 years.Family members covered: Spouse, children under the age of 26 and dependent family members like elderly parents of both the applicant and spouse above 55 or 65 years of age.Benefits from permanent residency: Visa-free travel to Schengen countries for 90 days in a block of 180 days; right to live, work and do business; healthcare benefits.Benefits from citizenship: Passport power — visa-free access to 189 countries, including the US and Canada; live and work in any EU country. medium nocaptionhttps://youtu.be/Ql_-G7rXqVA?si=ad-oWcro9B8LqgI2GreeceGolden Visa ProgrammeInvestment options: Real estate.Cost: Minimum of €800,000 (in Athens, Mykonos, Santorini and Thessaloniki); €450,000 (rest of Greece); or €250,000 (restoration of listed buildings).Language test: A2 level basic Greek language for transition to citizenship.Time to residence permit: 6-12 months.Time to citizenship: Seven years (with a stay of 183 days per year).Family members covered: Spouse, children up to 21 years of age and dependent parents.Benefits from permanent residency: Visa-free travel to Schengen countries for 90 days in a block of 180 days; right to live, work and do business; healthcare benefits.Benefits from citizenship: Visa-free travel to more than 185 countries; right to live and work in any EU country. mediumMaltaPermanent Residence ProgrammeInvestment options: Donation plus investment.Cost: Contribute €80,000 to the government and invest at least €375,000 in purchasing a property anywhere in Malta for a minimum of five years; or contribute €110,000 to the government and rent a property for a minimum annual lease of €14,000 in Malta or any other area for at least five years (with both options, a donation of €2,000 is mandatory).Application processing time: 10-12 months.Terms to maintain permanent residence: No stay requirement.Family members covered: Spouse, children up to 18 years of age and parents and grandparents over 55 years of age.Benefits: Visa-free travel to Schengen countries for 90 days in a block of 180 days; permanent residence from day one. medium nocaptionhttps://youtu.be/n_ocJz_GAmg?si=cFmUEJYC1htelATeThe UAEGolden Visa ProgrammeInvestment options: Real estate and bank deposits.Investment amount: AED 2mn.Application processing time: 1-2 months.Family members covered: Spouse, unmarried children and dependent parents.Benefits: Long-term, renewable residence visa valid for 10 years; self-sponsored visa (no need for an employment sponsor); ability to stay outside the UAE for more than the usual restriction of six months to keep residence visa valid; ability to live, work and do business. medium nocaptionhttps://youtu.be/DVJjFu49gmY?si=DaHxuDqrEhZ81dUFThe Caribbean islandsDirect Citizenship Programmes (Dominica, Antigua & Barbuda, St Kitts & Nevis, Grenada, St Lucia)Investment options: Donation, real estate, business investment and bonds.Cost: $200,000-400,000 depending on the country and option.Application processing time: 3-8 months to get citizenship and passport.Benefits: Visa-free travel to Schengen countries, Singapore, Hong Kong, etc; minimal taxation; full residence status; dual citizenship.Family members covered: Spouse, children and parents.Data collated by Global North Residency & CitizenshipLead image: Pexels