The country’s residency-by-investment programme is popular due to the high-end lifestyle and low-tax jurisdiction it offers to the well-heeled high net worth individuals, but it does not provide a pathway to citizenship.
To tap the rising demand for ‘golden visas’, US President Donald Trump recently announced plans to introduce a Gold Card visa – US citizenship for $5 million (about Rs 44 crore) – to attract millions of wealthy foreigners.
A desire for greater global mobility, asset diversification, an improved lifestyle and long-term security for future generations is making more and more global millionaires to seek a second residency.
Simply put, second residency or residency by investment is a way to secure immigration, permanent residency or eventually citizenship in another country. These golden visas provide wealthy individuals the opportunity to effectively “purchase” residency rights. The investments can be in a local business, real estate, employment-generating opportunities or via donations.
Apart from the US, there are more than 100 countries that offer second residency via investments.
Firstpost and Moneycontrol bring you a series on golden visas. In this piece, we look at the United Arab Emirates (UAE) Golden Visa, which is among the top 10 programmes, globally, as per data from Henley and Partners, an investment migration consultancy.
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