For those Indians considering European citizenship by investment, the Europe Golden Visa is a particular opportunity for gaining citizenship through investment. It is an investment route that gives Europe’s non-EU country nationals the right to residence. While a country may have an investment-based residency program, the investment options can vary along with the rules and fees and the terms of residence can also differ. Programs have undergone many changes in recent years. For instance, Portugal has stopped its Golden Visa program for real estate investments while Greece continues to have investments for residence.
For Indian investors, it is very important to note these differences prior to choosing a program. This guide attempts to provide a summary of the main requirements, costs, benefits and application considerations.
What Is a European Golden Visa?
A Golden Visa is an investment-based residence program for eligible non-EU citizens. Rather than applying for residency through employment or education, citizens qualify via a government-approved investment.
Depending on the country and the investment pathway, residents may be entitled to:
- Temporary or permanent residence
- Right of abode in the country
- Schengen travel
- Family reunification
- Citizenship or Permanent Residence
The most popular Europe Golden Visa programs for Indians
Many countries throughout Europe have offered investment-based programs for residence. Currently, among the most well known programs, Portugal and Greece offer their Golden Visa programs, while Malta has its own Permanent Residence-by-Investment Program.
1. Portugal Golden Visa
Portugal’s investment residence programs (ARI) are still operational via a number of investment routes. These include creating 10 jobs, investing €500,000 in research activities, investing €250,000 in cultural or heritage activities, or investing €500,000 in non-real estate collective investment funds.
At this moment in time, buying real estate is not a viable investment route for Portugal’s Golden Visa program.
Program participants acquire residence and travel rights in the Schengen Zone, while family members are able to apply for residence, and participants may also gain permanent residency and citizenship through a separate legal process.
2. Greece Golden Visa
Another popular Golden Visa for Indians is Greece. Its has different real-estate investment limits based on the region.
Investments in Athens, Thessaloniki, Mykonos and Santorini typically start at €800,000. For the rest of Greece, the requirement is typically €400,000. In some instances, restoration and conversion projects of a property may also qualify as an investment at €250,000.
Properties acquired under the higher threshold limits must meet certain standards. These include a minimum size of 120 square meters and a ban on short-term rentals.
Europe Golden Visa Requirements for Indians
While the specific requirements may differ by country, Indian applicants usually need to provide a range of similar common documents to meet certain requirements.
These include:
- A valid Indian passport
- Proof of the qualifying investment
- Bank and financial documents
- Proof of the source of funds
- Police clearance or criminal record certificate
- Health insurance if needed
- Proof of accommodation or qualifying property which is program-specific
- Tax identification details
- Marriage and birth certificates of family members eligible for the program
- Properly translated and certified documents
How Much Does a European Golden Visa Cost?
The total cost depends on the country and investment pathway chosen. Investment amounts are not the only figures to be taken into account.
Other costs include:
- Application processing fees
- Legal and other professional costs
- Costs associated with real property purchase
- Due Diligence costs
- Translation costs
- Health insurance
- Costs associated with registration and tax
- Costs associated with renewal
- Costs associated with family applications
For this reason, applicants should estimate the total investment amount as compared to other programs which merely state their minimum investment amounts.
Benefits of a European Golden Visa
The European Golden Visa has a number of benefits to Indian investors who meet the eligibility criteria.
1. European Residency
Upon the approval of an investment, the program grants Indian investors legal residence in the European country of their choice.
2. Schengen Travel
Certain permits provide travel within the Schengen Area for a number of days which falls within the permit’s validity, subject to compliance with the permit’s provisions. An example is Portugal’s ARI, which provides the right to travel within the Schengen Area without a visa during the ARI permit’s validity.
3. Family Reunification
Family members of the main applicant are also granted the same residence permit in many investment-based residence permits. Portugal’s ARI permits family reunification.
4. Long-Term Residency Opportunities
Depending on all country and applicant-specific factors, a Golden Visa can provide a pathway to permanent residency, or citizenship, in some cases. Additional factors such as residence periods, language requirements, or other legal conditions may still apply.
5. Business and Lifestyle Opportunities
Obtaining a residence permit in Europe enables an investor as well as his/ her family to embark on business, education, or lifestyle ventures as well as enjoy legal travel opportunities within the respective framework.
Why Choose an Immigration Consultant in Mumbai?
A Golden Visa application entails immigration regulations, investment verification, financial documentation, processes, and government requirements. A seasoned Immigration consultant in Mumbai recommends a program, and helps determine the document requirements.
The process can be simplified and errors in documentation can be avoided with professional assistance, however, it is imperative that an applicant verifies the investment, government fees, and terms of the agreement prior to consideration.
Conclusion
Golden Visas provide Indian investors with a clear pathway for residency in Europe through a qualified investment. While Greece, Malta, and Portugal offer different investment-based residency permits, their requirements and benefits vary. Thorough research is required to select the most advantageous program. If you are considering the Golden Visa for Indians, it is advisable to consult with an experienced Immigration consultant and contact the appropriate government departments for the most recent regulations and requirements before committing to any financial investment.