Secondary residency includes an financial contribution to the host nation or an actual property buy in change for residency rights.
There are residency by funding programmes, also referred to as Golden Visas, all around the world, however the preferred ones in UHNWI circles are in Europe, West Asia, and North America.
In Europe, established residency by funding programmes embody the Greek Golden Visa (€250,000 minimal funding). There’s additionally the Malta Everlasting Residence Programme (requiring UHNWIs to speculate no less than €150,000). Together with the Portuguese Golden Visa (accessible for a minimal funding of €500,000).
Portugal’s Iberian neighbour, Spain, provides the Spanish Golden Visa (additionally for an funding of no less than €500,000). Geographically European, however not politically, the UK offers one other secondary residency choice. That is within the type of the £200,000 Innovator Founder Visa.
Elsewhere, West Asia is house to the UAE Golden Visa, which requires a minimal funding of $550,000. One explicit advantage of this second residence is that UNHWIs can embody home workers, together with household, on their software.
Lastly, North America is the birthplace of residency by funding, with US EB-5 Investor Visa (with a minimal $800,000 price ticket). Let’s get into what advantages UNHWIs acquire from secondary residency choices.
Additionally Learn: How to obtain a Dubai Golden Visa through real estate investment
Secondary residency helps formulate a plan B
The 12 months 2024 is famously the 12 months of elections. There may be extra electoral exercise than at some other time in historical past. A second residence provides the possibility of a second base in a brand new place.
UHNWIs can escape the turbulent political panorama of their house nation. Additionally, think about the onset of a brand new pandemic. When you discovered the 21-day nationwide lockdown restriction in India extreme, there’s an opportunity to maneuver you and your loved ones into your extra relaxed second residence, albeit solely quickly.
Additionally Learn: A complete guide to digital visas: Streamline your international travel
Give your youngsters a greater begin in life
For Indian college students aspiring to review overseas, the Oxbridge Spires of the UK, appeared additional away following the restrictions after Brexit. Including them to your Innovator Founder Visa may also help their goals develop into a actuality.
The Instances Increased Training World College Rankings collates the scores of 1,907 universities throughout 108 nations and areas. Its 2024 checklist contains seven American universities within the prime 10. The EB-5 helps your youngsters apply as residents relatively than international college students, boosting their possibilities of stepping into the highest faculties.
Entry the world’s greatest healthcare
Image having the ability to make a medical appointment on the main international hospitals. In a life-and-death scenario, you wish to be near the healthcare practitioners with the best reputations. In case your wants are extra beauty, you enhance the vary of surgeons you should use with a second residency.
Defend your belongings and diversify your portfolio
A residency by funding is a international direct funding. Apart from residency, you’ll be able to obtain returns on an actual property funding with the potential in your property to extend in worth. Wherever you put money into the US by means of an EB-5, it would not decide the place you reside, and you’ll select to reside in tax-friendly states reminiscent of Florida, New Hampshire, and Texas.
Improve your international mobility
European residency by funding programmes enchantment as a result of they will let you journey freely throughout the 29 nations making up the EU Schengen space. Entry to this space will develop into extra sophisticated with the upcoming arrival of the EU entry/exit system (EES) and the European Journey Data and Authorization Providers (ETIAS). Keep away from visa delays with a European residency card.
Additionally Learn| How you can retire in Europe with Portugal’s passive income visa
Observe a path to citizenship
Except for Malta, which provides its personal Citizenship by Funding programme, and the UAE, residency can result in changing into a nationwide of the nation you put money into. That is one other strategy to develop into extra cellular. You develop into eligible for a passport providing higher visa-free entry than the Indian one.
Construct a legacy
When you develop into a citizen through naturalization, you might be securing monetary and strategic advantages for your self and future generations. Nations like Canada, Portugal, and the US supply citizenship after 5 years of residency, whereas Greece and Spain require seven and ten years, respectively.
The choice to pursue secondary residency shouldn’t be made evenly. It is important to analysis completely and search professional recommendation. Many programmes do not enable direct functions and chances are you’ll must undergo a trusted residency by funding middleman.
David Regueiro is the chief working officer of RIF Belief