PORTUGAL, MALTA, CANADA AND GRENADA
BEYOND BORDERS: WHY AFFLUENT INDIAN CITIZENS ARE CHOOSING RESIDENCY AND CITIZENSHIP ABROAD
The growing trend of affluent Indian citizens seeking residency immigration programs to move abroad, often through investment immigration programs, highlights their desire for a diversified lifestyle and global opportunities. A Morgan Stanley report revealed that over 23,000 Indian millionaires explored alternative citizenship programs between 2014 and 2018. This trend continued, with the Global Wealth Migration Review showing nearly 5,000 high-net-worth individuals relocating in 2020 alone. So, which countries offer citizenship by investment ?
PERMANENT RESIDENCY PORTUGAL
Minimum investment: EUR 280,000 in real estate
Portugal is a top choice for many Indian citizens seeking global mobility due to its high quality of life, low cost of living, and family safety. A Portuguese residency provides the investor and their family the ability to live, work, and study in Portugal, as well as travel freely within the 26 Schengen countries without border controls.
After holding the residency permit for five years, the entire family can apply for Portuguese citizenship via the Golden Visa Program, granting visa-free access to over 175 countries. Portugal has one of the most relaxed residency requirements among European Union nations offering a residency-by-investment program leading to citizenship, as applicants only need to stay in Portugal for 7 days per year during the 5-year period.
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PERMANENT RESIDENCE MALTA
Minimum investment: EUR 110,000 (Combination of Donation & Real Estate Rental)
The Malta immigration programs (MPRP) grants permanent residency status within approximately 6 months of submitting a completed application. Malta is one of the most diversified economies in Europe, strong in industries such as IT, manufacturing and gaming.
This immigration programs allows qualifying family members, spanning up to four generations, to join on one application. The applicant and their family members can then stay indefinitely in Malta and enjoy freedom of movement to the 26 Schengen countries, covering most of western and central Europe.
Thanks to the country’s history, English is spoken by most Maltese and is one of the two official languages. This makes it easier for Indian nationals to feel comfortable and to navigate their daily lives.
GRENADA INVESTMENT CITIZENSHIP PROGRAM
Minimum investment: USD 150,000 towards the NTF (National Transformation Fund)
Immigration programs in the Caribbean, some of the most popular destinations for citizenship-by-investment (CBI) are in the Caribbean. Among those, Grenada is especially attractive. First, because it offers visa-free access to more than 140 countries, including the United Kingdom, the Schengen Area, Russia and China.
It is a beautiful island, with wonderful weather sheltered from the yearly hurricane season and a relaxed lifestyle. Grenada’s official language is English and being on the doorstep of the United States, its citizens have the opportunity to gain residency in the US, making Grenada one of the most sought after immigration programs amongst Indian nationals.
Only Grenada, amongst the immigration programs, can offer eligibility for the USA’s E-2 visa which allows applicants and their qualifying family members to settle in the United States by setting up a business or operating a franchise.
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CANADA STARTUP VISA PROGRAM
A 10% stake in an innovative start-up
This “startup program” is a little different in that it allows the holder of a 10% stake in an innovative start-up to directly apply for Canadian Permanent Residency (PR), without going through the hurdles of a points-based system and with no age restrictions. Further, PR is not conditional on any other business contingencies.
“Canada is a very desirable destination with many major benefits for Indian citizens acquiring permanent residency status,” explains Jean-Francois Harvey, Global Managing Partner of Harvey Law Group.
“It is a safe country, well developed, multicultural and welcoming, with abundant natural resources, one of the world’s best infrastructures and, of course, English is one of the two official languages.” He further noted that the GDP is expected to grow at close to 1.8% for 2025 (OECD forecast) with extensive employment and career opportunities. Social services and social security benefits are outstanding, healthcare standards excellent and free, and so is a high-quality education.
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