Home abroad: Why rich Indians are choosing 'invest and migrate' programs for foreign citizenship

About 10,000 millionaires have left India in the last two years, according to data on millionaire migration from Henley Private Wealth Migration Report. With no shortage of money in the bank, many more of the jet set are taking up the offer to ‘invest and migrate’, to US or one of the European countries.

WHY IS THIS TRENDING NOW? 
There are a rising number of yuppies who have had windfall gains from stock market or ESOP pay-outs, apart from hefty bonuses and 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, THEY ARE RICH? 
Yes, mostly ultra-high-net-worth professionals, promoters and business owners; even Indians who are currently on H-1B visa in the US. 

WHY ‘INVEST TO MIGRATE’? 
• These people have decent amounts of money, and they have already parked their investible surpluses in many asset classes back home 
• If you ‘invest to migrate’, you get unhindered access to a foreign country of your choice, and you can get citizenship in some years. First, you can invest in real estate or a business venture, and jet-set to your chosen country if weather in India becomes unbearably smoggy or too hot or cold to bear 
• Many well-to-do Indians have children studying abroad. By investing to migrate, they are helping their children get a green card or residency so that they get a job easily, and other social benefits 
• ‘Invest to migrate’ is the easiest pathway to getting citizenship in the West 

ARE COUNTRIES HAPPY TO RECEIVE PEOPLE? 
They are. After all, it’s foreign money coming into their exchequer or projects. Not to say, the benefi t of having more well-to-do, educated and skilled Indians living with them

WHICH ARE THESE COUNTRIES? 
There are many, but to name a prominent few: Portugal, the US, the UAE, Greece, Malta & the Caribbean Islands. Canada has a startup visa option. The UK offers residency option only through an innovative startup route 

THE US 
EB5 Visa Program 

• Investment options: New commercial enterprise, mostly real estate projects (residential/commercial, hotel/resort, industrial projects, etc) 
• Cost: Investment of $800,000 for Targeted Employment Area (TEA) location (rural or high-unemployment area) or $10,50,000 for non TEA location to create full-time employment for at least 10 people 
• Time to permanent residency -Conditional Green Card: 12-24 months (in case of rural projects), 24-36 months (in case of non-rural projects). 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 Conditional Green Card 
• Terms to maintain permanent residence: Not allowed to stay more than 1 year outside the US without re-entry permit; with re-entry permit, not more than 2 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; ability to work in security sensitive assignments that is reserved for locals; can live, work, do business and settle down in the US 

PORTUGAL 
Golden Visa Program 

• Investment options: VC Fund/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 for PR or citizenship 
• Time to residency: 12-14 months 
• Terms to maintain residence permit: 7 days stay per year, 14 days in a block of two years 
• Time to citizenship: 5 years from date of application 
• Family members covered: Spouse, children under the age of 26 and dependent family members like elderly parents of both applicant and spouse 
• Benefits of permanent residency: Visa-free travel to Schengen countries for 90 days in a block of 180 days; right to live, work and do business; health care benefits 
• Benefits of citizenship: Passport power — visa-free access to 189 countries including the US and Canada; can live and work in any EU country 

GREECE 
Golden Visa Program 

• Investment options: Real estate 
• Cost: Minimum €800,000 (in Athens, Mykonos, Santorini & Thessaloniki); €450,000 (rest of Greece); or €250,000 (restoration of listed buildings) 
• Language Test: A2 level basic Greek for citizenship 
• Time to residence permit: 6-12 months 
• Time to citizenship: 7 years (with stay of 183 days per year) 
• Family members covered: Spouse, children (up to 21 years of age) and dependent parents 
• Benefits of permanent residency: Visa-free travel to Schengen countries for 90 days in a block of 180 days; right to live, work and do business; health care benefits 
• Benefits of citizenship: Visa-free travel to more than 185 countries; right to live and work in any EU country 

MALTA 
Malta Permanent Residence Program 

• Investment options: Donation + Investment 
• Cost: Contribute €80,000 to government and invest at least €375,000 in purchasing property and hold it for minimum 5 years; or contribute €110,000 to government and rent property for a minimum annual lease of €14,000 for at least 5 years (with both options, a donation of €2,000 is mandatory) 
• Application processing time: 10-12 months 
• Terms to maintain permanent residence: No stay required 
• 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 

THE UAE 
Golden Visa Program 

• Investment options: Real estate, bank deposits 
• Investment amount: AED 2 million 
• 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); can stay outside the UAE for more than the required six months to keep a residence visa valid; can live, work and do business 

The Caribbean Islands (Dominica, Antigua & Barbuda, St. Kitts & Nevis, St. Lucia) 
Direct Citizenship Programs 

• Investment options: Donations, real estate Cost: $200,000-$400,000 (depending on the country) 
• Processing time: 3-8 months 
• Benefits: Visa-free travel to the UK, EU, Singapore, Hong Kong, and other major destinations. Minimal taxation; full residence status; dual citizenship 
• Family members covered: Spouse, children and parents 

Source: https://economictimes.indiatimes.com/nri/migrate/home-abroad-why-rich-indians-are-choosing-invest-and-migrate-programs-for-foreign-citizenship/articleshow/118396262.cms