Today’s technological advances and multiple transit options have made travel more accessible than ever before. Thanks to the Internet, as well as the many flights now available, moving from one location to another is both an available and an affordable option for the millions of people looking to explore, work or live abroad. But just because travel has become more commonplace doesn’t mean it’s always a simple process. Indeed, travel restrictions still govern the places we go and the types of activities we can participate in once we arrive. To alleviate some of the burdens associated with international travel, then, it often makes sense to consider having citizenship in more than one place. Read on to learn about the golden visa (or citizenship by investment) program.
But First, What is a Golden Visa?
A golden visa is an immigrant investment program used to grant citizenship to individuals who invest a specified amount of capital into the economy of a country. In the United States it is called an EB-5 visa and requires a minimum investment of $900,000 into a project that creates 10 full-time jobs for Americans. Other countries have similar programs with varying stipulations; some offer citizenship in exchange for purchasing specific types of real estate, while others require contributions to certain industries and more.
Reasons to Consider a Golden Visa
Of course, a golden visa is not a solution for everyone. It requires a large upfront investment (anywhere from $100,000 to multiple millions of dollars), which a lot of people can not secure. But if you have the means and the desire to travel more and/or live or work abroad, a golden visa could be your golden ticket, offering you a host of benefits. Take a look at what a golden visa can offer you:
If you frequently work in other countries, a golden visa can eliminate the need for a business immigration visa, thus, conveniently eliminating the time it takes for you to apply for and receive one. Several countries (such as Portugal) even permit residence rights in other countries, meaning that with a golden visa to Portugal you can also travel to, live and work in many other countries without paying for a business visa to do so. Thus, if your job requires you to work internationally, a golden visa could allow you to move between countries much more easily and much less expensively.
Citizenship in another country can also confer several financial advantages. Not only do many countries provide free healthcare services, many offer tax incentives that make living within their borders fiscally prudent for many people. Not having hospital bills, along with lowered tax rates and fewer restrictions on financial transactions, can be especially attractive for individuals as they enter retirement age, leaving them more money for leisurely pursuits when they need it.
At a time when the world is politically and socially divided, having the option to move to a new place can alleviate the stress and uncertainty that comes with conflicting and often contentious views. Any choice, after all, brings a measure of freedom that can be priceless when options are limited!