When researching visas for high net worth individuals, there are several global programs available that give qualified individuals the ability to gain residency or citizenship in another country in exchange for investment in its economy.
In the UAE this is often referred to as a ‘Golden Visa’. It can also be known as a residence by investment or citizenship by investment scheme, and in Singapore it is knows as a Singapore Global Investor Program.
These visas can give high net worth individuals the opportunity to relocate to a jurisdiction of their choice to live, work, study, retire and receive healthcare. They can significantly expand business and lifestyle opportunities for those looking for global mobility, as well as extend market reach for a diversified high net worth portfolio.
We take a look at the benefits of these programs and visas, outlining the application process for a high net worth individual.
Visa benefits for you
Securing such a visa can provide investors and their families with greater global mobility and opportunity that can be enjoyed by both current and future generations of the family.
These include access to international markets and a range of business opportunities around the world. There are also great lifestyle benefits that come with additional residence and citizenship rights like access to excellent international infrastructure, first-rate educational institutions and world-class healthcare at leading facilities.
It can also help to mitigate country or regional risks and threats by giving the family options and the choice to relocate if necessary.
What is the process?
The process of acquiring such a visa will vary from country to country. Many programs allow applicants to apply for residency after a few years of living in the territory.
In Singapore, individuals may apply for permanent residence status through the Singapore Global Investor Program. The minimum investment required is SGD 10 million into a new business entity or an existing business in Singapore, and the application processing time is around nine to 12 months. You can be eligible for citizenship after two years of permanent residence in Singapore if that is your ultimate objective.
The Hong Kong Special Administrative Region offers residence programs for individuals seeking residence in Hong Kong. The minimum funds required are HKD 30 million, the application processing time is around one to nine months. One of the key benefits is that after seven years you can be eligible for permanent residence.
If you’re looking for a similar opportunities in Dubai, UAE Residence by Investment allows high net worth individuals to make an investment into the country and apply for a residence permit. The minimum investment for this is AED 2 million, and the processing time can take just over eight weeks. One of the key benefits of a UAE Residence by Investment is that with that permit, you have the right to live in any of the seven emirates of the UAE.
Deciding where to obtain a visa
Deciding where in the world you and your family would like to become residents is a big decision with many factors to consider. It’s highly advisable to discuss your goals and options with a dedicated and specialised investment migration advisor who can assess your personal circumstances and preferences and guide you through the process.
An important factor to consider is the visa-free access provided by an alternative citizenship. The Henley Passport Index compares the visa-free access of 199 different passports to 227 travel destinations. Interestingly, the latest report has revealed Singapore is the world’s most powerful passport with visa free access to a record 195 travel destinations. This may influence your decision making when choosing which country in the world to invest in.
There are a number of government websites that offer more information on these programs that can provide specific details on the region(s) you are interested in.
Get professional advice
Anyone considering the UEA Residence by Investment or similar global investor programs should be aware of what they are committing to, and how this will fit into their broader financial plan and lifestyle aspirations. Speaking with a financial planner and specialist investment migration advisor can help to decipher whether this is the right option for you, and if so, their guidance and expertise can support in the application and immigration process.
Progeny do not advise on visas and investor programs, however if you are looking for advice on your finances when moving globally and how you can invest, please do not hesitate to contact our global team of professionals.
