Costs of European residency programmes have shot up in recent years
Subscribe to enjoy similar stories. A growing number of India’s ultra-high-net-worth individuals (UHNIs) are looking to get a residency in a European nation for their children’s education, to retire, or to give their businesses unfettered access to Europe. However, the costs of these residencies have been increasing as European counties look to cash in on the high demand.
Here’s how much costs of some of the popular European residency programmes have escalated in recent years. The cost of Portugal's Golden Visa, which allows you to apply for permanent residency after five years, has risen 78% from €280,000 ( ₹2.49 crore) to €500,000 ( ₹4.45 crore). There have been changes in terms of eligible investments, too.
Real estate, for instance, is no longer allowed. Applicants also need to invest in a fund that in turn invests in local businesses. To be eligible, 60% of the fund’s corpus needs to be invested in Portuguese businesses that need operating capital.
The new rules came into effect on 7 October 2023. Despite this, industry experts said Portugal Golden Visa remains one the most popular residency programmes among India’s UHNIs. “Portugal Golden Visa programme has the longest track-record, with minimal stay requirement.
Also, it is a large economy," said Arindam Sengupta, founder of My Global Citizenship. A donation of either €250,000 ( ₹2.22 crore) or €200,000 ( ₹1.7 crore) – depending on the specific location of the donation – remains an option. However, this is less popular.
Portugal Golden Visa allows the main applicant to add dependents, including parents, spouse and children, for additional fees. Tax collected at source (TCS) of 20% is applicable on any overseas transactions. However, this can be claimed when filing
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