Indians eye Latvia’s golden visa amid UAE rumours and Trump’s pricey US scheme
Such visa programmes have become a common route for wealthy families globally to relocate for tax, lifestyle, education and other purposes
Wealthy Indians so far chose countries like Portugal, Greece, Cyprus, and the UAE to change their citizenship, often to avoid paying a hefty income tax.
An unusual country has now joined the list—Latvia. This Baltic country has positioned itself as the cheapest gateway to Europe for many Indians with its own golden visa.
Also Read: Dubai firm apologises for 'incorrect' Golden Visa claims
Latvia’s golden visa
The increased interest among Indians to secure a Latvian visa is attributed to two factors: first, it takes one only Rs 60,000 plus fees to enter Latvia, compared to Rs 500,000 for most other European countries.
Second, the processing time is superfast. Programmes like the Portugal Golden Visa, though superior, have done themselves no favour by changes in rules and long bureaucratic delays
Problems with Latvia
Latvia has some disadvantages, too. You won’t have voting rights and only half of the money you invest can be recovered if the visa is relinquished.
Also Read: UAE's Green Visa: Who's eligible, benefits and how it differs from Golden Visa
Therefore, it is advisable to buy homes in Latvia. Under India’s forex laws, Indian nationals can invest abroad, including capital and current account transactions.
Also, unlike Portugal’s Golden Visa, which requires a minimum stay of only 15 days every two years to become eligible for an EU passport (after only five years since the date of application), a Latvian passport requires becoming a physical resident for almost a decade.
UAE visa rumours
Meanwhile, Indian social media remained abuzz with excitement a few days ago as news of a UAE lifetime Golden Visa being offered for Rs 23 lakh to certain nationalities, including Indians, began making the rounds.
However, the UAE Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) dismissed these reports.
Also Read: US introduces new $250 ‘Visa Integrity Fee’ for tourist, student, H-1B visas
US Gold Card
Similarly, the US Gold Card visa scheme, introduced by US President Donald Trump, is not a practical choice for Indians due to its high cost. Trump has called it a route for immigrants to obtain US residency permits for a fee of $5 million (Rs 43.54 crore).
The new scheme is set to replace the 35-year-old EB-5 visa programme. The Gold Card promises instant permanent residency (Green Card status) and a faster route to American citizenship. However, the proposal has not yet become law and comes with significant tax obligations.