Several prosperous, developing countries have created and successfully launched programs to attract foreign capital. Golden Visa is one of such programs. Making certain investments in a country’s economy allows you to become a citizen of that country.
Wealthy people who wish to expand their business, move to a prosperous country with their family, or start a new life use this opportunity.
Let’s consider the peculiarities of obtaining Italy Golden Visa and a similar document in the UAE. Let’s compare these two programs and conclude which is more attractive for a potential investor.
Italy Golden Visa
The program has been in effect since 2016. It provides a two-year residence permit in Italy for investors who are not EU citizens and their families after monetary investments in strategic areas of the economy.
According to Immigrant Invest specialists, it can be extended for 3 years if the investment is maintained for more than 5 years. It is possible to become a full-fledged Italian citizen after another 10 years.
Applicants must make investments such as:
- in government bonds with a remaining maturity of more than 2 years of €2,000,000 through an Italian bank;
- in quoted or unquoted shares of €500,000;
- to innovative Italian start-ups for €250,000;
- a charitable donation of €1,000,000 in support of a socially important project in the cultural, educational or environmental sectors.
Purchasing real estate in one of the Italian cities is also possible.
Requirements
The applicant must meet the following points:
- be of legal age;
- have sufficient legally earned money to invest;
- have no criminal record or problems with the law;
- be free of sanctions;
- have health insurance.
It is also necessary to provide a written commitment of willingness to invest in the country’s economy on one of the above points.
Benefits
The advantages and benefits of the Italy residence by investment program are:
- clear application process;
- visa-free entry to Schengen countries;
- special tax rules;
- European education for children at prices lower than for foreigners;
- residence permit for all family members;
- the way to get a passport of an Italian citizen.
It is not a complete list of what an investor will receive under Italy Golden Visa.
UAE Golden Visa
Applicants may invest 2,000,000 AED or $545,000 in government funds or own a UAE-based company with a minimum capital of 2,000,000 AED to obtain an Emirates Gold Visa for 10 years, making them eligible to reside in the country.
According to an expert at Immigrant Invest Elena Ruda, owning only a partial share of the company but paying taxes to the UAE treasury is possible. It is also possible to purchase real estate for 750,000 AED and obtain a two-year residence permit. It is much more challenging to become a citizen of this magnificent Asian country.
Requirements
Applicants need to meet the following requirements to apply to obtain UAE Golden visa:
- be of legal age;
- prove that your income is legitimate;
- have no criminal record;
- have no socially dangerous diseases (HIV, tuberculosis);
- provide proof of possession of financial resources intended for the relevant investments;
- provide evidence of permanent residence in the Emirates;
- have a medical insurance policy for the applicant and his family members.
When obtaining UAE residence by investment, it is allowed to transfer spouses and children to the UAE if they meet the requirements stipulated by the program.
Benefits
The list of benefits of UAE Golden Visa is quite long; let’s list some points:
- move for permanent residence or visit the country a couple of times a year;
- opening a local bank account;
- favorable financial prospects, in particular, zero tax on personal income;
- relocation of applicants’ spouses and children;
- access to education and health care systems;
- obtaining an Esaad privilege card with the possibility of discounts of up to 70% in various institutions and stores in the Emirates.
This visa also allows you to apply for UAE citizenship after 30 years of residence in the country or for exceptional service to the state.
Programs Comparison
After applying for a golden visa in Italy, the processing lasts from 20 to 120 days, while in the UAE, the decision can be made within a month at the most. Speedy terms of obtaining residency status are another advantage for foreigners in these countries.
Each program has its requirements and advantages, but only the investor decides which option to choose.
Here it is necessary to consider the program’s financial attractiveness and other factors affecting his life after the move. We are talking about climate, traditions, laws, and development prospects in a particular country.
Conclusion
If you want to change your residence and try your hand in another state, contact a migration agency. You will name the country, and specialists will help you to collect, translate and notarize all the documents.
Knowing the similarities and differences in requirements and conditions, you can make a clear plan and time to achieve your goal. You and your family can start a new life in a developed, prosperous country with excellent prospects, which means it is time to act today.
