Pandemic or no pandemic, Indian demand for the EB-5 visa, the Tier-1 Investor visa, and other golden visa programs of EU countries continues to grow unabated.
EB-5 I-526 filings by Indians surged by more than 400 percent between 2016 and 2019.
In 2019, more than 7,000 high net-worth individuals (HNIs) moved out of India. Despite pandemic-induced restrictions, inquiries for investment immigration programs from Indians surged by 62 percent in 2020 followed by an additional 30 percent spike in the first five months of 2021.
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Why Indians Love Investment Immigration
A weak passport, lack of easy access to developed markets, very few top-ranked institutions for higher education, and poor quality of life are some of the reasons behind the popularity of investment immigration and golden visa programs among wealthy Indians.
The pandemic-induced lockdown has compelled HNIs to reassess their long-term investment, education, and retirement plans for themselves and their family members.
Professional Advantages
For a professional, the privileges offered by a golden visa facilitate easy access to developed markets. A €250,000 investment into a holiday home in Greece or a €500,000 home purchase in Spain or Portugal offers guaranteed freedom to work, study, or live in any or all of the Schengen countries in the European Union.
This means an Indian professional or entrepreneur can travel within the EU and work in any EU country with minimal work permit hassles.
Benefits for Family and Children
For families, it offers access to a better standard of living, freedom to travel and vacation across the world without onerous visa restrictions.
For young students, investment immigration can lead to lower tuition fees applicable to in-state students and multiple post-graduation work or entrepreneurship opportunities without having to worry about visa backlogs and employer sponsorship.
Ideal Protection for the Worst-Case Scenario
Now, the virus has given wealthy Indians an additional reason to look to investment immigration as a safety backup for themselves and their families. The COVID-19 pandemic has shown that even worst-case-scenarios can come true.
In such a scenario, a one-time investment in a foreign country can create a safe haven that the investor and their family can utilize in time of any political, economic, or medical crises.
India’s overburdened public health infrastructure was clearly unable to cope with the pandemic. Further, inadequate resources means it will take longer for the government to revitalize the economy.
At such a time, the £2 million price tag for the UK Tier-1 Investor Visa or the $1.8 million (currently $1 million post invalidation of the EB-5 Modernization Rule) investment for the US EB-5 visa can seem like a small price to pay for a safe and secure life
Choice of destinations of wealthy Indians clearly indicates that long-term benefits and advantages are more important than the cost of the visa. This is why more expensive options like the US EB-5, the UK Tier-1 Investor visa, Malta’s citizenship program, and other golden visa programs of the EU are preferred over low-cost citizenship by investment programs offered by the Caribbean countries.