Spain has officially ended the Golden Visa programme with effect from Thursday (Apr 3). The Golden Visa programme allowed foreign investors to get residency permits by investing in the country. The scheme was launched in 2013.
One of the ways to get the golden visa was to purchase property worth at least &euro;500,000 ($555,000) in Spain. The programme also had other options such as investing $2.17 million or more in state bonds or Spanish companies. In spite of the other options, 95 per cent of all golden visas were issued through the real estate investment, as per reports.
From 2013 to 2023, Spain granted 14,576 golden visas and most beneficiaries came from China, Russia, the UK, the US, Ukraine, Iran, Venezuela and Mexico, according to government figures.&nbsp;
Read More | <a href="https://www.wionews.com/world/spain-unveils-draft-bill-to-criminalise-ai-generated-sexual-images-without-consent-8890560" rel="dofollow">Spain unveils draft bill to criminalise AI-generated sexual images without consent</a>
<h2>Why was the Golden Visa programme introduced?</h2>
The Golden Visa programme was introduced to help the country's economic welfare. Many countries including Spain, Portugal and Greece wanted to attract foreign investment after they climbed out of the debt crisis of 2009. Spain earned over &euro;1 billion annually from its Golden Visa programme and from 2016 to 2023, the programme generated about $10 billion in investments, as per reports.
Read More | <a href="https://www.wionews.com/world/donald-trump-fires-nsc-officials-who-are-they-impact-on-us-national-security-8924331" rel="dofollow">Donald Trump fires NSC officials, who are they? What is its impact on US national security</a>
The Golden Visa programme became popular as it granted applicants the right to reside and work in Spain but did not require them to live in the country full-time, as per reports. It also allowed visa-free travel to all Schengen Zone countries. Beneficiaries of the golden visa had to visit Spain for one day per year to maintain their residency status. Additionally, data shows that the programme generated about $10 billion in investments for the country.
Read More | <a href="https://www.wionews.com/world/pm-modi-meets-bangladeshs-muhammad-yunus-on-bimstec-summit-sidelines-8924239" rel="dofollow">PM Modi holds first meet with Bangladesh's Muhammad Yunus on BIMSTEC Summit sidelines</a>
<h2>Why is Spain scrapping the golden visas?</h2>
The Spanish government decided to scrap the golden visa programme to tackle the growing housing crisis. The property values skyrocketted leaving domestic buyers out of overstressed markets. &nbsp;Affordable homes became a distant dream for ordinary Spaniards, specially in Madrid and Barcelona. As per reports, &nbsp;over the past year in Spain, rents and home prices have both risen by 11 per cent.
Read More | <a href="https://www.wionews.com/videos/spain-approves-plan-to-cut-workweek-to-375-hours-8691859" rel="dofollow">Spain approves plan to cut workweek to 37.5 hours</a>
Spanish Prime Minister Pedro S&aacute;nchez said his government's intention to scrap the scheme was intended "to guarantee that housing is a right and not merely the subject of business speculation".
However, some have criticised the move as a "political stunt" and said that it won't help the real estate sector.
(With inputs from agencies)

World | Spain officially ended the Golden Visa programme with effect from Thursday. It allowed foreign investors to get residency permits by investing in the country.

Spain has officially ended the Golden Visa programme with effect from Thursday (Apr 3). The Golden Visa programme allowed foreign investors to get residency permits by investing in the country. The scheme was launched in 2013. One of the ways to get the golden visa was to purchase property worth at least €500,000 ($555,000) in Spain. The programme also had other options such as investing $2.17 million or more in state bonds or Spanish companies. In spite of the other options, 95 per cent of all golden visas were issued through the real estate investment, as per reports. From 2013 to 2023, Spain granted 14,576 golden visas and most beneficiaries came from China, Russia, the UK, the US, Ukraine, Iran, Venezuela and Mexico, according to government figures. Read More | Spain unveils draft bill to criminalise AI-generated sexual images without consent Why was the Golden Visa programme introduced? The Golden Visa programme was introduced to help the country's economic welfare. Many countries including Spain, Portugal and Greece wanted to attract foreign investment after they climbed out of the debt crisis of 2009. Spain earned over €1 billion annually from its Golden Visa programme and from 2016 to 2023, the programme generated about $10 billion in investments, as per reports. Read More | Donald Trump fires NSC officials, who are they? What is its impact on US national security The Golden Visa programme became popular as it granted applicants the right to reside and work in Spain but did not require them to live in the country full-time, as per reports. It also allowed visa-free travel to all Schengen Zone countries. Beneficiaries of the golden visa had to visit Spain for one day per year to maintain their residency status. Additionally, data shows that the programme generated about $10 billion in investments for the country. Read More | PM Modi holds first meet with Bangladesh's Muhammad Yunus on BIMSTEC Summit sidelines Why is Spain scrapping the golden visas? The Spanish government decided to scrap the golden visa programme to tackle the growing housing crisis. The property values skyrocketted leaving domestic buyers out of overstressed markets. Affordable homes became a distant dream for ordinary Spaniards, specially in Madrid and Barcelona. As per reports, over the past year in Spain, rents and home prices have both risen by 11 per cent. Read More | Spain approves plan to cut workweek to 37.5 hours Spanish Prime Minister Pedro Sánchez said his government's intention to scrap the scheme was intended "to guarantee that housing is a right and not merely the subject of business speculation". However, some have criticised the move as a "political stunt" and said that it won't help the real estate sector. (With inputs from agencies)

Spain scraps golden visa programme after 12 years, what's behind the move

Legendary actor Rajinikanth has been granted a golden visa by the UAE. The renowned actor, who is well-known for his work in the South Indian film industry, received the prestigious visa on May 23.&nbsp;

Sharing the news with his millions of fans and followers, the actor expressed gratitude towards the Abu Dhabi government and MA Yusuff Ali, chairman and managing director of Lulu Group.&nbsp;

In the video, the Jailer actor shows his visa card as he says,''“I am deeply honoured to receive the prestigious UAE Golden visa from Abu Dhabi Govt. My heartfelt thanks to the Abu Dhabi govt. and also to my good friend Mr Yusuff Ali, CMD of Lulu Group, for facilitating this visa and for all the support.”

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Thalaivar <a href="https://twitter.com/hashtag/Rajinikanth?src=hash&amp;ref_src=twsrc%5Etfw">#Rajinikanth</a> receives THE Golden Visa from the UAE (DUBAI) govt, through chairman and MD of LULU group. 
 
Benefits: 
 
* He can own a property. 
* He can visit any time. 
* He can reside for 10 years. 
* Can sponsor family members &amp; even domestic staff. 
 
And many more 🔥 <a href="https://t.co/2y8F6k3yvJ">pic.twitter.com/2y8F6k3yvJ</a>
— Rana Ashish Mahesh (@RanaAshish25) <a href="https://twitter.com/RanaAshish25/status/1793635724685869535?ref_src=twsrc%5Etfw">May 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

In the photo, Mr Yusuff Ali is presenting the actor with the visa as they both smile for a picture.&nbsp;

The actor is currently in Abu Dhabi. As part of this trip, the actor visited the newly opened BAPS Hindu temple. In the video, the actor is talking to temple officials as he takes a stroll.&nbsp;&nbsp;

With this achievement, the veteran star has joined the group of renowned Indian celebrities who have been granted Golden visas to Dubai. The names include Sanjay Dutt, Kriti Sanon, Mammootty, Dulquer Salman, Salman Khan, Shah Rukh Khan, Ranveer Singh and many others.&nbsp;

What is Dubai's Golden Visa?

Introduced in 2019, the UAE’s golden visa&nbsp;is a long-term residence visa which enables foreign talents to live, work or study in the UAE.

With a golden visa, the person gets several exclusive benefits:&nbsp;

A person gets a long-term residency of up to 10 years.

As per the official website, an entry visa for six months with multiple entries to proceed with residence issuance.

The person gets ease in purchasing properties.

Not just a&nbsp;UAE Golden Visa holder, but his spouse and children get residency.&nbsp;

The visa holder and his family also get significant benefits in healthcare.&nbsp;

Work Front

Rajinikanth has completed the shooting of his upcoming film Vettaiyan. Written and directed by TJ Gnanavel, the movie also stars Amitabh Bachchan, Fahadh Faasil, Rana Daggubati, Manju Warrier and Dushara Vijayan.

Legendary actor Rajinikanth has been granted a golden visa by the UAE. The renowned actor, who is well-known for his work in the South Indian film industry, received the prestigious visa on May 23.

Legendary actor Rajinikanth has been granted a golden visa by the UAE. The renowned actor, who is well-known for his work in the South Indian film industry, received the prestigious visa on May 23. Sharing the news with his millions of fans and followers, the actor expressed gratitude towards the Abu Dhabi government and MA Yusuff Ali, chairman and managing director of Lulu Group. In the video, the Jailer actor shows his visa card as he says,''“I am deeply honoured to receive the prestigious UAE Golden visa from Abu Dhabi Govt. My heartfelt thanks to the Abu Dhabi govt. and also to my good friend Mr Yusuff Ali, CMD of Lulu Group, for facilitating this visa and for all the support.” Thalaivar #Rajinikanth receives THE Golden Visa from the UAE (DUBAI) govt, through chairman and MD of LULU group. Benefits: * He can own a property. * He can visit any time. * He can reside for 10 years. * Can sponsor family members & even domestic staff. And many more 🔥 pic.twitter.com/2y8F6k3yvJ — Rana Ashish Mahesh (@RanaAshish25) May 23, 2024 × In the photo, Mr Yusuff Ali is presenting the actor with the visa as they both smile for a picture. The actor is currently in Abu Dhabi. As part of this trip, the actor visited the newly opened BAPS Hindu temple. In the video, the actor is talking to temple officials as he takes a stroll. With this achievement, the veteran star has joined the group of renowned Indian celebrities who have been granted Golden visas to Dubai. The names include Sanjay Dutt, Kriti Sanon, Mammootty, Dulquer Salman, Salman Khan, Shah Rukh Khan, Ranveer Singh and many others. What is Dubai's Golden Visa? Introduced in 2019, the UAE’s golden visa is a long-term residence visa which enables foreign talents to live, work or study in the UAE. With a golden visa, the person gets several exclusive benefits: A person gets a long-term residency of up to 10 years. As per the official website, an entry visa for six months with multiple entries to proceed with residence issuance. The person gets ease in purchasing properties. Not just a UAE Golden Visa holder, but his spouse and children get residency. The visa holder and his family also get significant benefits in healthcare. Work Front Rajinikanth has completed the shooting of his upcoming film Vettaiyan. Written and directed by TJ Gnanavel, the movie also stars Amitabh Bachchan, Fahadh Faasil, Rana Daggubati, Manju Warrier and Dushara Vijayan.

Superstar Rajinikanth awarded golden visa by UAE. Know what it is

Spain is about to end its “golden visa” scheme. Under this scheme, foreign investors could get residency in Spain by investing at least 500,000 euros.

Spain to scrap 'golden visa' scheme for foreigners buying luxury homes

The Super 30 founder Anand Kumar, on Tuesday (Feb 6) joined the list of elite Indians who have been granted the ‘Golden Visa’ by the United Arab Emirates government.&nbsp;

<h2>Anand Kumar receives ‘Golden Visa’</h2>

Kumar, a Mathematics educator and Padma Shri awardee was nominated for the coveted Golden Visa by the UAE Embassy in India and received it on Tuesday. The visa was introduced by the UAE in 2019 and grants its recipient long-term residency, permitting independent living, working, and studying in the country.&nbsp;

“For a simple teacher like me, getting honoured with the Golden Visa in Dubai to join the list of Bollywood celebrities and sporting icons is a pleasant feeling,” said Kumar, in a post on X. He added, “Thank you UAE Govt for nominating me for such an honour.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/anand-kumar-praises-hrithik-roshan-for-wonderful-performance-in-super-30-238683">Anand Kumar praises Hrithik Roshan for 'wonderful' performance in 'Super 30'</a>

Kumar getting the coveted visa represents a noteworthy inclusion from India’s academic sector as the list of recipients has typically been dominated by Bollywood and sports icons, including Sania Mirza, Shah Rukh Khan, Sanjay Dutt, and more recently Kriti Sanon.&nbsp;

In 2002, Kumar, a Mathematics educator, started his Super 30 programme in the Indian city of Patna. He is known for teaching underprivileged students exams like JEE-Main and JEE-Advanced – the entrance examination for the Indian Institutes of Technology (IITs).&nbsp;

Last year, Kumar received the Padma Shri, the fourth-highest civilian award by the Indian government for his contributions to the field of literature and education.

<h2>What is UAE’s Golden visa?</h2>

The visa is granted to foreign talents including entrepreneurs, scientists, outstanding students and graduates and enables them to live, work or study in the UAE while enjoying exclusive benefits.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/in-this-pakistani-village-women-are-barred-from-voting-by-their-husbands-687502">In this Pakistani village, women are barred from voting by their husbands</a>

The Golden Visa is also a long-term renewable residence visa that is valid up to 10 years. It allows its applicants full ownership of their businesses and is designed to attract foreign investment and expertise to the UAE.&nbsp;

The visa offers a number of benefits including the ability to live and work in the country, access to UAE’s education and healthcare, and the ability to sponsor family members for residence visas, including spouses and children regardless of their age.

(With inputs from agencies)&nbsp; 
&nbsp;

The Super 30 founder Anand Kumar, on Tuesday (Feb 6) joined the list of elite Indians who have been granted the ‘Golden Visa’ by the United Arab Emirates government.

The Super 30 founder Anand Kumar, on Tuesday (Feb 6) joined the list of elite Indians who have been granted the ‘Golden Visa’ by the United Arab Emirates government. Anand Kumar receives ‘Golden Visa’ Kumar, a Mathematics educator and Padma Shri awardee was nominated for the coveted Golden Visa by the UAE Embassy in India and received it on Tuesday. The visa was introduced by the UAE in 2019 and grants its recipient long-term residency, permitting independent living, working, and studying in the country. “For a simple teacher like me, getting honoured with the Golden Visa in Dubai to join the list of Bollywood celebrities and sporting icons is a pleasant feeling,” said Kumar, in a post on X. He added, “Thank you UAE Govt for nominating me for such an honour.” ALSO READ | Anand Kumar praises Hrithik Roshan for 'wonderful' performance in 'Super 30' Kumar getting the coveted visa represents a noteworthy inclusion from India’s academic sector as the list of recipients has typically been dominated by Bollywood and sports icons, including Sania Mirza, Shah Rukh Khan, Sanjay Dutt, and more recently Kriti Sanon. In 2002, Kumar, a Mathematics educator, started his Super 30 programme in the Indian city of Patna. He is known for teaching underprivileged students exams like JEE-Main and JEE-Advanced – the entrance examination for the Indian Institutes of Technology (IITs). Last year, Kumar received the Padma Shri, the fourth-highest civilian award by the Indian government for his contributions to the field of literature and education. What is UAE’s Golden visa? The visa is granted to foreign talents including entrepreneurs, scientists, outstanding students and graduates and enables them to live, work or study in the UAE while enjoying exclusive benefits. ALSO READ | In this Pakistani village, women are barred from voting by their husbands The Golden Visa is also a long-term renewable residence visa that is valid up to 10 years. It allows its applicants full ownership of their businesses and is designed to attract foreign investment and expertise to the UAE. The visa offers a number of benefits including the ability to live and work in the country, access to UAE’s education and healthcare, and the ability to sponsor family members for residence visas, including spouses and children regardless of their age. (With inputs from agencies)

Super 30 founder Anand Kumar granted ‘Golden Visa’ by UAE. What is it?

Australia announced its decision to end a major visa programme that was targeted at attracting wealthy investors.

Affluent overseas investors were granted the right to live in the country under the plan dubbed as "golden visa" scheme.

The Australian government decided to terminate it in an immigration overhaul after it was found that the visa programme was not delivering the desired economic outcomes.

Home Affairs Minister Clare O’Neil, on Monday (Jan 22), released a statement saying, "It has been obvious for years that this visa is not delivering what our country and economy needs."

“The investor visa is one of many aspects of the system which are reforming to create a system which delivers for our country,” the Home Affairs Minister added.

Also read:&nbsp;<a href="https://www.wionews.com/world/japans-moon-sniper-switched-off-space-agency-says-data-transmission-completed-682353">Japan's Moon sniper switched off, space agency says data transmission completed</a>

Australia’s centre-left Labor government, in the month of December, unveiled a new immigration plan that was designed to reduce the number of new arrivals in the country to pre-COVID levels.

It also focused on creating more visas for the skilled migrants who were capable "of making outsized contributions to Australia" and could fill up the growing gaps in the world's sixth-largest country's economy.

The scheme has over the years been critiqued over "corrupt officials" exploiting it to "park illicit funds".

Unlike other visa schemes, the golden visa did not require people to speak or learn the English language and did not have any age limit. However, it was mandatory for the people seeking permanent residency to invest a total of $5 million in Australia.

<h2>85% of successful applicants came from China</h2>

The critics have long argued that the visa scheme created a swift path for Chinese millionaires into the country, who comprised more than 85 per cent of the successful applications.

As per local media reports, the visa subclass was given the number 888, which stands for ­triple good luck in Chinese ­numerology.

First launched in the year 2012 by then-Minister for Immigration and Citizenship Chris Bowen, the Business Innovation and Investment Program (BIIP) was first divided into two categories, the Business Innovation Stream and investor streams.

As per the Home Affairs Department, since 2012, over 100,000 overseas migrants have made use of the program to gain residency in the country.

O’Neil in the year 2022, had hinted at plans to review the visa scheme.

“It’s actually costing us on average for every person, because these are people who are generally coming in at quite a late stage of their life, often at the end of their business career and coming to Australia, basically to settle down and retire,” she said at the time.

(With inputs from agencies)

Australia announced its decision to end a major visa programme that was targeted at attracting wealthy investors. Affluent overseas investors were granted the right to live in the country under the plan dubbed as "golden visa" scheme.

Australia announced its decision to end a major visa programme that was targeted at attracting wealthy investors. Affluent overseas investors were granted the right to live in the country under the plan dubbed as "golden visa" scheme. The Australian government decided to terminate it in an immigration overhaul after it was found that the visa programme was not delivering the desired economic outcomes. Home Affairs Minister Clare O’Neil, on Monday (Jan 22), released a statement saying, "It has been obvious for years that this visa is not delivering what our country and economy needs." “The investor visa is one of many aspects of the system which are reforming to create a system which delivers for our country,” the Home Affairs Minister added. Also read: Japan's Moon sniper switched off, space agency says data transmission completed Australia’s centre-left Labor government, in the month of December, unveiled a new immigration plan that was designed to reduce the number of new arrivals in the country to pre-COVID levels. It also focused on creating more visas for the skilled migrants who were capable "of making outsized contributions to Australia" and could fill up the growing gaps in the world's sixth-largest country's economy. The scheme has over the years been critiqued over "corrupt officials" exploiting it to "park illicit funds". Unlike other visa schemes, the golden visa did not require people to speak or learn the English language and did not have any age limit. However, it was mandatory for the people seeking permanent residency to invest a total of $5 million in Australia. 85% of successful applicants came from China The critics have long argued that the visa scheme created a swift path for Chinese millionaires into the country, who comprised more than 85 per cent of the successful applications. As per local media reports, the visa subclass was given the number 888, which stands for triple good luck in Chinese numerology. First launched in the year 2012 by then-Minister for Immigration and Citizenship Chris Bowen, the Business Innovation and Investment Program (BIIP) was first divided into two categories, the Business Innovation Stream and investor streams. As per the Home Affairs Department, since 2012, over 100,000 overseas migrants have made use of the program to gain residency in the country. O’Neil in the year 2022, had hinted at plans to review the visa scheme. “It’s actually costing us on average for every person, because these are people who are generally coming in at quite a late stage of their life, often at the end of their business career and coming to Australia, basically to settle down and retire,” she said at the time. (With inputs from agencies)

Australia terminates ‘golden visa’ in immigration overhaul over ‘poor economic outcomes’

Indonesia awarded its inaugural golden visa to Sam Altman, the Chief Executive Officer of OpenAI, the maker of ChatGPT, and co-founder of Worldcoin.

The Indonesian immigration authority has granted Altman a 10-year visa, while recognising his purported achievements and potential contributions to the nation.

Indonesia's Immigration Director General stated that Altman "possesses an international reputation and has the potential to benefit Indonesia," reported&nbsp;Bloomberg.

This visa is seen as an incentive for attracting high-profile foreign investors. In addition to the extended visa duration, Altman and other recipients will enjoy priority security screening at airports and streamlined entry and exit procedures.

The golden visa programme, launched just a week ago, aims to boost Indonesia's economic growth.&nbsp;

Also watch |&nbsp;WION Fineprint | Portugal considers stopping its 'Golden Visa'

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-fineprint-portugal-considers-stopping-its-golden-visa-542786/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Under this initiative, foreign nationals willing to make substantial financial commitments to the country can stay for a period ranging from five to 10 years.&nbsp;

For example, a five-year residency is guaranteed to those investing $350,000 in local public enterprises, savings accounts, or government securities.

<h2>Sam Altman's investment plans in Indonesia</h2>

While Altman's investment plans in Indonesia are not yet public, his recent visit to Jakarta to discuss the future of artificial intelligence indicates his keen interest in the nation's technological landscape.&nbsp;

This visa could potentially pave the way for collaborations that enhance Indonesia's position in the world of Artificial Intelligence and technology.

Also read |&nbsp;<a href="https://www.wionews.com/world/work-from-indonesia-digital-nomads-remote-workers-can-live-in-bali-with-5-year-visa-486828">Work from Indonesia: Digital nomads, remote workers can live in Bali with 5-year-visa</a>

With Altman at its helm, OpenAI has garnered global attention by stimulating investments in AI infrastructure, including tools like ChatGPT.&nbsp;

These tools have revolutionised the approach to artificial intelligence by leveraging extensive data centers to emulate human-like intelligence, leading to increased investments in AI-supporting infrastructure worldwide.

<h2>About Golden Visa programme</h2>

In its most basic form, a golden visa acquisition grants an individual a residence in that country by investment.&nbsp;

Golden visa programmes give high-net-worth individuals (HNWIs) the option of physically relocating to a favorable jurisdiction — either now or upon retirement — and becoming residents of that state with full legal rights.

According to Henley &amp; Partners, there is now golden visa legislation in place in over 100 countries around the world, spanning five continents. Over 60 per cent of European Union&nbsp;member states have programs that are functional and active, with the UK and the US having among the world’s longest running golden visa programmes.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Indonesia awarded its inaugural golden visa to Sam Altman, the Chief Executive Officer of OpenAI, the maker of ChatGPT, and co-founder of Worldcoin. The Indonesian immigration authority has granted Altman a 10-year visa, while recognising his purported achievements and potential contributions to the nation.

Indonesia awarded its inaugural golden visa to Sam Altman, the Chief Executive Officer of OpenAI, the maker of ChatGPT, and co-founder of Worldcoin. The Indonesian immigration authority has granted Altman a 10-year visa, while recognising his purported achievements and potential contributions to the nation. Indonesia's Immigration Director General stated that Altman "possesses an international reputation and has the potential to benefit Indonesia," reported Bloomberg. This visa is seen as an incentive for attracting high-profile foreign investors. In addition to the extended visa duration, Altman and other recipients will enjoy priority security screening at airports and streamlined entry and exit procedures. The golden visa programme, launched just a week ago, aims to boost Indonesia's economic growth. Also watch | WION Fineprint | Portugal considers stopping its 'Golden Visa' × Under this initiative, foreign nationals willing to make substantial financial commitments to the country can stay for a period ranging from five to 10 years. For example, a five-year residency is guaranteed to those investing $350,000 in local public enterprises, savings accounts, or government securities. Sam Altman's investment plans in Indonesia While Altman's investment plans in Indonesia are not yet public, his recent visit to Jakarta to discuss the future of artificial intelligence indicates his keen interest in the nation's technological landscape. This visa could potentially pave the way for collaborations that enhance Indonesia's position in the world of Artificial Intelligence and technology. Also read | Work from Indonesia: Digital nomads, remote workers can live in Bali with 5-year-visa With Altman at its helm, OpenAI has garnered global attention by stimulating investments in AI infrastructure, including tools like ChatGPT. These tools have revolutionised the approach to artificial intelligence by leveraging extensive data centers to emulate human-like intelligence, leading to increased investments in AI-supporting infrastructure worldwide. About Golden Visa programme In its most basic form, a golden visa acquisition grants an individual a residence in that country by investment. Golden visa programmes give high-net-worth individuals (HNWIs) the option of physically relocating to a favorable jurisdiction — either now or upon retirement — and becoming residents of that state with full legal rights. According to Henley & Partners, there is now golden visa legislation in place in over 100 countries around the world, spanning five continents. Over 60 per cent of European Union member states have programs that are functional and active, with the UK and the US having among the world’s longest running golden visa programmes. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indonesia rolls out Golden Visa programme, OpenAI chief Sam Altman first recipient

Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation. However, a government review conducted in March revealed that BIIP migrants contributed less to the economy compared to the average Australian. This was due to the cohort's older age and lower incomes from passive investments.

The government has put its "Golden Visa" programme on the back burner. With this, processing times have come to blow out, leaving wealthy Chinese migrants in limbo.

<h2>How long have these wealthy Chinese been waiting</h2>

Paul Wang has been waiting for 21 months. He left Beijing in 2018, to start a new life in Australia. As per Reuters, he even invested A$1 million ($680,000) in a food processing business in hopes of qualifying for a permanent Australian residency under the investment visa scheme.

Five years on, Wang and his family are stuck in limbo.

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/india-news/india-set-to-witness-6500-high-net-worth-individuals-leave-the-country-in-2023-report-604078" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/india-set-to-witness-6500-high-net-worth-individuals-leave-the-country-in-2023-report-604078&amp;sa=U&amp;ved=2ahUKEwio-dSb6cb_AhWFVmwGHSlECGEQFnoECAkQAg&amp;usg=AOvVaw2n0_IoBP0WAe48ckiVapNt" dir="ltr" href="https://www.wionews.com/india-news/india-set-to-witness-6500-high-net-worth-individuals-leave-the-country-in-2023-report-604078" target="_blank">Over 6,500 high net worth individuals to leave India in 2023: Report&nbsp;</a>

<h2>What changed?</h2>

While it was hoped that the BIIP programme will boost the economy, the March government review revealed that BIIP holders were estimated to contribute A$600,000 over their lifetime, which is less than half of the $1.6 million contributed by Australians.

Since taking office 13 months ago, Australia's Labor government has shifted its focus to addressing shortages of critical skilled workers, leading to longer processing times for most BIIP permanent visas. Previously, the average processing time was around 12 months, but it has now increased to nearly three years, in addition to the four to five-year investment cycle.&nbsp;

"We were not expecting it would take this long," said Wang as reported by Reuters.&nbsp;

"And our life is a mess because of that. We simply cannot plan ahead with all of the uncertainty."

Also read |&nbsp;<a href="https://www.wionews.com/world/a-third-of-domestic-workers-in-malaysia-working-in-forced-labour-conditions-604977">A third of domestic workers in Malaysia working in forced labour conditions</a>

<h2>Visa delays</h2>

During the COVID-19 pandemic, all categories of Australian visas experienced backlogs.

While the government has reduced overall processing times as the pandemic situation improved, the wait for over 3,000 BIIP holders and their families, many of whom are Chinese, has only grown longer.

In an email statement to Reuters, the Department of Home Affairs addressed visa delays and stated that visas would be processed according to priority and planning levels but did not comment on the complaints from BIIP holders.&nbsp;

The department reportedly also mentioned that a new migration strategy would be released later this year, which would include "radically reshaping" the BIIP programme.

<h2>Future of Australia’s BIIP Programme</h2>

The delays have raised concerns that the government may eliminate the BIIP programme.

Similar investment visa programmes have already been discontinued in Canada, Britain, and Singapore, as governments concluded that they did not create jobs and could potentially be used for speculative purposes.

The government plans to reduce the number of BIIP visas from 5,000 in the previous financial year to 1,900 this year, which is less than 20 per cent of previous years' levels.

Tony Le Nevez, managing director at residence and citizenship planners Henley &amp; Partners Australia, believes that the investor programme is not currently a priority for the government and may be overhauled in the future.&nbsp;

"I just don't think the investor programme is on their radar at the moment - they might overhaul it down the track. In the meantime, I think they might just keep a small window open."

Wang acknowledged that many people may not sympathise with their situation, but stressed that he believes that the small group of BIIP holders is not being treated fairly.

"I know a lot of people won't sympathise with us - we're a small group of people...But we're not being treated fairly."

(With inputs from agencies) 
 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation.

Australia's Business Innovation and Investment Programme (BIIP) was introduced in 2012 with the aim of attracting wealthy business owners, investors, and entrepreneurs to boost the economy by bringing in capital and driving innovation. However, a government review conducted in March revealed that BIIP migrants contributed less to the economy compared to the average Australian. This was due to the cohort's older age and lower incomes from passive investments. The government has put its "Golden Visa" programme on the back burner. With this, processing times have come to blow out, leaving wealthy Chinese migrants in limbo. How long have these wealthy Chinese been waiting Paul Wang has been waiting for 21 months. He left Beijing in 2018, to start a new life in Australia. As per Reuters, he even invested A$1 million ($680,000) in a food processing business in hopes of qualifying for a permanent Australian residency under the investment visa scheme. Five years on, Wang and his family are stuck in limbo. Also read | Over 6,500 high net worth individuals to leave India in 2023: Report What changed? While it was hoped that the BIIP programme will boost the economy, the March government review revealed that BIIP holders were estimated to contribute A$600,000 over their lifetime, which is less than half of the $1.6 million contributed by Australians. Since taking office 13 months ago, Australia's Labor government has shifted its focus to addressing shortages of critical skilled workers, leading to longer processing times for most BIIP permanent visas. Previously, the average processing time was around 12 months, but it has now increased to nearly three years, in addition to the four to five-year investment cycle. "We were not expecting it would take this long," said Wang as reported by Reuters. "And our life is a mess because of that. We simply cannot plan ahead with all of the uncertainty." Also read | A third of domestic workers in Malaysia working in forced labour conditions Visa delays During the COVID-19 pandemic, all categories of Australian visas experienced backlogs. While the government has reduced overall processing times as the pandemic situation improved, the wait for over 3,000 BIIP holders and their families, many of whom are Chinese, has only grown longer. In an email statement to Reuters, the Department of Home Affairs addressed visa delays and stated that visas would be processed according to priority and planning levels but did not comment on the complaints from BIIP holders. The department reportedly also mentioned that a new migration strategy would be released later this year, which would include "radically reshaping" the BIIP programme. Future of Australia’s BIIP Programme The delays have raised concerns that the government may eliminate the BIIP programme. Similar investment visa programmes have already been discontinued in Canada, Britain, and Singapore, as governments concluded that they did not create jobs and could potentially be used for speculative purposes. The government plans to reduce the number of BIIP visas from 5,000 in the previous financial year to 1,900 this year, which is less than 20 per cent of previous years' levels. Tony Le Nevez, managing director at residence and citizenship planners Henley & Partners Australia, believes that the investor programme is not currently a priority for the government and may be overhauled in the future. "I just don't think the investor programme is on their radar at the moment - they might overhaul it down the track. In the meantime, I think they might just keep a small window open." Wang acknowledged that many people may not sympathise with their situation, but stressed that he believes that the small group of BIIP holders is not being treated fairly. "I know a lot of people won't sympathise with us - we're a small group of people...But we're not being treated fairly." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Wealthy Chinese stuck in limbo as Australia rethinks its 'Golden Visa' scheme

Portugal announced on Thursday, February 16, that it will end its controversial Golden Visa programme for new foreign property buyers. The announcement came in wake of housing crisis in Portugal, which is among the poorest countries in Western Europe. Apart from scrapping the Golden Visa scheme, Portugal also announced a ban on new licences for Airbnb&nbsp;and other short-term holiday rentals. Foreign real estate buyers, who already have golden visas and want to renew their visas, will now only be eligible for it if their properties are used as their own home, or if these units are placed in the long-term rental market.&nbsp;

The house and rental prices in Portugal have skyrocketed and more than 50 per cent of workers earned less than 1000 euros per month last year. In Lisbon alone, the rent prices jumped a whopping 37 per cent in 2022. Prime Minister Antonio Costa said at a press conference in Lisbon on Thursday following a cabinet meeting that to fight real estate production, Portugal will "eliminate the issuance of new golden visas".&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/israel-passes-law-to-strip-convicted-terrorists-of-their-citizenship-562917">Israel passes law to strip 'convicted terrorists' of their citizenship</a>

Portugal is a dominantly tourism-dependent economy, and when policies like Golden Visa encourage wealthy foreigners to invest in the country, its locals find it hard to rent or buy a house. Portugal’s 8.3 per cent inflation rate has worsened the problem further.&nbsp;

PM Costa said that the crisis was now affecting all families, not just the most vulnerable. Though it is not clear, when will these measures come into effect. &nbsp;All these measures will cost the Portuguese government at least 900 million euros ($962.19 million) and some of them would be approved next month and others will be voted on by lawmakers.&nbsp;

A new system would be introduced to regulate rent increases, PM Costa added, and the government will offer tax incentives to landlords who convert tourism properties into houses for locals to rent.&nbsp;

New licences for tourism accommodations, like Airbnbs, will be prohibited,&nbsp;though rural areas with&nbsp;less population will be exempted from this measure.&nbsp;

Watch |&nbsp;Portugal considers stopping its 'Golden Visa'

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-fineprint-portugal-considers-stopping-its-golden-visa-542786/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The Social Democrats said the measures were an “attack” on the rights of property owners and businesses.&nbsp;

The State would rent vacant houses direct from landlords for a period of five years and put them on the rental market.&nbsp;

<h2>What is the Portugal Golden Visa scheme?</h2>

The Portugal Golden Visa is an immigrant investor programme by the government that grants residency in the country to people who invest in properties worth at least 500,000 euros ($532,215) or create 10 jobs in Portugal. The scheme began in 2012 and by May 2020 has been credited with investments of over 6.8 billion euros ($ 7.2 billion) from over 20,000 persons.&nbsp;

<h2>New measures and Digital Nomad Visa</h2>

Housing groups argue that measures would mean little if the government continued to promote other policies to attract wealthy foreigners like Digital Nomad Visas introduced in October. It allows foreigners with high monthly incomes from remote work to live and work from home in Portugal without paying any local taxes.

<h2>How people are reacting to new measures announced by Portugal</h2>

At a small housing protest in Lisbon, 23-year-old activist Andreia Galvao accused the government of failing to live up to the promise it made to address the housing crisis in the past.

"The goal was that by 2024 all Portuguese would have access to quality housing, it doesn't look like that will happen," she said. "The situation is dramatic."

The Housing is a right group said the measures do not change the "system in place" in which large real estate investment funds control a significant chunk of the market.

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Portugal announced on Thursday, February 16, that it will end its controversial Golden Visa programme for new foreign property buyers. The announcement came in wake of housing crisis in Portugal, which is among the poorest countries in Western Europe.

Portugal announced on Thursday, February 16, that it will end its controversial Golden Visa programme for new foreign property buyers. The announcement came in wake of housing crisis in Portugal, which is among the poorest countries in Western Europe. Apart from scrapping the Golden Visa scheme, Portugal also announced a ban on new licences for Airbnb and other short-term holiday rentals. Foreign real estate buyers, who already have golden visas and want to renew their visas, will now only be eligible for it if their properties are used as their own home, or if these units are placed in the long-term rental market. The house and rental prices in Portugal have skyrocketed and more than 50 per cent of workers earned less than 1000 euros per month last year. In Lisbon alone, the rent prices jumped a whopping 37 per cent in 2022. Prime Minister Antonio Costa said at a press conference in Lisbon on Thursday following a cabinet meeting that to fight real estate production, Portugal will "eliminate the issuance of new golden visas". Also Read | Israel passes law to strip 'convicted terrorists' of their citizenship Portugal is a dominantly tourism-dependent economy, and when policies like Golden Visa encourage wealthy foreigners to invest in the country, its locals find it hard to rent or buy a house. Portugal’s 8.3 per cent inflation rate has worsened the problem further. PM Costa said that the crisis was now affecting all families, not just the most vulnerable. Though it is not clear, when will these measures come into effect. All these measures will cost the Portuguese government at least 900 million euros ($962.19 million) and some of them would be approved next month and others will be voted on by lawmakers. A new system would be introduced to regulate rent increases, PM Costa added, and the government will offer tax incentives to landlords who convert tourism properties into houses for locals to rent. New licences for tourism accommodations, like Airbnbs, will be prohibited, though rural areas with less population will be exempted from this measure. Watch | Portugal considers stopping its 'Golden Visa' × The Social Democrats said the measures were an “attack” on the rights of property owners and businesses. The State would rent vacant houses direct from landlords for a period of five years and put them on the rental market. What is the Portugal Golden Visa scheme? The Portugal Golden Visa is an immigrant investor programme by the government that grants residency in the country to people who invest in properties worth at least 500,000 euros ($532,215) or create 10 jobs in Portugal. The scheme began in 2012 and by May 2020 has been credited with investments of over 6.8 billion euros ($ 7.2 billion) from over 20,000 persons. New measures and Digital Nomad Visa Housing groups argue that measures would mean little if the government continued to promote other policies to attract wealthy foreigners like Digital Nomad Visas introduced in October. It allows foreigners with high monthly incomes from remote work to live and work from home in Portugal without paying any local taxes. How people are reacting to new measures announced by Portugal At a small housing protest in Lisbon, 23-year-old activist Andreia Galvao accused the government of failing to live up to the promise it made to address the housing crisis in the past. "The goal was that by 2024 all Portuguese would have access to quality housing, it doesn't look like that will happen," she said. "The situation is dramatic." The Housing is a right group said the measures do not change the "system in place" in which large real estate investment funds control a significant chunk of the market. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Portugal to end Golden Visa, curtail Airbnb rentals to address local housing crisis

Portugal's cash-for-visa or "golden visa" that has previously lured many wealthy foreigners like Madonna may end soon.&nbsp;A recent announcement about the policy getting scrapped has attracted a flurry of interest. Investments in November jumped by 40 per cent according to data from SEF, the Portuguese immigration and border agency.

Recently the nation's Prime Minister, Antonio Costa said that the country is considering scrapping its popular yet criticised Residency by Investment Program (RIP).

Watch |&nbsp;WION Fineprint | Portugal considers stopping its 'Golden Visa'
<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/wion-fineprint-portugal-considers-stopping-its-golden-visa-542786/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

He said that the programme has probably already "fulfilled the function it had to fulfil," and that "it is no longer justified to maintain."

The fastrack visa for non-European Union nationals mandates a minimum investment of €500,000 (4.35 crore INR or 527,222 USD) in real estate, making a capital investment or creating employment opportunities.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinas-wealthy-increasingly-apply-for-irish-residency-under-cash-for-visa-scheme-whats-driving-them-away-540153">China's wealthy increasingly apply for Irish residency under cash-for-visa scheme. What's driving them away?</a>

Forbes reports that among the top applicants are American and Chinese nationals. Reportedly, wealthy American applicants are all set to surpass Chinese ones. Additionally the rich are from Brazil, South Africa and India.

As per a Business Standard report, since January 2021 more than 50 ultra-high net worth Indians have invested a whopping 350,000 to 600,000 euros in apartments in Portugal's capital of Lisbon and other cities to obtain the so-called golden visa.

Also, read |&nbsp;<a href="https://www.wionews.com/world/uk-scraps-golden-visas-for-ultra-rich-foreign-investors-amid-crack-down-on-russian-money-454351">UK scraps ‘golden visas’ for ultra-rich foreign investors amid a crackdown on Russian money</a>

In July 2022, as per the Portuguese Foreigners and Border Service (SEF) investments from the programme increased from USD 3.7 million to&nbsp;USD 8.2 million recorded during the same month of 2021. In total, the programme has raised an investment of $6.8 billion from foreigners.

The scheme has been deemed a money-laundering risk by the European Union. Additionally, as per Times, the scheme has also been blamed for pricing local people out of housing markets.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Portugal's cash-for-visa or "golden visa" that has previously lured many wealthy foreigners like Madonna may end soon. A recent announcement about the policy getting scrapped has attracted a flurry of interest.

Portugal's cash-for-visa or "golden visa" that has previously lured many wealthy foreigners like Madonna may end soon. A recent announcement about the policy getting scrapped has attracted a flurry of interest. Investments in November jumped by 40 per cent according to data from SEF, the Portuguese immigration and border agency. Recently the nation's Prime Minister, Antonio Costa said that the country is considering scrapping its popular yet criticised Residency by Investment Program (RIP). Watch | WION Fineprint | Portugal considers stopping its 'Golden Visa' He said that the programme has probably already "fulfilled the function it had to fulfil," and that "it is no longer justified to maintain." The fastrack visa for non-European Union nationals mandates a minimum investment of €500,000 (4.35 crore INR or 527,222 USD) in real estate, making a capital investment or creating employment opportunities. Also read | China's wealthy increasingly apply for Irish residency under cash-for-visa scheme. What's driving them away? Forbes reports that among the top applicants are American and Chinese nationals. Reportedly, wealthy American applicants are all set to surpass Chinese ones. Additionally the rich are from Brazil, South Africa and India. As per a Business Standard report, since January 2021 more than 50 ultra-high net worth Indians have invested a whopping 350,000 to 600,000 euros in apartments in Portugal's capital of Lisbon and other cities to obtain the so-called golden visa. Also, read | UK scraps ‘golden visas’ for ultra-rich foreign investors amid a crackdown on Russian money In July 2022, as per the Portuguese Foreigners and Border Service (SEF) investments from the programme increased from USD 3.7 million to USD 8.2 million recorded during the same month of 2021. In total, the programme has raised an investment of $6.8 billion from foreigners. The scheme has been deemed a money-laundering risk by the European Union. Additionally, as per Times, the scheme has also been blamed for pricing local people out of housing markets. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Rich Indians, Americans clamour for Portugal's 'golden visa' as it considers scrapping scheme

Portugal's 'Golden visa' is facing a threat of being scraped. Prime Minister Antonio Costa says the scheme has "fulfilled its role". @MollyGambhir tells you more

Gravitas: Portugal likely to scrap 'Golden Visa' scheme

Golden Visa holders in the UAE can now sponsor their parents for a 10-year residency, as reported by the Khaleej Times.&nbsp;This is a facet of the substantially expanded Golden Visa programme that came into force on 3 October, 2022. An&nbsp;operation manager at Arabian Business Centre (Amer Centre – Sheikh Zayed Road) who spoke to Khaleej Times said that they issued&nbsp;a 10-year Golden Visa for the parents of a 10-year visa holder. Previously, these used to be issued for a year like it is done for normal residency holders.&nbsp;

As per the official UAE Government website, regular UAE residency visa holders can sponsor their parents if they earn a monthly salary of at least Dh20,000 or $5,445.16&nbsp;(USD)&nbsp;and above.&nbsp;This salary pre-requisite, too, does not apply to Golden Visa holders. Why is the Golden Visa called the visa&nbsp;of opportunity and what are its benefits? We explain it all.&nbsp;

<h2>What is the Golden Visa and why is it called a visa of opportunity?</h2>

A long-term residency visa known as the "golden" visa&nbsp;allows foreign nationals to live, work, and study in the United Arab Emirates for up to 10 years.&nbsp;The immigration programme helps affluent&nbsp;individuals&nbsp;get a resident permit or even citizenship in the UAE by making a sizable contribution, making an investment, or purchasing a home there. In the past, people&nbsp;who spent six months outside of UAE lost their Golden Visa. With the advent of the new system, the Golden Visa will continue to be valid regardless of how long the bearer stays abroad.

Also read |&nbsp;<a href="https://www.wionews.com/world/portugal-launches-digital-nomad-visa-allowing-one-year-stay-for-remote-workers-524156">Portugal launches digital nomad visa allowing one-year stay for remote workers</a>

Children of any age may be sponsored by Golden Visa holders. There is no restriction on how many domestic workers they may sponsor. Additionally, they can now also sponsor their parents for a period of 10 years.&nbsp;

<h2>Broadened Golden Visa&nbsp;scheme</h2>

On 3 October, a new system for resident and visitor visas came into effect in the UAE. It added new entrance and residency permits, streamlined current choices, and established new residency tracks. An extended Golden Visa programme, which now allows additional types of individuals to get the coveted 10-year visa, was one of the modifications.

Also read |&nbsp;<a href="https://www.wionews.com/world/indian-pm-uae-president-israel-president-to-address-abu-dhabi-space-debate-532569">Indian PM, UAE president, Israel president to address Abu Dhabi Space Debate</a>

Holders of Golden Visas are exempt from having their residency status affected by more than six months spent outside of the UAE. Children of any age may be sponsored by Golden Visa holders. Additionally, there is no restriction on how many support employees they may sponsor.

The minimum monthly wage criterion for long-term residence has been reduced from Dh50,000 to Dh30,000, enabling more qualified professionals to apply. The following disciplines are included on the list: medical, engineering, information technology, business and administration, law, culture, and social sciences.&nbsp;

<h2>Indian celebrities who hold the Golden Visa</h2>

Most recently,&nbsp;The renowned Golden Visa of the United Arab Emirates, which has a ten-year validity period, has been awarded to Kollywood megastar Kamal Haasan, who was last seen in the 2022 movie "Vikram."&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
I’m honored to receive the Golden Visa from United Arab Emirates. 
 
Thank you Lieutenant General Mohammed Ahmed Al Marri, Director General GDRFA for tour in General Directorate of Residency and Foreigners Affairs offices in Dubai. (1/2) <a href="https://t.co/2PWZLbZgd1">pic.twitter.com/2PWZLbZgd1</a>
— Kamal Haasan (@ikamalhaasan) <a href="https://twitter.com/ikamalhaasan/status/1550107969769345024?ref_src=twsrc%5Etfw">July 21, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Other Indian actors holding UAE Golden Visas include Nasser, Sanjay Dutt, Mammootty, Mohanlal, Tovino Thomas, Parthiepan, Amala Paul, and Shah Rukh Khan. This long-term resident visa programme is given to achievers in a variety of professions as well as those with potential qualities

(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

Golden Visa holders in the UAE can now sponsor their parents for a 10-year residency, as reported by the Khaleej Times. This is a facet of the substantially expanded Golden Visa programme that came into force on 3 October, 2022.

Golden Visa holders in the UAE can now sponsor their parents for a 10-year residency, as reported by the Khaleej Times. This is a facet of the substantially expanded Golden Visa programme that came into force on 3 October, 2022. An operation manager at Arabian Business Centre (Amer Centre – Sheikh Zayed Road) who spoke to Khaleej Times said that they issued a 10-year Golden Visa for the parents of a 10-year visa holder. Previously, these used to be issued for a year like it is done for normal residency holders. As per the official UAE Government website, regular UAE residency visa holders can sponsor their parents if they earn a monthly salary of at least Dh20,000 or $5,445.16 (USD) and above. This salary pre-requisite, too, does not apply to Golden Visa holders. Why is the Golden Visa called the visa of opportunity and what are its benefits? We explain it all. What is the Golden Visa and why is it called a visa of opportunity? A long-term residency visa known as the "golden" visa allows foreign nationals to live, work, and study in the United Arab Emirates for up to 10 years. The immigration programme helps affluent individuals get a resident permit or even citizenship in the UAE by making a sizable contribution, making an investment, or purchasing a home there. In the past, people who spent six months outside of UAE lost their Golden Visa. With the advent of the new system, the Golden Visa will continue to be valid regardless of how long the bearer stays abroad. Also read | Portugal launches digital nomad visa allowing one-year stay for remote workers Children of any age may be sponsored by Golden Visa holders. There is no restriction on how many domestic workers they may sponsor. Additionally, they can now also sponsor their parents for a period of 10 years. Broadened Golden Visa scheme On 3 October, a new system for resident and visitor visas came into effect in the UAE. It added new entrance and residency permits, streamlined current choices, and established new residency tracks. An extended Golden Visa programme, which now allows additional types of individuals to get the coveted 10-year visa, was one of the modifications. Also read | Indian PM, UAE president, Israel president to address Abu Dhabi Space Debate Holders of Golden Visas are exempt from having their residency status affected by more than six months spent outside of the UAE. Children of any age may be sponsored by Golden Visa holders. Additionally, there is no restriction on how many support employees they may sponsor. The minimum monthly wage criterion for long-term residence has been reduced from Dh50,000 to Dh30,000, enabling more qualified professionals to apply. The following disciplines are included on the list: medical, engineering, information technology, business and administration, law, culture, and social sciences. Indian celebrities who hold the Golden Visa Most recently, The renowned Golden Visa of the United Arab Emirates, which has a ten-year validity period, has been awarded to Kollywood megastar Kamal Haasan, who was last seen in the 2022 movie "Vikram." I’m honored to receive the Golden Visa from United Arab Emirates. Thank you Lieutenant General Mohammed Ahmed Al Marri, Director General GDRFA for tour in General Directorate of Residency and Foreigners Affairs offices in Dubai. (1/2) pic.twitter.com/2PWZLbZgd1 — Kamal Haasan (@ikamalhaasan) July 21, 2022 × Other Indian actors holding UAE Golden Visas include Nasser, Sanjay Dutt, Mammootty, Mohanlal, Tovino Thomas, Parthiepan, Amala Paul, and Shah Rukh Khan. This long-term resident visa programme is given to achievers in a variety of professions as well as those with potential qualities (With inputs from agencies) WATCH WION LIVE HERE:

EXPLAINED: UAE Golden Visa holders can now sponsor parents for 10-year residency; all benefits of the scheme

Sri Lanka, the cash-strapped country has announced selling long-term visas to attract foreign currency after the island nation ran out of dollars to pay for essential commodities like food and fuel. As per the latest announcements, foreigners who deposit a minimum of a hundred thousand dollars locally will be granted permission to live and work in Sri Lanka for ten years.

Sri Lanka economic crisis: Island nation to sell 'Golden Visas' to revive economy

The UK has scrapped its much-touted “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment.

According to reports, the decision was taken to start a “renewed crackdown on illicit finance and fraud”, amid allegations of illicit finance linked to the Kremlin.

BBC reported that the announcement was expected as pressure was growing on UK ministers to cut ties with Russia over the threat of invasion of Ukraine.

The “golden visa” scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK.

The Tier 1 (investor) visa offered residency to those investing £2m or more in the UK.&nbsp;It also allowed&nbsp;their families to join them.

Holders of these visas can then apply for permanent residency in the UK, at a speed depending on how much they invest.

But the UK government decided to close down the residency scheme saying that it “failed to deliver for the UK people and gave opportunities for corrupt elites to access the UK”.

“I have zero tolerance for abuse of our immigration system. Under my new plan for Immigration, I want to ensure the British people have confidence in the system, including stopping corrupt elites who threaten our national security and push dirty money around our cities,” British Home Secretary Priti Patel said on Thursday.

“Closing this route is just the start of our renewed crackdown on fraud and illicit finance,” she added.

Patel said it was just the start of their government’s action plan against fraud, and that an Economic Crime Bill is in the offing that “will crack down on people abusing our financial institutions and better protect the taxpayer.”

(With inputs from agencies)

The UK has scrapped its much-touted “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment. According to reports, the decision was taken to start a “renewed crackdown on illicit finance and fraud”, amid allegations of illicit finance linked to the Kremlin.

The UK has scrapped its much-touted “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment. According to reports, the decision was taken to start a “renewed crackdown on illicit finance and fraud”, amid allegations of illicit finance linked to the Kremlin. BBC reported that the announcement was expected as pressure was growing on UK ministers to cut ties with Russia over the threat of invasion of Ukraine. The “golden visa” scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK. The Tier 1 (investor) visa offered residency to those investing £2m or more in the UK. It also allowed their families to join them. Holders of these visas can then apply for permanent residency in the UK, at a speed depending on how much they invest. But the UK government decided to close down the residency scheme saying that it “failed to deliver for the UK people and gave opportunities for corrupt elites to access the UK”. “I have zero tolerance for abuse of our immigration system. Under my new plan for Immigration, I want to ensure the British people have confidence in the system, including stopping corrupt elites who threaten our national security and push dirty money around our cities,” British Home Secretary Priti Patel said on Thursday. “Closing this route is just the start of our renewed crackdown on fraud and illicit finance,” she added. Patel said it was just the start of their government’s action plan against fraud, and that an Economic Crime Bill is in the offing that “will crack down on people abusing our financial institutions and better protect the taxpayer.” (With inputs from agencies)

UK scraps ‘golden visas’ for ultra-rich foreign investors amid crack down on Russian money

Reports say the UK is set to scrap the “golden visa” fast-track scheme for foreign investors amid plans to address abuse of the system.

The scheme allows&nbsp;residency to anyone who is ready to invest&nbsp;$2.7 million in&nbsp;UK's economy. The Johnson government is reportedly looking at curbing the influence of Russian money in the UK economy amid deterioration of ties with Putin's regime over Ukraine.

<a href="https://www.wionews.com/world/thousands-of-hong-kong-citizens-sign-up-for-new-uk-visa-364545">Also Read:&nbsp;Thousands of Hong Kong citizens sign up for new UK visa</a>

Several international investors including Russians have reportedly taken advantage of the visa scheme to resettle in the UK. It has been under review since 2018 after the UK claimed Russian hand behind the poisoning of former Russian agent Sergei Skripal in Salisbury. The UK government had introduced checks including issuing orders for proof to be shown of a UK bank account in order to avail the scheme

Now the UK government is reportedly concerned over money laundering claims with the plan set to be scrapped soon. In a report&nbsp;titled "Intelligence and Security Committee of Parliament - Russia"&nbsp;a&nbsp;committee had recommended "robust approach" to approve the Tier 1 (investor) visa programme.

The report said UK’s investor visa scheme allowed Russian influence in the UK while informing that "there are a lot of Russians with very close links to Putin who are well integrated into the UK business and are&nbsp;accepted because of their wealth."

"It is clear that Russia currently poses a significant threat to the UK on a number of fronts – from espionage to interference in democratic processes, and to serious crime," the report said.

The report maintained that the "Russian threat" was "clearly indicated in 2006 with the murder of Alexander Litvinenko and with the annexation of Crimea in 2014."

UK's attempt to close the "golden visa" scheme comes as PM Johnson informed that a new set of sanctions were being prepared if Putin's forces attacked Ukraine. The investor scheme is in operation since 2008 with over 14,000 golden visas provided to Russian citizens.

(With inputs from Agencies)

Reports say the UK is set to scrap the “golden visa” fast-track scheme for foreign investors amid plans to address abuse of the system. The scheme allows residency to anyone who is ready to invest $2.

Reports say the UK is set to scrap the “golden visa” fast-track scheme for foreign investors amid plans to address abuse of the system. The scheme allows residency to anyone who is ready to invest $2.7 million in UK's economy. The Johnson government is reportedly looking at curbing the influence of Russian money in the UK economy amid deterioration of ties with Putin's regime over Ukraine. Also Read: Thousands of Hong Kong citizens sign up for new UK visa Several international investors including Russians have reportedly taken advantage of the visa scheme to resettle in the UK. It has been under review since 2018 after the UK claimed Russian hand behind the poisoning of former Russian agent Sergei Skripal in Salisbury. The UK government had introduced checks including issuing orders for proof to be shown of a UK bank account in order to avail the scheme Now the UK government is reportedly concerned over money laundering claims with the plan set to be scrapped soon. In a report titled "Intelligence and Security Committee of Parliament - Russia" a committee had recommended "robust approach" to approve the Tier 1 (investor) visa programme. The report said UK’s investor visa scheme allowed Russian influence in the UK while informing that "there are a lot of Russians with very close links to Putin who are well integrated into the UK business and are accepted because of their wealth." "It is clear that Russia currently poses a significant threat to the UK on a number of fronts – from espionage to interference in democratic processes, and to serious crime," the report said. The report maintained that the "Russian threat" was "clearly indicated in 2006 with the murder of Alexander Litvinenko and with the annexation of Crimea in 2014." UK's attempt to close the "golden visa" scheme comes as PM Johnson informed that a new set of sanctions were being prepared if Putin's forces attacked Ukraine. The investor scheme is in operation since 2008 with over 14,000 golden visas provided to Russian citizens. (With inputs from Agencies)

UK may scrap 'golden visa' scheme over money laundering, Russia fears

UAE's Ministry of Human Resources and Emiratisation has begun issuing work permits for Golden Visa holders.

The ministry said the permits are allowed in three cases. It is given to those who were unemployed earlier when they received their Golden Visa and now want to start working, secondly, those who are employed and want to start work with a new employer and people who want to renew the work permit and contract of Golden Visa holder.

The move was approved by a cabinet resolution. The UAE had implemented the Golden Visa scheme two years ago for long-term residence visas.

The system allowed foreigners to live, work and study in the UAE without the need of a national sponsor and with 100 per cent ownership of their business on the UAE’s mainland.

The Golden Visas are issued by the government for five or ten years and is renewed automatically. The visa is given to investors, entrepreneurs, specialised talents and researchers including bright students with promising scientific capabilities.

Doctors are also given Golden Visa provided they have a Ph. D. degree from one of the top 500 universities in the world and have contributed towards&nbsp;major scientific research. 
&nbsp;&nbsp; 
Outstanding students with a minimum grade of 95 per cent in public and private secondary schools are also eligible for the coveted visa including university students with a distinction GPA of at least 3.75 upon graduation.

In order to get the 10-year residence visa, an investor needs to make a public investment of AED 10 million and has to ensure it is not a loaned amount among other conditions.

The UAE ministry said work permits and contracts between employers and workers who receive the Golden Visa will remain valid and the same rules will be applied for dependents registered on their parents' residency visas if they are applying for work and are Golden Visa holders, the ministry stated.

(With inputs from Agencies)

UAE's Ministry of Human Resources and Emiratisation has begun issuing work permits for Golden Visa holders. The ministry said the permits are allowed in three cases.

UAE's Ministry of Human Resources and Emiratisation has begun issuing work permits for Golden Visa holders. The ministry said the permits are allowed in three cases. It is given to those who were unemployed earlier when they received their Golden Visa and now want to start working, secondly, those who are employed and want to start work with a new employer and people who want to renew the work permit and contract of Golden Visa holder. The move was approved by a cabinet resolution. The UAE had implemented the Golden Visa scheme two years ago for long-term residence visas. The system allowed foreigners to live, work and study in the UAE without the need of a national sponsor and with 100 per cent ownership of their business on the UAE’s mainland. The Golden Visas are issued by the government for five or ten years and is renewed automatically. The visa is given to investors, entrepreneurs, specialised talents and researchers including bright students with promising scientific capabilities. Doctors are also given Golden Visa provided they have a Ph. D. degree from one of the top 500 universities in the world and have contributed towards major scientific research. Outstanding students with a minimum grade of 95 per cent in public and private secondary schools are also eligible for the coveted visa including university students with a distinction GPA of at least 3.75 upon graduation. In order to get the 10-year residence visa, an investor needs to make a public investment of AED 10 million and has to ensure it is not a loaned amount among other conditions. The UAE ministry said work permits and contracts between employers and workers who receive the Golden Visa will remain valid and the same rules will be applied for dependents registered on their parents' residency visas if they are applying for work and are Golden Visa holders, the ministry stated. (With inputs from Agencies)

UAE begins issuing work permits for Golden Visa holders

The UK government on Thursday said it plans to suspend a visa category used by many high net worth Indians over fears that it was being misused.

The Tier 1 Investor visa, referred to as a "golden visa" for the fast-track route to settlement rights in the UK it offered to the super-rich willing to invest millions in the UK, will be suspended from Friday midnight until new rules are put in place next year.&nbsp;

According to official figures, around 76 Indian millionaires have used this visa category to gain permanent settlement in Britain since 2009, with a peak of 16 Indian applicants in 2013 and seven last year.

The highest number of the over 1,000 such visas issued last year went to Chinese and Russian millionaires.

"The UK will always be open to legitimate and genuine investors who are committed to helping our economy and businesses grow. However, I have been clear that we will not tolerate people who do not play by the rules and seek to abuse the system," said UK Immigration Minister Caroline Nokes.

"That is why I am bringing forward these new measures which will make sure that only genuine investors, who intend to support UK businesses, can benefit from our immigration system," she said.

Under the scheme being suspended, a 2 million pound investment bought a visa and indefinite leave to remain (ILR) after five years.

An investment of 5 million pound&nbsp;cut down the eligibility period for ILR to three years and 10 million pound meant the investor could be eligible for permanent settlement within two years along with his or her dependents.

The UK Home Office had launched an investigation into Tier 1 Investor visas issued to wealthy Russians as relations between the UK and Russia nose-dived following the deadly nerve agent attack on former Russian double agent Sergei Skripal and his daughter Yulia earlier this year.

It led to Chelsea football club owner Roman Abramovich withdrawing his Tier 1 Investor visa application and has since acquired Israeli citizenship instead.

The Home Office had confirmed that its probe into the visa route would not be limited to just Russian billionaires and would form part of a wider crackdown on money laundering.

According to UK media reports, as part of new rules to come in force from next year, independent, regulated auditors will assess such high net worth applicants' financial and business interests and check they have had control of the funds for at least two years.

Transparency International UK, a non-profit anti-corruption body, welcomed the crackdown and called on the government to take urgent action on individuals found to have invested suspicious wealth into the UK via the Tier 1 Investor visa scheme.

"Property and other high-end sectors are increasingly accused of allowing dirty money into the UK but it's astonishing to think that the UK's own visa scheme can be used to launder corrupt money into the UK. Once obtained 'Golden' visas can also open the door to channel much larger sums of stolen cash into our financial system," said Duncan Hames, the organisation's Director of Policy.

"Any individuals found by this review to have brought suspicious money into the UK should be subject to police investigation into the provenance of all their UK assets," he said.

The changes to the Tier 1 Investor scheme are part of wider reforms to the UK's visa system. The Home Office is also replacing the Tier 1 Graduate and Entrepreneur visa routes with a Start-up visa route, announced in June, and the Innovator visa route.

The UK government on Thursday said it plans to suspend a visa category used by many high net worth Indians over fears that it was being misused. The Tier 1 Investor visa, referred to as a "golden visa" for the fast-track route to settlement rights in the UK it offered to the super-rich willing to invest millions in the UK, will be suspended from Friday midnight until new rules are put in place next year.

The UK government on Thursday said it plans to suspend a visa category used by many high net worth Indians over fears that it was being misused. The Tier 1 Investor visa, referred to as a "golden visa" for the fast-track route to settlement rights in the UK it offered to the super-rich willing to invest millions in the UK, will be suspended from Friday midnight until new rules are put in place next year. According to official figures, around 76 Indian millionaires have used this visa category to gain permanent settlement in Britain since 2009, with a peak of 16 Indian applicants in 2013 and seven last year. The highest number of the over 1,000 such visas issued last year went to Chinese and Russian millionaires. "The UK will always be open to legitimate and genuine investors who are committed to helping our economy and businesses grow. However, I have been clear that we will not tolerate people who do not play by the rules and seek to abuse the system," said UK Immigration Minister Caroline Nokes. "That is why I am bringing forward these new measures which will make sure that only genuine investors, who intend to support UK businesses, can benefit from our immigration system," she said. Under the scheme being suspended, a 2 million pound investment bought a visa and indefinite leave to remain (ILR) after five years. An investment of 5 million pound cut down the eligibility period for ILR to three years and 10 million pound meant the investor could be eligible for permanent settlement within two years along with his or her dependents. The UK Home Office had launched an investigation into Tier 1 Investor visas issued to wealthy Russians as relations between the UK and Russia nose-dived following the deadly nerve agent attack on former Russian double agent Sergei Skripal and his daughter Yulia earlier this year. It led to Chelsea football club owner Roman Abramovich withdrawing his Tier 1 Investor visa application and has since acquired Israeli citizenship instead. The Home Office had confirmed that its probe into the visa route would not be limited to just Russian billionaires and would form part of a wider crackdown on money laundering. According to UK media reports, as part of new rules to come in force from next year, independent, regulated auditors will assess such high net worth applicants' financial and business interests and check they have had control of the funds for at least two years. Transparency International UK, a non-profit anti-corruption body, welcomed the crackdown and called on the government to take urgent action on individuals found to have invested suspicious wealth into the UK via the Tier 1 Investor visa scheme. "Property and other high-end sectors are increasingly accused of allowing dirty money into the UK but it's astonishing to think that the UK's own visa scheme can be used to launder corrupt money into the UK. Once obtained 'Golden' visas can also open the door to channel much larger sums of stolen cash into our financial system," said Duncan Hames, the organisation's Director of Policy. "Any individuals found by this review to have brought suspicious money into the UK should be subject to police investigation into the provenance of all their UK assets," he said. The changes to the Tier 1 Investor scheme are part of wider reforms to the UK's visa system. The Home Office is also replacing the Tier 1 Graduate and Entrepreneur visa routes with a Start-up visa route, announced in June, and the Innovator visa route.

UK government to suspend 'golden visa' policy over money laundering fears

golden-visa

Golden Visa, News on Golden Visa, stories on Golden Visa, articles on Golden Visa, Golden Visa stories at Wion, Golden Visa news, Golden Visa latest news