Context: OpenAI CEO Sam Altman became the first person to receive a “golden visa” from Indonesia.
About Golden Visa
A Golden Visa refers to the immigration program which allows wealthy individuals to get a residence permit or even citizenship in another country simply by purchasing a house there or making a relatively large investment or donation.
- The Golden Visa system essentially offers long-term residency (5 and 10 years) to people belonging to the following groups:
- Investors.
- Entrepreneurs.
- Individuals with outstanding talents the likes of researchers.
- Medical professionals and those within the scientific and knowledge fields.
- Remarkable students.
- Different countries have different options to have a golden visa.
- In certain countries after getting a Golden Visa, people become legal residents of that country, they can live there, go to school, and get access to healthcare.
- Residency by investment is a way many countries use to lure foreign investments usually in property or by creating a business that employs a set minimum number of locals.
Eligibility for Golden VISA
Different countries demand different requirement for golden Visa scheme, but most demand:
- You have no criminal record.
- Evidence of investment funds.
- Keeping an investment for the requisite period.
- A minimum net worth or a certain amount of cash in the bank.
- Make a capital investment in a company’s shares/stocks.
- Make a capital investment in the country’s public debt or government bonds.
- Create employment opportunities.
- Contribute to a country’s scientific or technological innovation.
Three Type of Golden Visa Programme
There are three main types of golden visas:
- Citizenship by investment e.g., Malta, Montenero.
- Residence by investment e.g., Canada, Switzerland.
- Immigration by investment
Benefits of Golden VISA
- Travel to a broad range of countries visa-free.
- Fast application processing, with some permits issued in just one month.
- Opportunities to invest in fast-growing markets.
- Whole family Visa or passport eligibility.
- Flexible options to progress to full citizenship following a residence by investment application.
