7 Ways to Combat the Lack of Dual Citizenship in India

Share:

RIF Trust’s Take on the Dual Citizenship in India Conundrum

Our Regional Director – India is Binu Varghese. Indian born and bred, she’s been aware of the dual citizenship in India debate for some time.

Varghese finds it interesting “that we recently covered the surrender Indian passport trend. Then came news of the filing of a Public Interest Litigation (PIL) calling for dual citizenship for the Indian diaspora.”

“The Delhi High Court dismissed this PIL. But there are Residency by Investment (RBI) methods Indian nationals can use to avoid having to surrender their passports.”

1.) Enter the US EB-5 Visa Program

The US EB-5 Investor Visa is your gateway to a coveted Green Card. Whether dual citizenship in India exists or not is immaterial as you do not have to surrender your Indian passport as it is US residency rather than citizenship that the Green Card provides. Here are the 2 investment options:

• Invest at least $800,000 in a new business you run within a Targeted Employment Area, rising to $1.05 million elsewhere, and create a minimum of 10 full-time jobs
• Make a passive investment in a Regional Center of between $800,000 and $1.05 million dependent upon the area

Apart from the Green Card, other pluses of the program include the opportunity to:

• Avoid paying state-level income tax by basing yourself in Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, or Wyoming
• Enrol your children in some of the world’s best universities
• Use medical services heralded as the finest internationally

2.) Get a Greek Golden Visa

The Greek Golden Visa is a European Residency by Investment Programme available to Third Country Nationals who purchase real estate worth a minimum of:

• €800,000 for Attica, Thessaloniki, Mykonos, Santorini, and any Greek island with a population over 3,100
• €400,000 for anywhere else

There is a grace period that still enables you to buy property in Attica etc. for €500,000 and €250,000 elsewhere, provided you apply by Friday, August 30 2024 and finalize your purchase by New Year’s Eve. Apart from the lack of dual citizenship in India not having an effect on your passport status, other advantages of investing in Greek residency include:

• Visa-free business and leisure travel across the 29 countries making up the Schengen area
• Renewable 5-year residence permit that serves as a pathway to Permanent Residence in Greece
• Chance to settle in a country with a low cost of living

3.) Join the Malta Permanent Residence Programme

The Malta Permanent Residence Programme (MPRP) is another way to navigate the absence of dual citizenship in India. You can qualify via one of 2 options:

• Contribute €68,000 to the Maltese Government and buy a property with a minimum value of €300,000 in the south of the main island, Malta, and on smaller island, Gozo (accessible by ferry), or €350,000 in anywhere else in the country
• Make a €98,000 contribution to the Government of Malta and rent Maltese real estate for at least €10,000 in the south of Malta and Gozo or €12,000 elsewhere

MPRP’s pluses are similar, although not identical, to the Greek Golden Visa, such as:

• Ease of access to the Schengen zone
• The right to stay in Malta indefinitely
• English is one of two official languages

4.) Acquire a Portuguese Golden Visa

The Portuguese Golden Visa is a European Residency by Investment Programme that dates back to 2012. Essentially, you become eligible for a golden visa in Portugal in one of the following 2 ways:

• Make a capital contribution of €250,000 to promote artistic endeavors or preserve national heritage (reduce to €200,000 in rural areas), €500,000 to support private or public scientific research, or €500,000 in the country’s investment or venture capital funds
• Start a business or increase the share capital of an existing Portuguese company for €500,000, providing 5 positions for Portuguese workers for 3 years or create at least 10 jobs

Again, if you want to offset the lack of dual citizenship in India, Portuguese Residency by Investment is ideal. It offers the following perks:

• The chance to maintain your Indian base as the physical residence requirement is a mere 7 days
• An opportunity for you and your family to explore the Schengen area
• High quality of life

5.) Obtain a Spanish Golden Visa

The Spanish Golden Visa is a combination of Greek and Portuguese RBI, in the options Indian nationals can invest in. They are the following:

• Make a investment or €2,000,000 in Spanish public debt securities or €1,000,000 in Spanish capital companies., financial entities, or investment funds
• Buy real estate worth a minimum €500,000
• Start a company that provides local employment or furthers scientific progress 

If you want to sidestep the absence of dual citizenship in India via Spanish Residency by Investment, be quick. The golden visa in Spain is still available, but the Government has announced its intention to cancel the programme. So, apply while you still can if you want to take advantage of the following benefits:

• The right for you and your family to live, work, and study in Spain, including at these leading universities
• The possibility to travel freely within the Schengen zone
• Access to world-class healthcare

6.) Secure a UAE Golden Visa

The UAE Golden Visa is the only golden visa programme established outside Europe. To qualify for UAE residency, you must invest in one of the 3 following ways:

• A minimum 2 million Emirati dirham in real estate
• No less than 2 million Emirati dirham in public investment funds
• Setting up a technical or future business valued at least 500,000 Emirati dirham

Although not a passport, you can guarantee visa-free access to 18 countries with a UAE Residency Identity Card. Everywhere from Armenia to Thailand. Further advantages include:

• Taking your pick of 7 emirates to live in
• Only needing to visit once every 6  months to validate residency
• Having the chance to include domestic staff as dependents

7.) Sign up for Canada’s Start-Up Visa Program

The Canadian Start-Up Visa Program is an open invitation for Indian entrepreneurs to develop companies anywhere in Canada (excluding Quebec) that:

• Pioneer
• Provide employment for Canadians
• Vie with international competitors

There’s a minimum C$275,000 investment required. Although there is a route to Canadian citizenship, you don’t have to relinquish your Indian passport if you remain a Permanent Resident. Benefits, along with compensating for the absence of dual citizenship in India, include:

• You and your family can live, work, and study in exclusively English-speaking areas of Canada as French-speaking Quebec has a separate program
• Universal healthcare for you, your spouse, and dependent children
• Free education for your dependent children up to the age of 18
• Family-friendly environment to bring up children in a country with a low crime rate, particularly in terms of violent crimes being less common

How to Use Residency by Investment to Get Around the Lack of Dual Citizenship in India

Having a plan B doesn’t have to mean giving up your Indian passport. To find out what a second residency can do for you and your family, we recommend you get in touch with a leading Residency by Investment consultancy like RIF Trust. So, contact us now and we’ll show you how to invest in a residency.