5 Tips On How To Successfully Apply For A Golden Visa

Golden Visa does not come easy. Yes, it is a quick solution to an otherwise protracted matter. After all, you expect to acquire residency and/or citizenship in exchange for investment. This ‘golden’ opportunity is, however, only ‘golden’ when you satisfy certain conditions the way they should be.

The provisions of a Golden Visa scheme differ from one country to another. A typical Golden Visa scheme, however, stipulates certain criteria that are commonly shared. Once you apprise yourself of these conditions, you should work on the ‘how’ part. To make a successful Golden Visa application, you should remember a few things. These tips, if I may call them, ensure that you not only meet the conditions but also meet those conditions right. Here are a few things that can make you a successful Golden Visa applicant. 

1. Are families covered under the scheme?
   Many countries run schemes that are equivalent to Golden Visa Schemes but are not really the same as a Golden Visa. These countries often offer restrictive benefits to family members. Such provisions may be present in Golden Visa schemes too. This means you, as a primary applicant, will enjoy all the benefits under the scheme but not your family members.
   At most, for example, the family members will be allowed residency for a certain number of years. Or, these family members will be required to show their intention to contribute to any local business. So, those wanting to bring along family members should consider this aspect of the scheme. Moreover, the investment amount can change significantly if family members are added to the application.
   
2. The origin of the applicant doesn’t matter in most cases
   Usually, golden visa schemes are popularised as ‘open-to-all’ opportunities for potential investors. Nationality is said to be a non-consideration for the grant of the visa. Yes, this is the truth, a general truth.
   Some countries restrict applications from certain nationals. For example, Cyprus does not entertain applications from nationals of North Korea, Somalia, and Sudan. Dominica gives a “case-by-case” treatment to nationals of countries such as Iraq, Pakistan, and Yemen. So, yes, the origin of the applicant doesn’t matter, but not always. 
3. Understand the difference
   Quite often, people misconstrue these schemes to be necessarily citizenship by investment schemes. In reality, these schemes are either citizenship by investment or residency by investment. In the former, a successful applicant gets a fast-tracked course to citizenship and can avail all the rights and privileges attributable to a citizen.
   In the latter, however, the applicant only gets the privileges of a resident, and they may not acquire citizenship through a fast-track process. You can make a proper judgment only when you have got your priorities figured out and understand the difference between these two. 
4. Do not hide anything from the authorities
   When these schemes were proposed, they were hailed as a quick alternative for gaining residency and/or citizenship. However, there are only a very few countries that exercise perfunctory due diligence on the applications received. Mostly, countries put in place robust due diligence mechanisms, such as Malta (though the implementation of these mechanisms has attracted controversies lately).
   Under the scheme, the applicants are required to submit a compendium of documents, including a police clearance report, statement of income, proof of investment, and certificate of marriage (if applicable). Everything you submit is under the scanner, so do not try to mislead the authorities. If there are any discrepancies in your application, it will take much longer for you to get approval, and this can hamper your interests. 
5. Turn to professionals when you are not sure what to do
   All of the above sounds easy, but the process may not be as streamlined as it seems. Yes, the processing part is expedited, but it is unsurprising to be intimidated by the voluminous details of the scheme. The best advice would be, then, to consult professionals. Several consultancy firms are involved in this area and can make your work less burdensome.
   They are especially useful when you do not have time to personally deal with the process from time to time and do not completely comprehend the scheme. You will have to pay a commission, but the results will be worth it.

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