Your golden dreams got pricier as Europe hikes residency visa costs

From Portugal to Greece, Europe cashes in on rising demand with new rules, higher investment requirements

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A growing number of ultra-high-net-worth individuals (UHNIS) in India are looking to get a residency in a European nation for their children's education, to retire, or to give their businesses unfettered access to Europe. However, the cost of residencies are rising as Europe look to cash in on the high demand. Here's how much some of the popular European residency programmes have escalated recently.

Portugal The cost of Portugal's Golden Visa, which allows you to apply for permanent residency after five years, rose 78% from ₹280,000 (2.49 crore) to ₹500,000 (4.45 crore). Besides, we have also seen changes in terms of eligible investments. For instance, real estate is not allowed any more. Applicants also need to invest in a fund that invests in local businesses. To be eligible, 60% of a fund's corpus needs to be invested in Portuguese businesses requiring operating capital. The rules were effective from 7 October 2023.

Despite this, experts said Portugal Golden Visa remains a popular programme for India's UHNIS. "The visa has the longest track-record, with minimal stay requirement. Also, it is a large economy," said Arindam Sengupta, founder of My Global Citizenship. Donation of ₹250,000 (2.22 crore) or ₹200,000 (1.7 crore), depending on the specific location of donation, remains an option. But, this is less popular. The visa allows the applicant to add dependents, including parents, spouse and children, for additional fees. The tax collected at source (TCS) of 20% is applicable on overseas transactions, but you may claim it when filing tax returns.