Latest news with #Boiko
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Business Standard
a day ago
- Business
- Business Standard
Earn Rs 5-10 lakh/month? You may get PR in Italy, Greece, Grenada
Do you earn Rs 5–10 lakh a month, or are you willing to invest a few thousand dollars in a startup or a hotel—or perhaps just buy an apartment? If your wallet can afford it, several countries may be willing to let you settle there for the long term, and in some cases, as a permanent resident. According to Andrew Boiko, founder of global immigration firm options for the 'comfortably wealthy' include France, Italy, Greece and Grenada. 'The choice is obvious. You can buy an apartment in Gurugram, but that won't allow you to live in Italy, for example. But if you buy an apartment of the same cost in Italy, you can live there or anywhere else in Europe along with easy access to so many other countries,' Boiko told news agency PTI. recently opened its India office in New Delhi and says it received over 4,000 requests from prospective Indian clients within the first three months. The consultancy told Business Standard last week that it plans to expand to Mumbai, Hyderabad, Bengaluru and Chennai by the end of 2025. Why Indians are looking abroad 'Indians are very pragmatic. They don't want to pay a donation for nothing. They want the money back. They also want a return on their investment,' Boiko told PTI. This is where financial independence and investment-based residency programmes appeal to Indians planning to relocate. Earlier he told Business Standard that over the past few years, they have seen a rise in inquiries from Indian high-net-worth individuals seeking legal and structured pathways to global mobility. "This trend has intensified recently due to new US immigration policies under Donald Trump and an increase in deportation cases,' said Boiko. Many of these individuals are now looking at investment-based citizenship or residency options that allow visa-free travel, family inclusion and more flexible business opportunities. What is a financial independence visa? Under this programme, a person needs to show a steady income beyond a certain threshold to be granted residency. This can then be converted to citizenship after a few years, depending on the country's laws. In Europe and the Caribbean, most countries offer long-term residency or even citizenship if certain investment or income thresholds are met. In the Middle East, long-term residency (up to 10 years) is more common, usually in exchange for a fixed donation or investment. According to Boiko, those applying under this route must typically demonstrate a stable income of €5,000 to €10,000 per month (roughly Rs 5–10 lakh). Why Grenada is emerging as a top option Grenada, a small island nation in the Caribbean, is considered one of the safest places in the world and offers visa-free travel to countries across Europe, the UK, Hong Kong, Russia, Singapore and the UAE. Grenadian citizenship also provides easy access to the US. 'In the Caribbean, even the most affordable options like Grenada require a minimum investment of $235,000 through a donation to the National Transformation Fund,' Boiko said. Alternatively, a real estate investment of at least $270,000 in a government-approved project also qualifies. 'These are premium offerings for affluent individuals. The benefits go beyond residency—they offer tax advantages, access to healthcare and education, and often a backup plan in an increasingly uncertain world,' he told Business Standard. However, Rahim Lakhani, CEO of TLG Global, told Business Standard, "These programmes lack Schengen benefits and are facing growing scrutiny. EU residency options like Latvia's offer more stability than non-EU citizenship programmes." He added that the EU has pressured Caribbean nations to raise investment thresholds and tighten due diligence to prevent misuse. Golden visas and what they offer Boiko explained that golden visas are generally quick ways to obtain residency, which can eventually lead to citizenship in certain countries. 'Some of the countries, like European golden visas, allow you to get citizenship in five to ten years,' he said. 'On the other hand, in the Middle East, you are unable to get citizenship in most cases. You can only have residency, but that can be for up to ten years.' While residency allows one to live, work or study in a country with family, only citizenship unlocks full benefits. However, European golden visas often provide visa-free access to the rest of Europe and some parts of Latin America and North America. It also makes it easier to secure visas for the UK, Australia or the US, Boiko added. He said countries benefit too. Their businesses gain from foreign investment in property, companies, banks or bonds. 'It's like mutual beneficial cooperation,' he said. Examples of available programmes include: Portugal: minimum investment in innovation or cultural funds, moving away from real estate Greece: €250,000 investment in real estate Spain: €500,000 investment in property Other countries offering residency options are Italy, France, Hungary, and Latvia, with varying qualifying routes such as investment funds, business creation, or real estate purchase. Vinay Kumar, Head of Estate and Succession Planning at Client Associates, told Business Standard, "For instance, Greece offers residency permits for real estate investments starting at €250,000, and Portugal provides residency through investments in funds or job creation initiatives. These programmes grant residency rights, which can lead to citizenship over time, subject to meeting specific criteria." Some countries offer a 'golden passport' Several countries, including Malta and those in the Caribbean, also offer citizenship in a short span of time, sometimes as quickly as six to eight months. However, in April the European Court of Justice ruled that Malta's citizenship-by-investment scheme was in breach of EU law. But Boiko cautioned that the terms 'golden visa' and 'golden passport' can vary across countries. In Portugal, for example, applicants may need to establish or invest in a company and create jobs, while in the UAE, visa eligibility can be tied to employment and salary levels. Which countries and routes are most popular? Boiko said that income-based residency remains the top choice for Indians. If someone has a steady income of more than €5,000 a month for six months to a year, they can qualify for residency in several countries. In France and Spain, permanent residency is granted after five years and citizenship after six or seven years. Italy offers a more flexible option. Its golden visa programme allows investors to redeem their investment after two years. 'When you invest in Italy, you get a residency within two to three months. Permanent residency follows after five years,' Boiko said. 'After ten years, you can get citizenship—and the Italian passport is one of the most powerful in the world.' He added that properties in Italy can also appreciate in value. 'If you want, you can sell your property in Italy with good returns after two years and then buy one in Gurugram,' he told PTI. Countries, for their part, conduct thorough due diligence before granting residency or citizenship. Some even require applicants to pass language tests. Boiko said this isn't just about fees, but about attracting people who will actively contribute to the economy.
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Business Standard
4 days ago
- Business
- Business Standard
Bahrain Golden Visa vs UAE: How Indians can choose the right Gulf path
Dubai's Golden Visa is often the most talked-about long-term residency route in the Gulf. But Bahrain, in 2022, rolled out its own version — the Bahrain Golden Residency Visa — as part of its Vision 2030 plan to diversify the economy. This visa offers a 10-year residency with renewal options, targeting global talent, investors, and long-term residents. According to Andri Boiko, founder and CEO of Garant In, an international citizenship advisory firm, Bahrain's offering is attractive for its affordability, flexibility, and ease of access. 'It offers low-stress, high-value living for expats ready to escape the status race,' Boiko explained to Business Standard. What Bahrain's Golden Visa offers According to Bahrain's Ministry of Interior – Nationality, Passports and Residence Affairs, key features include: • 10-year renewable residency for you and your family • No employer sponsorship requirement—freedom to switch jobs or start a business • No minimum stay condition, making it ideal for digital nomads or frequent travellers • Lower cost of living compared to Dubai or Riyadh • Family-friendly terms, allowing sponsorship of spouse, children, and even parents without extra income or property conditions • Quick online application and tracking system 'The government genuinely wants you there,' said Boiko. 'You can apply online, track your status in real time, and get support without a struggle.' Who can apply The Bahrain Golden Visa is open to four main categories of applicants: • Employed professionals earning at least BHD 2,000 (approx. ₹4.4 lakh or $5,300) per month, with five consecutive years of residence in Bahrain • Retirees receiving a monthly pension of BHD 2,000 within Bahrain, or BHD 4,000 (approx. ₹8.8 lakh or $10,600) if applying from abroad • Property owners holding real estate in Bahrain worth BHD 200,000 or more (approx. ₹4.4 crore or $530,000) • Individuals with exceptional talent in fields like science, arts, entrepreneurship, or sports Dependents—spouse, children, and parents—can also be sponsored under the same visa. How it compares with UAE's Golden Visa 'While the UAE Golden Visa is more globally recognised, with pathways for professionals, creatives, scientists, and students, its eligibility thresholds are higher and the process more selective,' said Boiko. For instance, investors in the UAE often need to commit upwards of AED 2 million (approximately ₹4.53 crore), and cities like Dubai and Abu Dhabi are far more expensive to live in compared to Bahrain. 'From a lifestyle perspective, Bahrain offers a slower, more community-oriented environment—ideal for those prioritising work-life balance and affordability,' Boiko said. 'It's especially attractive to Gulf-based expats looking for a permanent base without the financial intensity of the UAE.' However, he pointed out that the UAE still has stronger infrastructure, global air connectivity, and deeper business ecosystems—particularly in fintech, real estate, and innovation. 'When one goes to Dubai, they go to highly improved infrastructure,' said Boiko. 'When we are talking about Bahrain or Qatar, things are different. On the other hand, it gives you more opportunity, because the country is growing.' Caveats for Indian applicants According to Boiko, while the Bahrain Golden Visa may appeal to Indian professionals, retirees, and high-net-worth individuals, there are a few conditions to keep in mind: 1. It does not lead to citizenship Bahrain's Golden Visa is a long-term residency permit, not a route to citizenship. Dual citizenship is not permitted in either Bahrain or India, so if you're looking for a second passport for global mobility or security, this is not the path. The same applies to the UAE. 2. You must maintain your investment or income If you qualify by property ownership, the minimum BHD 200,000 property must be retained. Selling the asset without meeting another eligibility criterion could result in cancellation of your visa. 3. Renewal is conditional The visa is valid for 10 years, but renewal depends on continued compliance with the original criteria—whether income, pension, or investment. Bahrain's property market is smaller and less liquid than Dubai's. If you're buying property to qualify, be aware that reselling or exiting the investment may take time.
The Hindu
6 days ago
- Business
- The Hindu
Golden visa schemes are response to conflicts, Trump's decisions on U.S. citizenship: Dubai-based immigration expert
The golden visa schemes that are being introduced by several countries including the United Arab Emirates is a response to the currently prevailing sense of global uncertainties, said a leading immigration specialist. Speaking to The Hindu in New Delhi on Wednesday (July 16, 2025), Andri Boiko, Dubai-based immigration specialist and entrepreneur said pandemic, conflicts in West Asia and Ukraine, U.S. President Trump's orders on U.S. citizenship rules and attraction of tax relief among high net worth individuals in the Global South are reshaping the immigration landscape of the world. 'United Arab Emirates has started the golden visa scheme that will give ten year visa for high net worth individuals and for individuals with extraordinary skills from India and other countries. Argentina is also expected to start the golden visa scheme later this year,' said Mr. Boiko, explaining that the way global immigration rules are being redefined against the background of the tough changes that are being introduced by the U.S. administration. President Trump on January 20 issued Executive Order 14160 'denying citizenship to persons born from a mother who was unlawfully present in the United States and the father was not a U.S. citizen or lawful permanent resident (LPR) at the time of said person's birth'. The order has been at the centre of a fierce debate and has been challenged in the court putting a question mark on the citizenship status of many U.S. citizens. Mr. Boiko, who started 'Garant In' in 2009 as a citizenship and residency advisory service in Dubai, said changing rules and taxation are pushing more and more high achievers to find safe locations where they can ensure safety of their finances and conduct business without hindrance. 'The UAE's golden visa will give high net worth investors and high achievers from India and other countries the edge of Dubai while they will continue to be based in India,' said Mr. Boiko, adding, 'You can get the golden visa without surrendering Indian passport and this will increasingly become a trend worldwide'. Mr. Boiko pointed out that while some countries in the West are cracking down on illegal immigration from the Global South, there also some western countries especially Portugal, Italy, France in Europe who want to welcome high net worth individuals from major countries in the Global South. 'Taxation, future security of finances and investment into the next generation, status symbol, are also among the reasons that are prompting high net worth people from the Global South to explore possibility of becoming a long term resident of a country like Italy and France,' said Mr. Boiko.
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Business Standard
14-07-2025
- Business
- Business Standard
₹23 lakh Golden Visa? These residency schemes are meant only for ultra-rich
Golden Visas are for the ultra-wealthy, not middle-class dreamers. Last week, a fake scheme claiming Indians could secure a 'lifetime UAE Golden Visa' for ₹23.30 lakh went viral, offering what seemed like a budget-friendly shortcut to long-term residency in one of the world's wealthiest nations. Within 48 hours of the buzz, the UAE government shut down the story completely, calling it baseless and warning that such residency routes must go through official channels only. The fact is that the Golden Visas aren't for the average migrant. They're built for rich investors with deep pockets, not middle-class families. Golden Visas are for the wealthy — no shortcuts Golden Visas do exist, but they're not a shortcut to permanent residency for the middle class. They're investment-driven and geared towards those who can inject substantial capital into a country's economy. 'These are not immigration pathways for the general population; they are exclusive to High Net-Worth Individuals and Ultra High Net-Worth Individuals seeking to expand their global footprint,' Andri Boiko, founder and CEO of international advisory firm Garant In told Business Standard. According to Boiko, entry into these programmes doesn't come cheap. Most countries require investments ranging from hundreds of thousands to several million US dollars or euros, depending on the route. 'Over the years, I've seen various nations fine-tune their offerings, tailoring them to appeal to affluent investors by offering a mix of security, mobility, and premium lifestyle benefits. But the entry point remains firmly out of reach for most,' he said. There's usually a long list of requirements too—proof of legal income, a clean legal record, and holding the investment for a minimum number of years. What other countries offer UAE: Requires real estate investments worth AED 2 million (approx. USD 545,000) for a 10-year visa Singapore: Demands a SGD 2.5 million investment under its Global Investor Programme Grenada: Offers citizenship via a $235,000 donation or $270,000 property investment Now, Trump is also planning to come up with a similar, yet much pricier 'Gold Card' for $5 million. 'These visas are about opening borders with capital,' said Boiko. 'For the select few who qualify, the world becomes significantly more accessible.' Why the ₹23 lakh rumour took off The idea of a Golden Visa for just ₹23 lakh caught fire for a reason. It felt reachable. 'The viral belief in the ₹23 lakh UAE Golden Visa scheme among Indians was fuelled by a mix of economic aspiration and a genuine desire for a better life abroad,' said Boiko. 'The UAE is always seen as a land of opportunity—offering tax-free income, modern infrastructure, and a cosmopolitan lifestyle.' Compared to the usual ₹4 crore needed for such programmes, ₹23 lakh didn't sound that far-fetched. And that's what made it so easy to believe. The story spread fast—consultancy firms hinted at it, and influencers jumped on board. Soon, it was all over YouTube, Facebook and family WhatsApp groups. Prashant Ajmera, an immigration lawyer and founder of Ajmera Law Group, didn't mince words. 'The so-called scheme was fake, generated by those wanting to scam Indians,' he told Business Standard. Ajmera pointed to a deeper problem — media channels picking up such news without checking the facts. 'I received several phone calls, and when I said the information wasn't true, people simply replied, 'But it's in the newspaper.' There's a deeply ingrained assumption that if something appears in print, it must be true,' he said. 'In my view, the media failed to verify this information properly, which is what led to all the confusion over the past four days.' He added that some firms in the global residency business release sensational reports just to stay in the spotlight and attract high-profile clients. 'These firms, who are often legal advisors in the residency and citizenship business, use this attention to grow their practice. And their clients? Often politicians, corrupt bureaucrats, and even criminals looking for safe havens abroad,' he said, though he did not name specific firms. Fake visa pitch preys on real hopes Boiko said the fake visa pitch preyed on real hopes. 'This misinformation exploits the aspirations of individuals seeking better opportunities abroad,' he said. He made it clear that Golden Visas are not something you can simply purchase. 'The Golden Visa is indeed a legitimate pathway for highly skilled professionals, investors, and other eligible categories, but it is not a commodity to be bought outright. Eligibility is determined by professional merit, contributions to the UAE economy, and a thorough vetting process—not by a simple fee payment.' He said the UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has confirmed that no internal or external consultancy is authorised to process Golden Visa applications. Any offer that claims otherwise, he said, is fraudulent. How did the ₹23 lakh Golden Visa rumour start? It all began with a press release from Dubai-based firm Rayad Group, which claimed that Indians could secure a Golden Visa at a fraction of the usual cost. News agency PTI picked it up, and within hours, the story was everywhere. The offer sounded almost too good to be true, and it was. Soon, WhatsApp forwards, Facebook reels and X threads were flooded with posts marvelling at the deal. Some went as far as saying that for the price of a Mercedes-Benz E-Class in India, you could not only get the same car in Dubai but also bag a long-term UAE residency. However, after two days of #UAEGoldenVisa trending online, the UAE government broke its silence. It called the claims baseless and confirmed there is no such 'lifetime residency' visa. It also reminded the public that all Golden Visa applications must go through official government channels only. Rayad Group then withdrew its press release and issued an apology, saying its managing director, Rayad Kamal Ayub, had made incorrect statements.
