India does not allow dual citizenship, which means Indians cannot hold citizenship of any other country while holding an Indian passport. According to Article 9 of the Constitution of India, an Indian citizen loses their citizenship if they voluntarily acquire the citizenship of another country.
Still, there are wealthy Indians and other foreigners who take up either residency rights in foreign countries or even get a passport. In such cases, they either get a ‘golden visa’ or a ‘golden passport’ from a foreign country. Holding a passport differs significantly from holding a Golden Visa.
For example, an Indian passport holder can still hold a ‘Golden Visa’ without obtaining citizenship of another country. Golden visa and Indian citizenship can be held at the same time. But, holding dual citizenship is not allowed to Indian citizens.
Golden Visas are ‘residence by investment’ (RBI) schemes that grant you permanent residency rights but no citizenship, whereas Golden passport programs are Citizenship-by-Investment (CBI) schemes that grant you immediate citizenship and a passport.
Golden Visas
Golden visa programs allow wealthy individuals to maintain their nationality while enjoying residency rights in a foreign country without immediately obtaining citizenship. Travelling across nations only on a Golden Visa is not feasible, as it acts as a resident card or a long-term visa. However, a golden passport grants entry without the need for a visa to several other nations.
Typically, Residency-by-Investment programs require the individual to remain months or years in the country before becoming eligible for citizenship. Some countries provide golden visas that start as temporary residence permits, with the option to convert them to permanent residency after a few years.
The hugely popular American EB-5 visa program is a golden visa scheme that allows foreigners to gain residency rights in a country by making an investment or creating a certain number of jobs. Once granted, EB-5 investors can later apply for US Green Card, giving them lawful permanent residence status, and subsequently can apply for US citizenship through the process of Naturalization.
Golden Passport programs
A golden passport issued by some countries does not require foreigners to have prior residency. What attracts wealthy foreigners to these CBI programs is the preferential tax treatment that they offer. These ‘golden passport’ plans enable individuals to acquire a new nationality through investment or by depositing a specific amount into the host country’s government bank account.
Golden Passport programs vary by country, each offering different rules and incentives for investors. Options to obtain a Golden Passport include investing in real estate, government bonds, or making non-refundable donations to the host nation. However, some countries entirely prohibit real estate investments, while others have specific restrictions.
Disclaimer: This article is for general informational purposes only and does not constitute legal, immigration, or tax advice. Immigration laws and government policies are subject to frequent change without notice. While we strive to provide accurate updates, readers are strongly advised to verify the latest requirements with the official embassy, consulate, or government portal of the respective country. Financial Express is not responsible for any decisions made based on this information. For personalized guidance, please consult a qualified immigration attorney or a certified professional advisor.