Vietnam proposes Golden Visa to attract ultra-wealthy and global talent

In recent years, Vietnam has grown in popularity as a vacation destination for billionaires and ultra-wealthy people. In a letter to the government, the Vietnam Tourism Advisory Board (TAB) proposed three different visa categories to draw professionals, artists, and the ultra-wealthy to Vietnam.

The 3 new visa categories proposed are:

Vietnam Golden Visa with a term of 5-10 years, with the possibility of extension, longer than the current term of 1-2 years

Investor Visa with a term of 10 years, with a roadmap to become a permanent resident after 5 years

Talent Visa with a term of 5 years, with a simple renewal process.

In an effort to attract long-term visitors, foreign professionals, and investors, Vietnam is launching a 10-year golden visa.

It is anticipated that those who significantly contribute to Vietnam’s economy, tourism, or innovative areas will be granted long-term, renewable residency under the country’s golden visa program.

The Vietnam Tourism Advisory Board has also recommended that pilot programs for these efforts be held in some provinces or towns with advantageous conditions, such as Phu Quoc, Ho Chi Minh City, Hanoi, and Da Nang.

Significant financial outlays and direct business engagement are required for Vietnam’s current DT-class visas (DT1 through DT4).

The one-year DT4 visa costs VND 3 billion (US$120,000), while the five-year DT1 visa costs VND 100 billion (US$4 million). These visas may be seen as restrictive by foreign investors who prefer portfolio-based or passive residency routes.

In order to increase tourism, the government previously encouraged important companies to develop suitable visa policies, especially for foreign tourists from developed countries and super-rich and billionaire organizations.

The government is also considering lowering immigration fees, granting visa exemptions for important markets, and improving visa processing procedures.

Currently, citizens of 30 countries are exempt from Vietnam’s visa requirements. Regardless of the type of passport or reason for arrival, the government of 12 nations granted visa exemptions to citizens on March 7 that allow them to remain in Vietnam for 45 days after the date of admission.

It is anticipated that Vietnam’s golden visa will increase the number of living and employment options available to Indian professionals and Southeast Asian businesses.