Golden Visa Programme
27.12.2024
Golden Visa Programme
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For Prelims: About Golden Visa programme |
Why in the news?
Recently, Spain's Congress has approved the termination of the controversial Golden Visa programme.
About Golden Visa programme:
- It is a residence by investment plan, which grants temporary residency to foreign nationals in exchange for a significant donation or investment in real estate, business, or other fields is known as a "Golden Visa."
- High-net-worth individuals (HNWIs) often physically relocate to favorable jurisdictions through golden visa schemes, granting them complete legal residency rights, including the facility to live, work, study, and receive healthcare in that nation.
Spain’s Golden Visa programme:
- Introduced in 2013, it allowed non-European Union citizens to obtain residency permits by investing a minimum of €500,000 in Spanish real estate.
Reasons for terminating the programme
○It cited the need to address rising property prices and ensure housing availability for local citizens, particularly in major cities.
○The programme was used for money laundering and tax evasion.
Source: Business Standard
Golden Visa, which was recently in the news, is:
A. A lifetime visa provided by the European Union for Nobel Laureates
B.Provided to Indian diplomats who are on special duty
C. A special visa provided to Olympic medal winners by India
D. A Residence By Investment (RBI) plan given to foreign nationals
Answer D