India's super rich are buying one-way tickets out of the country. According to a recent report by Henley & Partners (H&P), a UK-based global citizenship and residence advisory firm, over 8,000 HNIs are expected to leave India in 2022. This ranks us among the top three countries globally in terms of HNI migration after Russia & China.
Rigid tax regulations, the allure of an elevated standard of living encompassing superior education and healthcare amenities for the family, and the demand for more robust passports serve as primary factors in this substantial migration of wealth and value, particularly following the COVID outbreak.
To explore the value proposition of leading global startup visas and golden visa benefits, including the golden visa UAE option, we welcome Paresh Karia, CEO of Acquest Advisors. Our conversation delves into the prerequisites for the US EB5 Visa, the Canada Startup Visa, as well as Portugal and UAE Golden Visas. We'll also examine why thousands of Indian CXOs, industrialists, and startup founders are eagerly enrolling each year.
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Speaker 1: Hi, I'm Sekar marketer, creative and media nerd. Welcome to
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Speaker 1: Join me on the you incorporated podcast and start building
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Speaker 1: your empire. Here we go.
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Speaker 1: Please join me in welcoming Mr Pash Kaa, the CEO
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Speaker 1: of Aqui Advisors, a Mumbai based immigration advisory firm specialising
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Speaker 1: in global business, immigration, residency and citizenship by investment programmes
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Speaker 1: Paris Company offers tailor made immigration solutions to Indian H
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Speaker 1: N I s business owners and startup founders. Welcome to
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Speaker 1: the show Paresh.
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Speaker 1: Thank you for inviting me on the show and giving
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Speaker 1: me the opportunity of speaking on this much talked about
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Speaker 1: subject of immigration.
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Speaker 1: Karesh add did some thinking around. According to the latest
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Speaker 1: he global citizenship report, as many as 8000 h and
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Speaker 1: I are expected to leave India in 2022 we keep
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Speaker 1: seeing these reports in the media from time to time
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Speaker 1: about Indian H N I and Indian business owners potentially
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Speaker 1: leaving the country. Why are so many of India's Richie
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Speaker 1: Rich buying one way ticket out of the country? That
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Speaker 1: important question When it comes to immigration, getting numbers is
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Speaker 1: very difficult.
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Speaker 1: But by and large, yes, there is a trend. We
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Speaker 1: have seen more and more people. H n s moving
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Speaker 1: outside and it started some time back, right from 1015 16,
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Speaker 1: 18 onwards, and now it is a full flow. So
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Speaker 1: let us first talk about why H n
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Speaker 1: guys are moving outside. India are looking at opportunities outside India.
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Speaker 1: I think there are various factors behind this. The very
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Speaker 1: first thing is increasing wealth. As we have seen over
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Speaker 1: the last few years. The number of millionaires and more importantly,
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Speaker 1: billionaires is growing rapidly than anywhere else in the world.
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Speaker 1: And when people get money, they get more confident. They
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Speaker 1: are looking at moving to other countries, exploring opportunities over
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Speaker 1: there enjoying a better quality of life. Or maybe it
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Speaker 1: would be for Children's education, business expansion, various other visas
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Speaker 1: which Children would have for moving outside India.
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Speaker 1: The second reason that we are seeing is a lot
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Speaker 1: of people with whom we are interacting with a large
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Speaker 1: portion of them are doing it for the next generation.
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Speaker 1: They want their Children to study overseas and settle overseas.
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Speaker 1: And this has been the trend, especially with the US
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Speaker 1: e B five programme that we have seen that Children
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Speaker 1: want to go out and study over there after moving overseas.
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Speaker 1: They are not sure whether they will get to to
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Speaker 1: staying in those countries because of restrictions being imposed on
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Speaker 1: visas over there.
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Speaker 1: So in a way, parents want to buy a residency
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Speaker 1: for their Children over seats, also, with more and more
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Speaker 1: the Children over seats for studies. The parents also feel like, Hey,
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Speaker 1: why not? I go over there with my Children, spend
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Speaker 1: time over there, for instance. My son is studying in
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Speaker 1: an international school and in his school, all the students
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Speaker 1: are looking at moving outside
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Speaker 1: for students, and many of the parents of those Children
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Speaker 1: would like to move with them given an opportunity. The
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Speaker 1: third reason is, of course, growing awareness about the programme.
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Speaker 1: Over the last few years, we have seen that citizens
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Speaker 1: by investment residents by investment, this industry is growing, more
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Speaker 1: and more people from outside India are coming into India
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Speaker 1: to market
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Speaker 1: those programmes and more and more are are now getting
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Speaker 1: exposed and aware about this opportunities. So they are realising
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Speaker 1: that there is an easy lay out or getting a
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Speaker 1: permanent residency in a foreign country. If you have money,
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Speaker 1: you will have to go and if you don't work
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Speaker 1: over there, you will have to go and collect some
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Speaker 1: points or you lose much money and you get a
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Speaker 1: or citizenship.
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Speaker 1: So why not? Having said that, the trend has got
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Speaker 1: accelerated over the last 23 years, especially post forward
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Speaker 1: and one of the reasons for this threat getting accelerated
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Speaker 1: first and foremost is of course, all over during the covid.
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Speaker 1: We realise how important it is to have physical mobility
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Speaker 1: for us because various countries were getting impacted and there
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Speaker 1: were travel restrictions. You did not have a requested facility
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Speaker 1: in your country, and because you did not have a
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Speaker 1: travel document and restrictions imposed by other countries, we could
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Speaker 1: not
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Speaker 1: to other countries. And during Covid. We also saw that
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Speaker 1: some of the people who had residencies outside India recently
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Speaker 1: moved outside India. There were so many h i from
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Speaker 1: India who had moved to Dubai and were running business
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Speaker 1: from Dubai. Whereas there are many other in India who
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Speaker 1: were never part of this and they were stuck in India.
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Speaker 1: We know what happened in even in cities like Delhi
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Speaker 1: where there are so many wealthy people despite all their wealth,
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Speaker 1: they had to suffer. That's made people realise that. Look,
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Speaker 1: I need to have an alternative
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Speaker 1: and that's when they started looking at other options. We
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Speaker 1: all know that Indian business is getting more and more regulated.
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Speaker 1: We have seen Demonetization come again. We have seen G
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Speaker 1: s to come again. We are seeing more and more
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Speaker 1: income tax disclosures. We are seeing a lot of regulations
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Speaker 1: coming into India and there were many people who were
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Speaker 1: used to working in the old way and there were
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Speaker 1: not many regulations. They are finding it difficult to adopt
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Speaker 1: the new way of
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Speaker 1: working. So many of them are also moving to other
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Speaker 1: more friendly countries like U A. Dubai, for instance, has
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Speaker 1: seen a lot of migration of Indian business will move
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Speaker 1: over there because that this is not as regulated as
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Speaker 1: India is getting regulated today. So those are the factors
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Speaker 1: which have just accelerated the trend in the recent times.
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Speaker 1: Let's take each of these factors one by one, right?
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Speaker 1: How is citizenship by investment or residency by investment fundamentally
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Speaker 1: different from the point based system that you, the average
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Speaker 1: you would get in the US or in Canada? Let's
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Speaker 1: talk about PR and citizenship. What is the difference? I
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Speaker 1: think there is a lot of confusion with regard to
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Speaker 1: this fundamental question. Just yesterday, somebody called me up and
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Speaker 1: says that I want US citizenship and there is no
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Speaker 1: way you can get US citizenship.
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Speaker 1: What he meant was a permanent presidency. Getting permanent residency
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Speaker 1: is easier. Getting citizenship is the next stage. There are
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Speaker 1: two fundamentally different aspects. Also, there are some commonalities between
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Speaker 1: the two, the benefits that you get from a permanent
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Speaker 1: residency as well as citizenship. A lot of them are common,
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Speaker 1: so this to you in terms of your use very
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Speaker 1: loosely and they are used interchangeably. So let's understand what
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Speaker 1: is the difference between permanent presidency and citizenship?
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Speaker 1: When you talk about permanent residency, it means that you
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Speaker 1: have a right to permanently reside in a particular country
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Speaker 1: while being a citizen of your own country.
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Speaker 1: So let's say if you have a green card for
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Speaker 1: USA Green card will allow your permanent residency. You have
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Speaker 1: a right to live in the US, right? But you
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Speaker 1: continue to avoid an Indian passport. You are still an
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Speaker 1: Indian citizen,
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Speaker 1: but they live in the US. You have Children get
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Speaker 1: study all day. You get all the benefits all there,
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Speaker 1: as any other resident will require
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Speaker 1: when it comes to citizenship. In addition to all those benefits,
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Speaker 1: you get a couple of more benefits. What are those benefits?
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Speaker 1: One is if you are a citizen of a particular country,
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Speaker 1: you can vote in elections. Work in that. And the
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Speaker 1: second benefit that you get with citizenship is that you
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Speaker 1: got a passport, a country. So if you got a
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Speaker 1: pass of that country, you will get a visa after
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Speaker 1: you travel to all the countries which that passport is
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Speaker 1: taken into.
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Speaker 1: So these are the two main benefits of a citizenship.
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Speaker 1: Other than that, there is not much difference between the
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Speaker 1: benefits that you get in a permanent residency and citizenship
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Speaker 1: and what are the benefits that people are looking at.
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Speaker 1: Most of the people are looking at migrant outside India
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Speaker 1: are looking at a right to go and stay in
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Speaker 1: that country permanently. They want their Children to study over
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Speaker 1: there in those countries, in the schools and universities over
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Speaker 1: there they want. They get the health care benefit, which
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Speaker 1: is usually available even if you are a permanent resident.
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Speaker 1: And they want the right to carry on business and
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Speaker 1: travel freely in that country. So all those benefits are
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Speaker 1: generally available with permanent president. How do we get permanent residents?
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Speaker 1: Right? Either you work for a particular country as a student,
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Speaker 1: then you take up a job over there. After the job.
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Speaker 1: You stay there in that country for a certain number
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Speaker 1: of years. You get permanent residency or you directly go
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Speaker 1: on work in that country. You go on a work permit,
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Speaker 1: and after stay for certain years, you'll get a permanent
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Speaker 1: residency or
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Speaker 1: somebody sponsors you. You are a family who sponsors you
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Speaker 1: on board in that particular country or all the residents.
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Speaker 1: Or you can get permanent residency for investment, which is
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Speaker 1: the trend nowadays where you won't have to do anything,
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Speaker 1: you just invest the money and that permanent per country.
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Speaker 1: How do you create citizenship?
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Speaker 1: You get citizenship by first. Usually you never want to
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Speaker 1: acquire a citizen of a country that the first step
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Speaker 1: is getting permanent residents. For instance, if you want a
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Speaker 1: citizenship of US, you first need to take up the
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Speaker 1: Greek card. After getting the green card, you need to
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Speaker 1: stay in US during the five years for at least 50%
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Speaker 1: of the time
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Speaker 1: and only after that you get your citizenship. Similarly, in
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Speaker 1: the case of UK, you know you need to stay
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Speaker 1: there for a certain number of years only after you
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Speaker 1: become eligible for citizenship and same as the case with Canada.
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Speaker 1: So in most of the countries you first take a
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Speaker 1: permanent presidency. You stay there for a certain number of
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Speaker 1: years and then you become eligible for citizenship.
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Speaker 1: However, there are some countries. There are some countries which
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Speaker 1: you can directly buy citizenship either by giving donation to
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Speaker 1: the government of that country or by making some investments.
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Speaker 1: For instance, Malta. Malta is one country in Europe where
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Speaker 1: you can directly take up a citizenship by making a
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Speaker 1: substantial donation to the government. Those are €600
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Speaker 1: but that programme is going to be very controversial. The
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Speaker 1: European Union wants to put restrictions on it and the
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Speaker 1: scrutiny is also very tight and very few people are
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Speaker 1: able to get that citizenship directly.
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Speaker 1: There are some Caribbean countries we all know about the
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Speaker 1: Caribbean countries who send their passport. But all those countries,
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Speaker 1: those citizenships do not have much benefit other, rather than
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Speaker 1: giving you travel benefits. Nobody was level the Caribbean country, right?
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Speaker 1: So generally the preferred route is and then M world
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Speaker 1: citizens
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Speaker 1: got it. And what is the fundamental difference in the
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Speaker 1: motivation for somebody to get Caribbean passport versus somebody? Get APR.
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Speaker 1: In a country like US, you have motives like you
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Speaker 1: want your Children to stay over there and grow in
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Speaker 1: the US. You want to go and live a good
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Speaker 1: life in the US, and you want to set up
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Speaker 1: a business and grow the US. That's why you want
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Speaker 1: to move to US or, for that matter, any other
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Speaker 1: developed country,
00:11:36
Speaker 1: whether it is Canada or whether it is UK. Generally,
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Speaker 1: people are looking at better future prospects for their family
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Speaker 1: and their Children, better life for themselves and better business opportunities.
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Speaker 1: These are the driving factors when it comes to a
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Speaker 1: certain of a Caribbean country news. It is a mobility
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Speaker 1: that is a fact that people want a second passport.
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Speaker 1: They think that by taking up a second passport, they'll
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Speaker 1: get mobility. But this is a misnomer in the sense
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Speaker 1: that India doesn't allow dual citizenship. Keep in mind that
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Speaker 1: if you are going to take up a passport of
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Speaker 1: a Caribbean country, you're giving up a new citizenship of India.
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Speaker 1: People don't realise that the motive behind Carib Passport, I
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Speaker 1: would say, is maybe somebody just wants a mobility. They
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Speaker 1: want a passport which should give them a visa. Free
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Speaker 1: travel access to some countries. One of the reasons people
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Speaker 1: are looking at Caribbean passport is because it is very
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Speaker 1: actively marketed. So you you have all these foreign agents
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Speaker 1: who are coming over here
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Speaker 1: and try to sell you the passport, which are probably easy.
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Speaker 1: Whereas the fact is that even with the Caribbean passport
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Speaker 1: you have very limited access. You have access mostly to
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Speaker 1: European countries. You don't even get access to US and Canada.
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Speaker 1: Your Caribbean passport. Most of the Caribbean passports won't give
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Speaker 1: you access to that u, Canada, Australia and other countries.
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Speaker 1: So you have to be very careful. Understand why you
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Speaker 1: are doing it. And
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Speaker 1: I don't think there is much benefit attached to the
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Speaker 1: Carvin passport other than travel mobility to countries, European countries
00:13:00
Speaker 1: and UK to some extent,
00:13:02
Speaker 1: got it. Now let's speak about the kind of people
00:13:05
Speaker 1: programmes like these would make sense for what is the
00:13:08
Speaker 1: general demographic of your clients? Are these primarily elderly CEO
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Speaker 1: s and industrialists, or are these primarily younger Sata founders?
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Speaker 1: What are the kind of people approaching you for these programmes?
00:13:21
Speaker 1: So it varies from motive to motive whenever you're doing immigration,
00:13:24
Speaker 1: the first thing we need to see what is your motive?
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Speaker 1: I've seen a large section of people who are in
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Speaker 1: their late forties or fifties were Children who were
00:13:31
Speaker 1: in high school and they want their Children to move
00:13:34
Speaker 1: overseas for education, maybe to do us or to Canada,
00:13:38
Speaker 1: or they already have Children there. And now they are
00:13:42
Speaker 1: also taking that look if possible, I would also like
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Speaker 1: to move over there and live with my Children. So
00:13:49
Speaker 1: that is one of the factors which is driving people
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Speaker 1: over there to this this kind of programmes, The other
00:13:55
Speaker 1: factor which is driving people to the such programmes is
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Speaker 1: essentially their feeling
00:14:00
Speaker 1: and they want to work at a quality class. They
00:14:01
Speaker 1: worked hard. They all well over there. They want that
00:14:04
Speaker 1: business over here and they can continue running the business
00:14:08
Speaker 1: of their pre over here. Maybe some family member or
00:14:11
Speaker 1: some professional CEO can run the business over here and
00:14:14
Speaker 1: they can enjoy life. They can move rather than a
00:14:16
Speaker 1: country and enjoy a good quality life over there. There
00:14:19
Speaker 1: is another factor.
00:14:20
Speaker 1: Another section of people which are coming to us, which
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Speaker 1: is getting very popular right now, is a backup plan.
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Speaker 1: People do not want to move out of India and
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Speaker 1: to live in another country. They want their business. So
00:14:33
Speaker 1: in terms of economy, economy is doing quite well and
00:14:36
Speaker 1: all those businessmen are also doing quite well. But the
00:14:40
Speaker 1: situation over here is similar to what was in China.
00:14:42
Speaker 1: A few years back, Chinese economy was booming.
00:14:45
Speaker 1: Chinese were making money, but they still wanted an option
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Speaker 1: to move out of that country. Secondly, Indian businessmen are
00:14:51
Speaker 1: also looking at creating that option if the situation becomes arose.
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Speaker 1: Maybe we have something like a covid or some kind
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Speaker 1: of other political crisis or economic crisis or whatever. I
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Speaker 1: need to have a backup option whereby I can take
00:15:06
Speaker 1: care of my family. I can move somewhere easily, and
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Speaker 1: I'm not stuck over yet.
00:15:12
Speaker 1: Also, they are creating a path for the future employment.
00:15:15
Speaker 1: For example, in case of a Portugal gold visa, you
00:15:18
Speaker 1: can pick up the residency in Portugal, but you don't
00:15:22
Speaker 1: have to go and stay over there. All you need
00:15:24
Speaker 1: to do is spend just seven days here.
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Speaker 1: You can go and live there permanently whenever you want
00:15:30
Speaker 1: and also the through Portugal got a visa. You can
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Speaker 1: take up a citizenship of Portugal after five years,
00:15:39
Speaker 1: and once you take a get a citizenship of Portugal,
00:15:42
Speaker 1: you are a citizen of the European Union, so you
00:15:45
Speaker 1: can move and settle in any of these 27 European
00:15:48
Speaker 1: Union countries. Your Children can study for free or at
00:15:52
Speaker 1: a concessional rate in any of the universities. Maybe Germany,
00:15:56
Speaker 1: France or anywhere they want. They can go study. Over there,
00:16:01
Speaker 1: you can settle in any of these countries, so it
00:16:03
Speaker 1: virtually gives you access to the whole of Europe,
00:16:08
Speaker 1: right and without any obligation to having to stay in
00:16:11
Speaker 1: that country. So while staying in your home country, India,
00:16:14
Speaker 1: you go about your affairs as usual and you are
00:16:17
Speaker 1: creating a option for yourself and your family to move
00:16:20
Speaker 1: to Europe should the situation arise. A sizable percentage of
00:16:26
Speaker 1: our listeners are young founders who listen to our show
00:16:29
Speaker 1: primarily to get
00:16:31
Speaker 1: get information on how to grow their business. Could you
00:16:34
Speaker 1: give us a sense of the kind of programmes that
00:16:37
Speaker 1: would make sense to the 30 something entrepreneur looking to
00:16:41
Speaker 1: maybe not invest as much and also have some benefits
00:16:45
Speaker 1: for his or her startup? I think it is a
00:16:47
Speaker 1: fantastic time to be an entrepreneur in India. We are
00:16:50
Speaker 1: seeing entrepreneurship ballooning in India, and there are so many
00:16:54
Speaker 1: successful
00:16:54
Speaker 1: preneurs over the last 5 to 7 years. I'm so
00:16:58
Speaker 1: glad to see those youngsters late twenties, early thirties, successfully
00:17:01
Speaker 1: setting up their business, and most of them are in
00:17:04
Speaker 1: that space, so people like them. So there are fantastic
00:17:08
Speaker 1: opportunities available in you have the startup visa programmes. Most
00:17:13
Speaker 1: of the developed countries are trying to attract this talent
00:17:17
Speaker 1: at India's,
00:17:18
Speaker 1: the vast full of entrepreneurial talent. And there is a
00:17:21
Speaker 1: talk of entrepreneur talent in especially countries like, let's say,
00:17:24
Speaker 1: Canada UK et cetera. So they are trying to attract
00:17:29
Speaker 1: entrepreneurial talent from all over the world, especially the tech talent,
00:17:33
Speaker 1: and to attract such talent, they have created this special
00:17:37
Speaker 1: category of visa called the startup Visas or the innovative visas.
00:17:41
Speaker 1: This is an incentive for entrepreneurs with innovative ideas to
00:17:46
Speaker 1: move into a country like Canada or UK or France, Netherlands,
00:17:49
Speaker 1: et cetera. Set up their business over there and move
00:17:53
Speaker 1: there with their family. So all those companies are actually
00:17:56
Speaker 1: ruling out red carpets for entrepreneurs with innovative ideas. They
00:18:01
Speaker 1: want them to come to their country.
00:18:03
Speaker 1: We set up the business. Could you give us a
00:18:05
Speaker 1: bit more details about some of the countries that have
00:18:09
Speaker 1: these innovative visa programmes and how much time and money
00:18:13
Speaker 1: would it potentially cost somebody to sign up for some
00:18:15
Speaker 1: of these programmes? Let's start with the most popular programme
00:18:18
Speaker 1: Canada startup Visa Canada was a pier when it comes
00:18:21
Speaker 1: to startup visa. They started this startup visa some time back,
00:18:24
Speaker 1: and it initially it was very slow, but it really
00:18:27
Speaker 1: took off post 2008.
00:18:29
Speaker 1: So under this Canada set of visa structure, whereby any
00:18:33
Speaker 1: entrepreneur who has an innovative idea and some credibility or
00:18:38
Speaker 1: to call or they can set up this new business
00:18:41
Speaker 1: in Canada and they need to prepare a business plan,
00:18:44
Speaker 1: they need to do proper research and they need to
00:18:47
Speaker 1: justify why they want to set up this business in Canada.
00:18:52
Speaker 1: How are they going to benefit from setting up this
00:18:55
Speaker 1: business in Canada? And more importantly, how is Canada going
00:18:59
Speaker 1: to benefit from their business? To this extent, they have
00:19:02
Speaker 1: to make a business plan. They have to make a
00:19:04
Speaker 1: presentation and
00:19:05
Speaker 1: and they have to get this business approved by appropriate
00:19:10
Speaker 1: bodies appointed, which are called designated entities. And these are
00:19:15
Speaker 1: appointed by the government. So you have the angel investors.
00:19:19
Speaker 1: You have venture capital funds and you have business in.
00:19:23
Speaker 1: These are the bodies which are specialising
00:19:26
Speaker 1: in supporting funding and helping startups to rule in Canada.
00:19:31
Speaker 1: So you need to pitch your business idea. You need
00:19:34
Speaker 1: to present it in one of the designated entities, which
00:19:38
Speaker 1: is appointed by the Canadian government. And if they are
00:19:41
Speaker 1: convinced with your business idea and your business plan, they
00:19:46
Speaker 1: will support you
00:19:47
Speaker 1: by way of writing a letter saying that they will
00:19:50
Speaker 1: be supporting you and your endeavour, and some of them
00:19:53
Speaker 1: will also be keen to invest in your business and
00:19:57
Speaker 1: with them support you can appoint, approach the Canadian Immigration
00:20:01
Speaker 1: Authority and directly find for your permanent residents. Canada has
00:20:06
Speaker 1: for various streams for immigration, But most of those rules
00:20:10
Speaker 1: for getting into Canada are quite complex. You need to
00:20:13
Speaker 1: score certain points you need to have certain network. You
00:20:16
Speaker 1: need to do investment of certain amount, whereas in case
00:20:19
Speaker 1: of the startup visa programme, you directly apply for permanent residence.
00:20:24
Speaker 1: So that is the very big advantage. There is no
00:20:26
Speaker 1: minimum investment amount required. You need to invest
00:20:30
Speaker 1: in your own business. You need to show what is
00:20:33
Speaker 1: applied for the next 34 years, and you need to
00:20:36
Speaker 1: show how we are going to raise some money for that.
00:20:38
Speaker 1: It could be more funding or it could be funds
00:20:40
Speaker 1: raised from somewhere else, so there is no criteria of
00:20:44
Speaker 1: minimum amount to be invested. There is no criteria of network.
00:20:47
Speaker 1: There is no criteria of education as well. You don't
00:20:51
Speaker 1: need to have a master's degree or a PhD. In
00:20:54
Speaker 1: order to qualify for this visa, all you need to
00:20:57
Speaker 1: do is have a low business. But if these entities
00:21:01
Speaker 1: are convinced with your business and you will also be
00:21:03
Speaker 1: funding your business,
00:21:05
Speaker 1: so it is an opportunity for you to not only
00:21:08
Speaker 1: migrate to Canada but also becoming a part of a
00:21:11
Speaker 1: startup club. You will know that the startup entities are
00:21:14
Speaker 1: looked at differently. They have have access to a fantastic
00:21:17
Speaker 1: startup ecosystem. You can raise funds easily and network with
00:21:21
Speaker 1: other entrepreneurs and other businesses. You can
00:21:25
Speaker 1: get other tariff supports funding, et cetera. Consistent rate from
00:21:29
Speaker 1: the government. You can attract talents. You can recruit interns
00:21:33
Speaker 1: from universities over there. A post of other benefits are
00:21:36
Speaker 1: available whilst you are classified as a startup in Canada.
00:21:41
Speaker 1: So all these benefits are available to the and the
00:21:44
Speaker 1: good part about this programme is that a group of
00:21:48
Speaker 1: five entrepreneurs can come together, set up the company and
00:21:52
Speaker 1: all five of them, along with their family members, become
00:21:55
Speaker 1: eligible for the startup visa and they can move
00:21:58
Speaker 1: with their family to paranoid. I'm sure many of our
00:22:03
Speaker 1: listeners would think this is too good to be true.
00:22:07
Speaker 1: One more thing. I would also like to add about UK.
00:22:09
Speaker 1: People are aspiring to go to UK, just like Canada.
00:22:12
Speaker 1: UK has recently introduced an visa programme. They have a
00:22:16
Speaker 1: startup visa programme also but UK startup visa programmes in
00:22:20
Speaker 1: more youngsters who are just out of university
00:22:23
Speaker 1: and just seeing the idea. But for more established entrepreneurs
00:22:28
Speaker 1: like your listeners who have already set up their business
00:22:31
Speaker 1: for them, we have the UK innovated visa, which works similarly,
00:22:35
Speaker 1: you need to present a business plan by endorsing the
00:22:38
Speaker 1: UK that will approve your business and then you can
00:22:43
Speaker 1: get a residency for it. Initially, you get a visa
00:22:46
Speaker 1: for three years,
00:22:47
Speaker 1: you move to UK and the good part is you
00:22:50
Speaker 1: can move there very quickly in just about three months time.
00:22:53
Speaker 1: You get your visa and you are in the UK
00:22:56
Speaker 1: working on your business. After three years, you look at
00:23:00
Speaker 1: certain parameters and then you have achieved certain amount of
00:23:04
Speaker 1: revenue or created certain amount of employment or created some
00:23:07
Speaker 1: I t.
00:23:09
Speaker 1: Once they commit, you get your permanent residency in the UK.
00:23:13
Speaker 1: So this is the fastest way of getting permanent residency
00:23:17
Speaker 1: in the UK. I'd love to dig a bit deeper
00:23:19
Speaker 1: into the requirements for some of these programmes. But are
00:23:23
Speaker 1: there any other startup visa programmes globally that you would
00:23:27
Speaker 1: want our listeners to know? Yes, most European countries have.
00:23:33
Speaker 1: You have Ireland, Portugal, you have France. All of them
00:23:37
Speaker 1: have their own motions of startup visa programmes which are
00:23:40
Speaker 1: very primary criteria is that we need to have a
00:23:43
Speaker 1: demo business and this needs to be certified or approved
00:23:47
Speaker 1: as a business by endorsing body that the country, we
00:23:51
Speaker 1: have large amount of options to choose from. Now let's
00:23:54
Speaker 1: be just a bit about
00:23:57
Speaker 1: a startup visa programme versus a golden visa programme because
00:24:02
Speaker 1: I think if I'm a business owner or a startup founder,
00:24:06
Speaker 1: it might seem very confusing to me. So could you
00:24:09
Speaker 1: lay out for me? When should a person go for
00:24:12
Speaker 1: a startup visa programme versus when should a person ideally
00:24:15
Speaker 1: go for a residency by investment programme
00:24:18
Speaker 1: start? A visa programme is essentially for somebody who has
00:24:21
Speaker 1: an business and who wants to privately move to another
00:24:26
Speaker 1: country who sees a business opportunity for that particular innovative
00:24:31
Speaker 1: idea in that country, wants to go over there
00:24:34
Speaker 1: and exploit that business. That's where we are essentially looking
00:24:38
Speaker 1: at moving to another country and setting up any business
00:24:43
Speaker 1: programme is essentially a massive investment programme, so you don't
00:24:48
Speaker 1: have to do anything over there.
00:24:50
Speaker 1: In fact, you don't even have to move into that
00:24:51
Speaker 1: country Under the World Visa programme, all you have to
00:24:54
Speaker 1: do is invest money primarily in a real estate in
00:24:59
Speaker 1: a country. Let's say, uh, Portugal, Spain, Greece, maybe even u.
00:25:05
Speaker 1: You buy a piece of real estate in that country
00:25:09
Speaker 1: and you get your visa. You don't have to go
00:25:13
Speaker 1: over there. You don't need to set up business. You
00:25:15
Speaker 1: don't need to meet any conditions.
00:25:17
Speaker 1: Second, good thing about rural visa is that you won't
00:25:20
Speaker 1: necessarily have who live in that country. You have a
00:25:23
Speaker 1: right to live in that country, but you don't have
00:25:25
Speaker 1: an obligation to stay there. So the kind of people
00:25:28
Speaker 1: who are looking at Golden Visa is quite different for
00:25:31
Speaker 1: people who are looking at startup visa for startup visa,
00:25:34
Speaker 1: you will have more of young entrepreneurs who are in
00:25:36
Speaker 1: their late twenties, early thirties in that range who are
00:25:40
Speaker 1: looking at moving and working on their business. World Visa,
00:25:44
Speaker 1: on the other hand, is for the people.
00:25:46
Speaker 1: People who have been there, done that, were acquired for
00:25:50
Speaker 1: successfully set up business, acquired wealth, and now they are
00:25:54
Speaker 1: just looking at investing that wealth and creating an option
00:25:57
Speaker 1: for themselves. Let's dig a bit deeper into startup visas.
00:26:01
Speaker 1: If I am an entrepreneur living in India
00:26:04
Speaker 1: and I apply for a startup visa in any of
00:26:07
Speaker 1: the European countries or potentially even in Canada, how long
00:26:11
Speaker 1: do I have to stay in Canada to maintain my
00:26:14
Speaker 1: PR status? There are two parts. One is one of
00:26:17
Speaker 1: the requirements for getting permanent. Reid and second part is
00:26:21
Speaker 1: maintaining your permanent residency whilst you have V C. Let's
00:26:24
Speaker 1: talk about Canada because that's where most people are interested in.
00:26:28
Speaker 1: So in order to acquire a permanent residency in Canada,
00:26:31
Speaker 1: the startup visa, it is
00:26:34
Speaker 1: not strictly necessary for you to move over there.
00:26:38
Speaker 1: You can actually apply for the permanent residency at and
00:26:43
Speaker 1: continue to stay in India till your time your application
00:26:45
Speaker 1: is approved, and only after you met permanent residency you
00:26:49
Speaker 1: can move to Canada,
00:26:50
Speaker 1: so there are many clients who are running their business
00:26:53
Speaker 1: over here. They have plans of running the same business
00:26:56
Speaker 1: in Canada. They're setting up the business over there, and
00:26:59
Speaker 1: they continue to work for, especially the tech business. We
00:27:02
Speaker 1: all know that tech business can be done from anywhere,
00:27:05
Speaker 1: so they continue to build on the Canadian startup while
00:27:08
Speaker 1: being in India. But it is advisable. Generally, we say
00:27:11
Speaker 1: that if there are more than one partner needs to
00:27:14
Speaker 1: be in Canada on the ground and running the business
00:27:16
Speaker 1: over there,
00:27:18
Speaker 1: however, there is no strict requirement. But you do get
00:27:21
Speaker 1: a work permit when your PR application is getting processed.
00:27:24
Speaker 1: You can always apply for a temporary visa to work
00:27:27
Speaker 1: on your startup and go there on a work permit,
00:27:30
Speaker 1: and you can keep shifting between India and Canada
00:27:34
Speaker 1: that is all going to affect your permanent residents.
00:27:37
Speaker 1: Unlike other business programmes in Canada, where if you're setting
00:27:41
Speaker 1: up a business in Canada, then you have to stay
00:27:44
Speaker 1: there for at least nine months in a year in
00:27:47
Speaker 1: order to become eligible for of the presidency. That commission
00:27:50
Speaker 1: is not the case of startup visa. What is required
00:27:53
Speaker 1: is that you need to show that you are working
00:27:55
Speaker 1: on your startup business
00:27:57
Speaker 1: once you get permanent residency. Then, irrespective of whatever route
00:28:02
Speaker 1: you I bought it. You know, you need to stay
00:28:05
Speaker 1: in Canada for 730 days in five years,
00:28:12
Speaker 1: right? So five years that in the block period of
00:28:14
Speaker 1: five years,
00:28:16
Speaker 1: you need to be in Canada for aggregate 730 days
00:28:20
Speaker 1: in order to ground two years.
00:28:22
Speaker 1: Yeah, two years in aggregate. So you go there and
00:28:24
Speaker 1: you stay there six months. You come back next year,
00:28:27
Speaker 1: you go there, you stay for six files, then you
00:28:29
Speaker 1: come back and so on and so forth. In aggregate,
00:28:32
Speaker 1: it should be 730 days during the five year period
00:28:36
Speaker 1: because after five years, your PR will come up for
00:28:38
Speaker 1: renewal and then it comes up for renewal and they
00:28:41
Speaker 1: will see whether you have spent 730 days at the
00:28:44
Speaker 1: previous five years in Canada.
00:28:47
Speaker 1: And this is irrespective of whatever which you have. What
00:28:51
Speaker 1: you are interested in, whether it is from work formal
00:28:54
Speaker 1: whether it is from students visa, whether it is from
00:28:56
Speaker 1: some other business visa.
00:28:58
Speaker 1: This is the general rule for reviewing the permanent presidency.
00:29:03
Speaker 1: Let's say at the end of five years I decide
00:29:08
Speaker 1: to be a citizen of Canada. What changes on the
00:29:12
Speaker 1: ground for me in India? What changes for me in
00:29:15
Speaker 1: terms of ownership of property
00:29:19
Speaker 1: ownership of my business entities in India? What fundamentally changes
00:29:23
Speaker 1: for me once I have a foreign citizenship, but I
00:29:26
Speaker 1: still want to have in some ways my Indian root. Firstly,
00:29:30
Speaker 1: let me tell you, getting citizenship in Canada is easy.
00:29:33
Speaker 1: It's one of the fastest ways one of the countries
00:29:35
Speaker 1: where you can get citizenship very quickly. All we need
00:29:38
Speaker 1: to do is stand
00:29:40
Speaker 1: 1095 days in Canada during the great figure of five years.
00:29:44
Speaker 1: Not during the five years. Any time all you need
00:29:47
Speaker 1: to do is spend 1095 days, which means that let's
00:29:50
Speaker 1: say you get your corporate presidency and you move to
00:29:53
Speaker 1: Canada and after move to Canada
00:29:55
Speaker 1: and you don't come back. You stay that you stay
00:29:58
Speaker 1: at a stretch for three years. You don't even move
00:30:00
Speaker 1: up of Canada for a single day after three years,
00:30:04
Speaker 1: for instance, that is quick compared to other countries where
00:30:07
Speaker 1: we become eligible for citizenship only after five
00:30:11
Speaker 1: coming back to your question. What changes right? Once you
00:30:15
Speaker 1: take up a citizenship of any country, you lose your
00:30:19
Speaker 1: ideal citizenship.
00:30:21
Speaker 1: India does not allow your citizenship, so this is something
00:30:24
Speaker 1: very important. We need to keep it in mind that
00:30:26
Speaker 1: you will have to give up your Indian citizenship. Or rather,
00:30:30
Speaker 1: you automatically lose your citizenship when you take up citizenship
00:30:33
Speaker 1: of other country. But having said that, there is not
00:30:37
Speaker 1: much loss to you because India has upon several of
00:30:40
Speaker 1: overseas citizenship or citizen of India. So once you take
00:30:44
Speaker 1: up a citizenship of other foreign country, you can apply
00:30:47
Speaker 1: for your O. C. A card,
00:30:49
Speaker 1: and Victor will see a car with Laura,
00:30:53
Speaker 1: right? You can travel visa free to India. You can
00:30:55
Speaker 1: stay here for as long as you want, so it's
00:30:58
Speaker 1: in a way like getting permanent residency to India. Once
00:31:00
Speaker 1: you become a citizen of a foreign country,
00:31:03
Speaker 1: so essentially lose much of the rights in India,
00:31:07
Speaker 1: you can continue to hold all your investments you can
00:31:10
Speaker 1: continue to do business over here. You can set up
00:31:13
Speaker 1: new business. You can buy new assets Over here, you
00:31:16
Speaker 1: can buy properties, et cetera. Everything you can do what
00:31:20
Speaker 1: an Indian citizen can do. Except there are two or
00:31:23
Speaker 1: three restrictions. One is you are love of foreign nationals
00:31:28
Speaker 1: because you are a citizen of some other factory, so
00:31:31
Speaker 1: you cannot buy agricultural land. In India,
00:31:34
Speaker 1: you cannot buy new agricultural land. In India, you can
00:31:37
Speaker 1: continue to hold whatever land you had earlier. You can
00:31:41
Speaker 1: also inherit agricultural land from your parents or relatives, but
00:31:47
Speaker 1: you cannot buy new agricultural land.
00:31:51
Speaker 1: The second thing that you cannot do is because you
00:31:53
Speaker 1: are not a citizen of India. You cannot vote or
00:31:56
Speaker 1: you cannot run for an election. You cannot run for
00:31:59
Speaker 1: a public office. Those are the only restrictions which are there,
00:32:04
Speaker 1: where it is to take up citizenship of some other country.
00:32:07
Speaker 1: Otherwise, with U C card, you can continue to do everything.
00:32:13
Speaker 1: What about hand card? If there are any legal affairs
00:32:16
Speaker 1: that I have to deal with, not necessarily criminal cases,
00:32:19
Speaker 1: but just civil cases as well. What would be the
00:32:22
Speaker 1: laws applicable to me. Given that I'm now a foreign national.
00:32:26
Speaker 1: Will the U. C. I card change anything for me?
00:32:29
Speaker 1: I don't think even change. You still have a pad
00:32:32
Speaker 1: and most of those suitcases also, unless they are so technical.
00:32:36
Speaker 1: Various case, which kind of know what kind of case
00:32:40
Speaker 1: is there, but I don't think much will change. Let's
00:32:42
Speaker 1: speak about start visas what it might potentially cause to
00:32:46
Speaker 1: apply for the programme, both in terms of the
00:32:50
Speaker 1: the government fees and the potential legal cost versus some
00:32:53
Speaker 1: of the presidency by investment programmes. Could you lay out
00:32:57
Speaker 1: a rough range of how much a potential entrepreneur should
00:33:01
Speaker 1: budget for some of these programmes so that they can
00:33:04
Speaker 1: figure out what would make more sense to them When
00:33:07
Speaker 1: it comes to startup Visa lets in Canada, you will
00:33:12
Speaker 1: have to pay some fees to the endorsing body to
00:33:16
Speaker 1: get the letter of support.
00:33:18
Speaker 1: If you're going to an incubator, you will have to
00:33:20
Speaker 1: call the programme and may they will incubate you, providing
00:33:25
Speaker 1: some facilities that help in Canada to set up your
00:33:28
Speaker 1: business and then return. You will pay them some fees
00:33:31
Speaker 1: if you're going to an investor they also have some
00:33:34
Speaker 1: kind of a fees.
00:33:36
Speaker 1: So the endorsing Bo, you will have to pay the fees.
00:33:39
Speaker 1: You have to pay fees to the corporate lawyer for
00:33:41
Speaker 1: setting up a company in Canada. In corporate, In this entity,
00:33:46
Speaker 1: you will have to pay somebody in Canada for doing
00:33:48
Speaker 1: primary research, secondary research, doing the business plan. If you
00:33:53
Speaker 1: are capable of doing all of that well, go to others.
00:33:56
Speaker 1: You will have to hire someone over there. And of course,
00:33:59
Speaker 1: you need the help of an immigration lawyer for your
00:34:01
Speaker 1: imig petition. So you need the help of a lot
00:34:04
Speaker 1: of professionals over there
00:34:06
Speaker 1: and this process quote depending upon which D. V you
00:34:10
Speaker 1: are approaching. These are all professionals. The fees vary, spreading
00:34:13
Speaker 1: upon what is that standing in the market and what
00:34:16
Speaker 1: is the quality of the service that they offer So
00:34:19
Speaker 1: typically for a startup visa, this could entail a cost
00:34:22
Speaker 1: of somewhere about 50 to $100 depending upon how many
00:34:28
Speaker 1: partners are there. And if you have more partners and
00:34:30
Speaker 1: the cost is less. If you are just a single partner,
00:34:33
Speaker 1: then
00:34:34
Speaker 1: you were one person have share all the costs, and
00:34:36
Speaker 1: in which case, it would be hard,
00:34:39
Speaker 1: right. Apart from that, of course, you need to invest
00:34:41
Speaker 1: in your business and running it. So that was something
00:34:44
Speaker 1: you know, which depends upon what type of business, how
00:34:47
Speaker 1: much investment you want to make. And like I said,
00:34:50
Speaker 1: many of them continue to to work on the business
00:34:53
Speaker 1: in India itself until the time they get the PR.
00:34:56
Speaker 1: So in this case, you will not have much over a.
00:34:59
Speaker 1: So that is typically the case for Canada startup Visa.
00:35:03
Speaker 1: When it comes to UK over to Visa in case
00:35:06
Speaker 1: of UK visa, you need to invest 50 selling pound
00:35:12
Speaker 1: in your business.
00:35:13
Speaker 1: But this investment is required to be done over a
00:35:16
Speaker 1: period of three years. Apart from that, of course, we
00:35:20
Speaker 1: will have to pay the endorsing points and the fees
00:35:23
Speaker 1: you have to pay the lawyers the fees. The business
00:35:25
Speaker 1: can send the fees so that could go. Another cost
00:35:28
Speaker 1: would be about another, maybe 15 £20 over a period
00:35:32
Speaker 1: of three years. That is some of the kind of
00:35:34
Speaker 1: costs that we are looking at for the start of visas.
00:35:38
Speaker 1: Now, when we talk about residency by investment. That is
00:35:42
Speaker 1: where you are buying a residency or a citizenship by
00:35:45
Speaker 1: investing the money. The amount of range, for instance, which
00:35:50
Speaker 1: visa It starts with an investment of €280 which is
00:35:56
Speaker 1: today's rate roughly 2.5
00:35:59
Speaker 1: and it goes right up to for the US C
00:36:03
Speaker 1: B five programme. It has $800 plus other expenses which
00:36:08
Speaker 1: go up to another $100 you can see but it
00:36:11
Speaker 1: is $900. Canada also has a similar investment programme where
00:36:17
Speaker 1: by you need to invest on $1.2 million which had
00:36:21
Speaker 1: about 7.2% growth. However, this programme is currently suspended.
00:36:26
Speaker 1: UK had a programme a similar programme where you need
00:36:30
Speaker 1: to invest two million bucks roughly about two rules. But
00:36:35
Speaker 1: that programme was also discontinued. What are some of the
00:36:38
Speaker 1: hottest destinations currently for young Indian on tour?
00:36:42
Speaker 1: No, be it for golden visas, be it for startup
00:36:45
Speaker 1: visas has really picked up. More people have moved to
00:36:50
Speaker 1: Mumbai because it is very simple and it's very easy.
00:36:53
Speaker 1: You can just set up a business and move over
00:36:55
Speaker 1: there or you invest in the real estate and you
00:36:58
Speaker 1: move over there. Dubai is like an extended city of India.
00:37:02
Speaker 1: Now it's so easy to travel over there. I go
00:37:04
Speaker 1: to Dubai and I go to go from to Delhi.
00:37:07
Speaker 1: So because
00:37:08
Speaker 1: because of proximity to Mumbai, because of being in the
00:37:12
Speaker 1: same time zone because of a more relaxed regulations, the
00:37:16
Speaker 1: people who actually want to run their business, especially those
00:37:20
Speaker 1: having trading business globally
00:37:23
Speaker 1: and they want to instead of running businesses probably it
00:37:27
Speaker 1: becomes far more for them to run the businesses from U.
00:37:31
Speaker 1: So we have seen a lot of such people moving
00:37:34
Speaker 1: to U. We have also seen a lot of people
00:37:38
Speaker 1: moving for those people, especially those who are looking at
00:37:42
Speaker 1: the backup option. They don't want to move out of Australia,
00:37:45
Speaker 1: but they want to create an option. The Portugal government
00:37:48
Speaker 1: visa programme is getting very popular for the simple reason
00:37:51
Speaker 1: that it is very easy. You just need to invest
00:37:55
Speaker 1: in a property and you don't have to disrupt
00:37:57
Speaker 1: lead to the affairs, continue, stay in India doing your
00:38:01
Speaker 1: business and you are buying a kind of health insurance
00:38:03
Speaker 1: for by taking up this type of plan, so visa,
00:38:08
Speaker 1: especially post forward, has become very popular Among the programmes.
00:38:14
Speaker 1: Popular programmes that I you was the US programme now
00:38:18
Speaker 1: that has seen a lot of changes. There is not
00:38:21
Speaker 1: an uncertainty about in that programme
00:38:23
Speaker 1: and the investment amount has also gone up. So there
00:38:27
Speaker 1: has been a slowdown on that programme. But now with
00:38:31
Speaker 1: the new programme coming in place over there, we are
00:38:33
Speaker 1: see submit first and also somebody who genuinely has. Let's
00:38:37
Speaker 1: say Children studying in the US or having some business
00:38:41
Speaker 1: interest or family in the universe and wants to be
00:38:44
Speaker 1: in the universe will still pro of l E B
00:38:47
Speaker 1: five programme. That was very insightful, Pash. Thank you so much.
00:38:51
Speaker 1: Thank you guys, please do tune in next week for
00:38:55
Speaker 1: the next episode of the U Incorporated podcast. See you.
00:39:03
Speaker 1: Thank you for tuning into the U incorporated podcast with me.
00:39:09
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00:39:13
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00:39:30
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00:39:34
Speaker 1: our show. Notes catch you in the next episode.