Golden Visa: The Golden Visa fee remains unchanged, yet it's costing Indians ₹51 lakh more. What is the reason?
These days, Indians are rapidly acquiring citizenship of other countries. Data from the central government (Government of India) shows that approximately two lakh people are relinquishing their Indian citizenship every year. In this scenario, obtaining a Golden Visa from any country has become more expensive for Indians. It's not that those countries have increased the Golden Visa fees. According to a report by our associate ET, the reason for the increased cost for Indians is the weakening of the Indian rupee against the dollar and other foreign currencies.
Cyprus Golden Visa becomes ₹51 lakh more expensive
Take the example of the Cyprus Golden Visa. At the beginning of 2025, it cost an Indian investor approximately ₹2.66 crore. Now, it costs around ₹3.17 crore. This increase of ₹51 lakh is not because the program has become more expensive, but due to the weakening of the rupee.
The story isn't just about Cyprus.
This story isn't limited to Cyprus. Look at Greece; the Golden Visa fee there is 250,000 euros. This has also become ₹42 lakh more expensive in a year. Malta's program has become ₹59 lakh more expensive. The situation is similar outside of Europe as well. New Zealand's Business Investor Work Visa has become ₹42 lakh more expensive, the US EB-5 visa ₹33 lakh more expensive, and Singapore's Global Investor Program has become more than ₹7.2 crore more expensive in a year. These are not minor changes, but significant increases that can make these programs difficult for many Indian families.
The currency shock
This is just the initial shock. There are additional expenses on top of this, which also have to be paid in foreign currency. Greek visa applicants typically incur additional expenses of 50,000 euros besides the visa fee. Cyprus levies a 15% VAT (Value Added Tax) on property investments. Malta charges up to 60,000 euros as administrative and professional fees. The rupee was around 85 against the dollar at the beginning of the year and reached 91 by December. For Indians traveling abroad, these are all additional expenses, causing the total cost to far exceed the budget.
Impacted by Exchange Rate Fluctuations
Bhaskar Hajra, Joint Managing Director and CEO of Systematics Private Wealth, told our associate ET, "Indian applicants are vulnerable to currency risk because most second citizenship or golden visa programs are denominated in foreign currencies like the Euro or US Dollar." He explained that even minor fluctuations in exchange rates can lead to a significant increase in the cost in rupees. Hajra points out that the rupee has depreciated by more than 5% this year and crossed the 90 mark against the dollar, illustrating how quickly costs can escalate.
Planning in Rupees, but...
Sripriya N.S., CEO of Entrust Family Office, puts it bluntly, "Indians are highly exposed to this risk, and most realize it only when the bill arrives." She says that Indian families plan in rupees but pay in foreign currency, and there is no direct hedge available. "Regulations also prevent them from hedging against foreign currency expenses," Sripriya adds. She explains that even a normal 3-5% fluctuation in the rupee can add ₹15-30 lakh to a €250,000-€500,000 program.
The losses were even greater in 2025. By December 26, 2025, the INR had depreciated by 6.5% against the dollar and 20% against the euro. This meant that for a €500,000 program, an Indian family had to pay approximately ₹90 lakh more at the end of 2025 compared to the end of 2024. "This is entirely a risk due to currency timing," says Sripriya.
Disclaimer: This content has been sourced and edited from Navbharat Times. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
