Ultra-rich Indians seek residency in Portugal for better healthcare

Apart from investing in housing, Indians are also applying for 'jumbo life and term' insurance covers worth $20 million

More than 50 ultra-high net worth Indians have in the last 18 months invested between 350,000 and 600,000 euros in apartments in Portugal’s capital Lisbon and other places to obtain residency in the EU bloc nation.

These individuals seek residency in order to get better healthcare, especially post Covid-19, a report by the Economic Times (ET) said. 

To obtain the "Golden Visa", which allows the residents to travel freely across Europe, the money is being sent out in tranches as per the Reserve Bank of India's (RBI's) limit of $250,000 per annum under the liberalised remittance scheme (LRS). 

"The motive