Zubin Karkaria, CEO of VFS Global and a Zoroastrian priest, navigates dual challenges of geopolitical unrest and policy shifts as the world’s largest visa processor. His company, which operates 4,000 application centers in 167 countries, faced turmoil after Dubai’s airports endured three days of closures following Iranian missile attacks. Yet Karkaria, who led VFS since its 2017 split from Kuoni, emphasizes resilience: “Geopolitics has an impact, but it’s temporary.” He highlights a 4.2% drop in U.S. foreign visitors in 2025—the first post-pandemic decline—driven by reduced European and Canadian tourism, offset by rising demand from India.

The pandemic’s lingering effects resurface as Karkaria recalls a 30mn-to-1mn plunge in annual applicants in 2020. Recovery accelerated post-2023, aided by Blackstone’s $950m investment in 2025, which boosted VFS’s equity valuation to $5bn. Temasek’s subsequent $950m stake further solidified growth. Karkaria credits crisis preparedness: “We learned to cut costs swiftly and invest in systems.”

U.S. immigration policies under Trump—particularly H-1B visa restrictions—create uncertainty. Karkaria dismisses long-term impacts: “My numbers don’t change. Travelers will pivot to the UK, Austria, or elsewhere.” However, student visa bans in the UK targeting Afghanistan, Myanmar, and Sudan reflect tightening migration controls. Despite this, he argues demand for skilled migration remains strong: “Governments want the right skillset, tourism, trade.”

VFS’s pivot to high-security services—biometrics, remote interviews—has strengthened its market position. Karkaria envisions expanding into document services like driving licenses, aiming to “reform the DMV” with tech-driven kiosks. With Blackstone eyeing an IPO and Temasek as a major shareholder, VFS’s future hinges on adapting to geopolitical shifts while capitalizing on enduring travel demand.