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Golden visas are a type of visa available in approximately 40 countries to wealthy individuals who are able to make significant investments, often in real estate, in a host country. In return, they get residency, a path to citizenship, unrestricted travel to numerous other countries, business and education opportunities, and other benefits.
In addition to their investment, golden visa holders must undergo a complex application process that often requires professional guidance. Learn about that process here and which countries are the most popular for those planning to obtain golden visa status.
Key Takeaways
What Is a Golden Visa?
A golden visa is a type of residency-by-investment program in approximately 40 countries worldwide. It allows foreign investors to obtain a temporary or permanent residency permit in exchange for a significant investment in the country. The term “golden” refers to the high value of the investment required.
A golden visa’s specific requirements and benefits vary by country, but they are often used to attract foreign investment and promote economic growth.
Countries Offering Golden Visa Programs
As many as 40 countries offer golden visa programs, with Portugal, Malta, Greece, Cyprus, Spain, and Italy currently among the most popular.
Eligibility and investment requirements vary by country, as do benefits. Here are the main guidelines for six popular golden visa programs.
Portugal
Portugal’s golden visa program allows qualified individuals and their families to live, work, and study in Portugal. To be eligible, you must:
Be at least 18 years old
Be a non-European Union (EU), non-Swiss, and non-European Economic Area (EEA) national
Have no criminal record in your home country or Portugal
Make a significant investment of €250,000 ($273,000) or more that benefits the Portuguese economy
Invest in investment funds, create a company, or create jobs
Own the money you seek to invest
Commit to maintaining the investment for at least five years
As of late 2023, Portugal will no longer accept real estate as a qualifying investment for the golden visa program. However, the private equity and venture capital fund investment method will continue.
Benefits of the Portugal golden visa include:
Fast processing
Tax benefits
A minimal residency requirement
Affordable investments in rental properties
The ability to visit 26 countries in the Schengen Area without a visa
More legitimacy when applying for visas in other countries
The ability to live, work, and study in Portugal
The ability to apply for citizenship or permanent residency in Portugal after five years
Malta
The Malta golden visa program allows high-income individuals to receive a Maltese passport within one to three years. To be eligible, you must:
Be at least 18 years of ageBe a non-EU citizenHave no criminal record and no family members with criminal records in your applicationAgree to support family members who are included in your applicationMake a substantial investment in MaltaRent or buy property in MaltaHave health insurance coverageHave assets or capital of at least €500,000 ($546,000)Have a clean (noncriminal) source of funds
Benefits of the Malta golden visa include:
Visa-free access to all Schengen countries for 90 out of 180 daysThe right to live, settle, and stay in Malta indefinitelyAccess to Malta’s high-quality healthcare systemAccess to Europe’s outstanding education systemA highly advantageous taxation system
The residency requirement for citizenship is based on your investment. Here are the details:
If you invest at least €750,000 ($819,000), you can get a Malta passport after one year.If you invest €650,000 ($710,000), you can get a Malta passport after three years.
With Malta citizenship:
You and your family can live permanently in Malta or anywhere else in the EU.You and your family can work and study in Malta or anywhere in the EU.You can travel visa-free, or obtain a visa on arrival, to over 180 countries worldwide.Everyone who is granted Malta citizenship will automatically pass on citizenship to any descendants.You can access the social, educational, and health benefits of Malta.
Greece
The Greece golden visa is a residence-by-investment program that allows non-EU citizens to obtain a five-year residence permit in Greece. The program is open to all nationalities and has no minimum-stay requirement.
As of July 31, 2023, the Greece golden visa program’s minimum required investment has been raised from €250,000 ($273,000) to €500,000 ($546,000) in these selected areas: Attica Region (including Athens), Mykonos, Santorini, and Thessaloniki.
To qualify for the Greece golden visa, you must:
Purchase real estate property for a minimum of €250,000 ($273,000)
Invest a minimum of €400,000 ($437,000) in government bonds or capital shares
Deposit a minimum of €400,000 ($437,000) in a Greek bank account
Make an investment of at least €800,000 ($874,000) toward government or corporate bonds
The visa is valid for five years and can be renewed every five years.
Benefits of the Greece golden visa include:
No residency requirementVisa-free travelAccess to local healthcare and educationEligibility for your entire familyCitizenship optionPermanent residency in GreeceAccess to the wider EUA pathway to a valuable second passportAll the benefits that a citizen would have
Cyprus
The Cyprus golden visa is a residency-by-investment program that allows non-EU citizens to obtain permanent residence and eventually citizenship in Cyprus. The program is one of the fastest and simplest investor visa programs in Europe.
To qualify for the Cyprus golden visa, applicants must meet the following requirements:
Invest at least €300,000 ($328,000) into the country’s economy
Purchase real estate property worth at least €300,000 ($328,000)
Be over 18 years old
Have an annual income of at least €50,000 ($55,000), plus €15,000 ($16,400) per spouse and €10,000 ($11,000) per child
Have proof of no criminal record
Purchase up to two new or used immovable non-residential properties (offices, shops, hotels, or other developments) of a total market value of at least €300,000 ($328,000) plus value-added tax (VAT)
Submit evidence that you maintain the investment
Submit a health insurance certificate for yourself and your family (in case you are not beneficiaries of the healthcare system, known as the GeSY)
Applicants must also visit Cyprus within one year of the date of the permanent residency permit (PRP) to provide biometrics for issuance of a PR card. All family members are required to visit Cyprus once every two years.
Benefits of the Cyprus golden visa include:
The right to live, work, study, and receive healthcare in Cyprus
The option of physically relocating to Cyprus now or upon retirement
Spain
The Spanish golden visa, also known as the “property visa,” grants automatic residency in Spain when you invest at least €500,000 ($546,000) in property. The visa includes an implicit work permit.
To qualify for the Spanish golden visa, you must meet the following requirements:
Be at least 18 years oldHave public or private health insurance from a company authorized to operate in SpainHave sufficient financial means to cover personal and family living expensesNot have been refused entry into any of the Schengen countriesInvest at least €500,000 ($546,000) in propertyProvide evidence of the purchase price of the property, the payment of taxes, or documentation of any investments held with a financial institutionPay the visa application fees, which include the initial government application fee and approval fee
Benefits of the Spanish golden visa include:
The right to live in Spain and travel freely to and from SpainThe ability to return investments after living in Spain for five years and obtaining permanent residenceThe ability to apply for citizenship after another five years of living in the country
Italy
The Italian golden visa, or Italian investor visa, which was introduced in 2017, allows non-EU citizens to obtain a residence permit by investing at least €250,000 ($273,000) in the country’s economy.
Benefits of the Italian golden visa include the ability to:
Reside in Italy for a minimum of two years up to a maximum of five yearsTravel across Schengen countries for up to 90 days every 180 daysApply for permanent residency after five years of residencyApply for Italian citizenship after 10 years of full-time residencyTravel to 190 countries visa-free, or obtain a visa on arrivalBenefit from a special tax regime that allows applicants to pay reduced income taxInclude the family of the main applicant, including spouse, dependent children, and dependent parents
The minimum investment can be made in the following ways:
€500,000 ($546,000) in corporate shares or bonds
€250,000 ($273,000) in an Italian limited company
€1 million ($1,092,000) in philanthropic donations
How to Apply for a Golden Visa
The process for obtaining a golden visa can vary depending on the country that offers the program. However, some common steps include:
Step 1. Research Your Options
Start by researching the countries that offer golden visas and comparing their requirements and benefits. Choose the one that best fits your needs and budget.
Step 2. Meet the Requirements
Each country has its own set of requirements for obtaining a golden visa, such as minimum investment amounts, types of investments, and background checks. Make sure you meet all the requirements before applying.
Step 3. Prepare Your Application
Once you have chosen a program and met the requirements, you will need to prepare your application. This will typically include filling out forms, providing supporting documents, and paying fees.
Depending on the country offering the program, additional steps may be involved in obtaining a golden visa, such as language proficiency tests or interviews. Be sure to carefully review the requirements for your specific program to ensure a smooth application process.
Step 4. Submit Your Application
You can submit your application to the relevant authorities after preparing it. This may be done online or in person, depending on the country.
Step 5. Wait for a Decision
The processing time for a golden visa application varies by country, but it can take several months to receive a decision. Once your application is approved, you will need to follow the requirements of the program to maintain your residency status.
The application process can take weeks to months, depending on the country offering the program. Once your application has been reviewed and approved, you will receive your golden visa.
Step 6. Renew Your Visa
Golden visas typically need to be renewed periodically, so ensure that you know your specific program’s renewal requirements.
The process for obtaining a golden visa can be complex and time-consuming. It’s wise to work with a qualified immigration lawyer or consultant to help you navigate the entire process.
Costs Associated with Applying for a Golden Visa
As noted in the examples above, the cost of a golden visa varies by country and program. Each program has its own set of investment requirements and fees. Generally speaking, a golden visa can cost anywhere from a few hundred thousand dollars to several million dollars, depending on the country and the type of investment required.
$200,000 to $2 million+
Investment cost range to obtain a golden visa
To apply for a golden visa, you typically must purchase a property (real estate) in a foreign country. This is the most common route and is offered by most golden visa countries. The real estate costs range from $200,000 to over $2 million, which could include purchase, renovation, or construction.
There are other costs to consider when applying for a golden visa, in addition to the investment. The process for obtaining an American EB-5 visa, for example, includes a petition fee of $3,675. The minimum investment is $1.05 million in a business or $800,000 in a targeted area. Additional costs include filing fees, administration expenses, and costs associated with business planning and formation. Many of these costs are variable and can add tens of thousands to the total expense.
Potential Pitfalls and Risks of a Golden Visa
A golden visa or citizenship by investment has benefits when it comes to moving to the front of the immigration line in many countries. This does not mean that there are no risks or negative factors to consider.
High Cost and Investment Risk
The process of obtaining a golden visa can be quite costly. The investment required can range from hundreds of thousands to millions of dollars, depending on the country. This may not be feasible for everyone, and even if it is, foreign investments can be among the most risky.
Lack of Protection
Obtaining a golden visa may not guarantee the same level of protection as traditional citizenship. Some countries that offer golden visas have been criticized for their lack of transparency and due diligence in vetting potential citizens. This could lead to security risks and potential issues with law enforcement.
Negative Impact on Original Citizenship
Seeking a golden visa may also have a negative impact on your original citizenship. Some countries do not allow dual citizenship, which means that acquiring a golden visa could result in the loss of your original citizenship. This could impact your ability to travel, work, or access certain benefits in your home country.
Negative Impact on Host Country
Acquiring a golden visa may also have a negative impact on the economy of the country offering it. Critics argue that such programs encourage corruption, money laundering, and tax evasion. Additionally, it may lead to the exploitation of natural resources and the displacement of locals.
Geopolitical Risks
There may be geopolitical risks associated with acquiring a golden visa. Some countries that offer golden visas may be politically unstable or have strained relationships with other countries. This could impact your ability to travel or conduct business in certain regions.
Several countries have either scrapped or made changes to their golden visa programs in recent years, including Canada, Australia, New Zealand, Malaysia, and Cyprus.
How Much Is a Golden Visa?
The cost is several hundred thousand to several million dollars, and it varies by country and program. Each program has its own set of investment requirements and fees. The biggest part of the cost, by far, is the investment you must make.
Which Country Has the Cheapest Golden Visa?
The cost of a golden visa varies by country and program, so it’s difficult to say which country has the cheapest program. However, some programs are less expensive than others. For example:
Portugal requires an investment of just €250,000 ($273,000) to receive a golden visa.Spain requires a real estate investment of €500,000 ($546,000) to receive a golden visa.Bulgaria’s golden visa program requires a minimum investment of €512,000 ($559,000) in government bonds, which is less expensive than some other programs.
Other countries with relatively low investment requirements for their golden visa programs include Turkey, Montenegro, and Cambodia. However, it’s important to keep in mind that the cheapest option may not always be the best option. Before making a decision, it’s important to consider other factors such as the country’s economic and political stability, the benefits of the program, and your personal needs and goals.
Who Can Qualify for a Golden Visa?
The qualifications to obtain a golden visa vary by country and program, but there are some general requirements that many programs share.
1. Minimum investment: This is typically several hundred thousand to several million dollars.
2. Good character: Many programs require you to undergo a background check.
3. Health insurance: Some programs require applicants to have health insurance coverage.
4. Proof of funds: Applicants may be required to show proof of sufficient funds to support themselves and any dependents.
5. Residency requirements: Once approved for a golden visa, applicants are typically required to maintain a certain level of residency in the country.
6. Other specific requirements: Some programs may have additional specific requirements, such as language proficiency or a minimum age.
How Long Is a Golden Visa Valid?
The validity of a golden visa typically ranges from one to five years. In some cases, the visa may be valid for a shorter period if it is tied to the expiration of the applicant’s passport. After the initial visa period expires, an applicant may be able to renew their visa or apply for permanent residency or citizenship.
Does a Golden Visa Lead to Citizenship?
Not necessarily. While some golden visa programs offer a pathway to citizenship after a certain period of time, others offer permanent residency without a pathway to citizenship.
The Bottom Line
Although the application process for a golden visa varies by host country, most countries follow a similar pattern. The variabilities typically have to do with length of residency, language proficiency, and the vetting process.
For most people able to afford the required investment, saving money isn’t a major concern, and their residential preferences likely tip toward luxurious rather than low-cost housing. In many cases, taking up residence in a foreign country may be driven by opportunities not available in the home country or tax savings that can be realized.
If you seek a golden visa, do your research, pay close attention to the application process, and make sure you follow all of the steps. Finally, seek the advice of an experienced professional to guide you through the sometimes complicated process.
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