Golden Visa
What is a Golden Visa?
A Golden Visa is a residence permit that allows foreign investors to make a significant financial contribution to the economy of a host country in exchange for residency status. Several countries offer Golden Visa programs, also known as Residency by Investment (RBI), to encourage foreign investment that can strengthen their economies and improve their local infrastructure. These programs often provide a stepping stone for Golden Visa holders and their family members who wish to obtain permanent residency or citizenship by naturalization.
Golden Visas differ from regular travel visas in several ways. First, they are not granted for specific travel purposes such as tourism, study, work, or family visits. Golden Visas are designed to encourage economic investment and therefore require a minimum amount of investment that ordinary visas do not require. Golden Visas are for people who want to obtain residency; therefore, they also have longer validity periods than regular visas.
Obtaining a Golden Visa can benefit both the holder and the host country. Golden Visa holders and their dependents can live and work with the same privileges and services as the country’s nationals, while increasing their international mobility and professional opportunities. Host countries benefit from an influx of foreign capital that can be used to support local businesses, construction projects, public programs, and more.
There are several key advantages that make foreign investors apply for a Golden Visa. With a foreign residence permit, they can expand their personal and professional relationships, as well as their investment opportunities. Most of the Golden Visa program’s host countries enjoy good international relations, offering their holders access to dozens of visa-free and visa-on-arrival destinations. Holders and their dependents can benefit from better education and healthcare systems, as well as social services such as housing assistance. Golden Visa programs also pave the way to citizenship, making the naturalization process more accessible to those who choose to pursue it.
Golden Visas around the world
Find out about the Golden Visa programs available in a wide range of international destinations. Each offers a unique path to residency, with its own unique features, eligibility criteria, benefits, and investment options. Click on the icons below to access the detailed pages of each Golden Visa program.
The advantages of Golden Visas
Golden Visa holders and their dependents can access their host country’s social and financial benefits, including healthcare, education, and social services.
Countries that offer Golden Visa programs typically offer visa-free and visa-on-arrival access to several destinations, making it easier for holders to travel, whether for business, tourism, or study.
Golden Visa programs can serve as a stepping stone to full citizenship by simplifying some of the residency requirements needed for full naturalization.
Golden Visa holders have the right to live and work in their host country, thus benefiting from a safer environment for themselves and their dependents.
Most Golden Visa programs are offered by countries with favorable tax regimes, including standard tax exemptions and reductions, which holders can access.
By making a contribution to the local economy of their host country, Golden Visa holders can benefit from any return on investment or, in the case of real estate, earn rental income.
Golden Visa holders and their dependents can enjoy a variety of privileges and services in their new host country. They can obtain the same access as nationals to high-quality educational institutions, including public schools, universities and academies, for themselves and their children. Other benefits of the Golden Visa include access to better healthcare, including hospitals and private providers. Like nationals, Golden Visa holders have access to well-managed banks and financial services. They can benefit from safe investment and banking options, and even additional benefits as investors in the country’s local economy
Eligibility and Requirements
Eligibility requirements for Golden Visa programs vary from country to country. Generally, applicants must be over the age of 18 and be able to meet the financial requirements of the program they are applying to. They must also have a clean criminal record and be able to sustain their investment for the duration of their residence permit.
Golden Visa requirements for almost all applicants to the program include the following:
- Prove that they are over 18 years old.
- Be in good financial health and have adequate investment funds to cover the minimum investment amount.
- Successfully complete the due diligence process and be of good moral character.
- Have a clean criminal and professional record.
- Be able to support themselves and all their dependents for the duration of their residency.
- Prove that the money from the investment was acquired legally.
- Be covered by valid health insurance.
- Be able to meet the minimum residency requirements, if applicable.
Other requirements will apply depending on the host country. For example, the minimum residency requirement in Cyprus is once every two years, while Greece does not require its holders to reside in the country provided they renew their residence permit in time. Applicants are advised to research all programs before submitting their application to the Golden Visa program, to ensure that they have selected the one that fits their needs.
Types of Investments
Each Golden Visa program offers different ways to contribute to the host country’s economy, through an investment or a donation. The types of contributions required include, but are not limited to, a real estate investment, a business investment, a donation to a government or non-government fund, the purchase of government bonds, or a contribution to an investment fund.
The minimum investment threshold and cost of the Golden Visa vary depending on the host country. Each program offers a range of investment amounts and contribution options, so applicants can select the one that works best for them. For example, applicants can apply for the cheapest Golden Visa program offered by Malta with an investment of €150,000, in real estate or something else. On the other hand, the minimum investment for the Spanish Golden Visa program is €500,000.
Each type of investment has advantages and risks. Real estate investments can generate rental income, and holders can benefit from the capital gain of the property. However, they are also vulnerable to market fluctuations. Investments in companies can generate high returns, but they can also involve less control for investors. Investments in innovation and entrepreneurial ventures are also potentially remunerative investments, but they are as risky as any business, and even more volatile than other types of contributions. Government bonds are a stable investment and considered relatively safe, but they can lead to high interest rates and low returns. Therefore, it is essential that Golden Visa applicants consider all the pros and cons of the investment options before deciding where to invest.
The differences between Golden Visas and Citizenship by Investment (CBI) programs
The most glaring difference between the CBI and Golden Visa programs is the end result of the application. CBI programs are designed to allow high net worth individuals to obtain citizenship, while Golden Visa programs offer residency, with the option to obtain citizenship later.
Another key difference between the two types of programs is the application process, particularly the due diligence required. Generally, the level of due diligence will be higher for CBI programs than for Golden Visa programs. In addition, the minimum investments required for CBI programs tend to be higher than those for Golden Visa programs, although this varies from country to country.
Since CBI programs offer a direct pathway to citizenship, they often come with better international mobility than Golden Visa programs. Applicants eligible for a CBI program who receive a new passport will likely have a stronger passport than their previous passport. As a result, CBI programs offer greater visa-free international mobility, with access to more countries.
Golden Visa programs offer the option of citizenship if the applicant is willing to initiate the naturalization process, but they do not guarantee a new passport. For international travel, holders must continue to cross the border with their original passport. For some applicants, this may not translate into better international travel opportunities.
When choosing the right program, applicants should consider several factors. Application processing times for the CBI and Golden Visa programs vary depending on the host country receiving the application, the complexity of the applicant’s case, and the number of dependents they plan to include in their application, among other factors. Some applications for CBI and Golden Visa programs can be processed in just a few months, while others can take much longer.
Golden Visa programs tend to require lower minimum investments than CBI programs, making them slightly more profitable. Investment amounts vary by country, but in general, they can range from $100,000 to several million dollars for a CBI program, and from $150,000 to $500,000 for a Golden Visa program.
A CBI program is a wise option for people who can acquire dual citizenship, as they will get a second, more powerful passport while retaining their first nationality. Some countries do not allow dual citizenship. Nationals of these countries can opt for a Golden Visa in order to reside and work in another country while retaining their original citizenship. Golden Visa programs are also great for people who want to access a new country for lifestyle or professional reasons, while still benefiting from the mobility of their original passport.