The world is a big place with many diverse countries. Those with investing power often look beyond their home countries for investment opportunities abroad. One unique privilege of becoming a global investor is the potential to acquire a golden visa. A golden visa scheme allows high-net-worth individuals to gain residency or citizenship rights in other countries.
Let’s examine how to acquire a golden visa, its benefits, and which countries are best suited for this investment scheme.
What is a Golden Visa Program?
Countries that offer golden visa programs do so to attract investment and wealthy individuals to their economies. Foreign investment has long been a valuable source of economic stimulus and job creation, so many countries are creating an attractive market with unique investment programs. If you want to travel freely to another country and eventually settle there, a golden visa represents the ideal path to residency if you have the money for it.
Eligibility Requirements for Golden Visas
A golden visa is one of the most exclusive programs you can apply for in most countries. Steep eligibility requirements are involved, and understanding these qualifications can help you decide if it is the right investment path. Here are some of the standards to qualify for a golden visa program.
Investment Options
Golden visa holders must invest in the countries they plan to settle in. Many investment options allow you to qualify for a residence permit, including real estate investments, government bonds, and business ventures. Some countries have unique investment options, such as annual tax contributions in Switzerland and business creation in Spain.
Minimum Investment Amounts
Minimum investment amounts vary from country to country. Some nations, such as Monaco and Australia, have no minimum investment amount. Others consider “significant contributions to the economy” as the definition for golden visa qualification. Many countries require specific minimums to apply for golden visa programs, such as EUR 375,000 in Mauritius and $150,000 in Costa Rica.
Additional Requirements
Most golden visa programs offer significant benefits to investors, so each country has unique requirements. Many will conduct background checks to detect criminal misconduct that could disqualify the applicant. Health checks can also determine if the individual would burden the country’s healthcare system with severe conditions. Native language proficiency may also be a requirement for some golden visa investment initiatives.
Family Members
If you secure residence or citizenship by investment for yourself, you could also include dependents when you visit or settle in that country. Many nations allow you to include dependents in your application, such as spouses, civil partners, and children. Application fees may increase for each dependent depending on the specific country.
Countries Offering Golden Visas
The number of countries offering golden visas to foreign investors is increasing as more nations experience the benefits of economic stimulus. Here are some of the most popular countries where you can get a golden visa for yourself and your family.
- Portugal Golden Residence Permit Program – This program offers a minimal residency requirement, options for visiting 26 other countries, and eligibility for Portuguese citizenship after five years. To qualify, you must be over 18, have no criminal record, and maintain an investment of $250,000 in the Portuguese economy for five years.
- Greece Golden Visa Program – Under this program, non-EU residents can obtain a five-year residency permit if they invest significantly in real estate, government bonds, or a Greek bank account. You can access healthcare, eligibility for the whole family, visa-free travel to the European Union, and eventually get Greek citizenship.
- Malta Permanent Residence Program – This visa gives you the right to live, settle, and stay in Malta indefinitely, with access to high-quality healthcare, education, and tax systems. You must be at least 18, have health insurance, have no criminal record, and invest substantially in Malta.
- Costa Rica Residence By Investment Program – Costa Rica offers a business-friendly economy, favorable taxes, and eligibility after seven years of residence for most nationalities. Investors must put at least $150,000 into real estate, shares of an operational corporation, or the stock market to qualify.
Application Process for Golden Visas
If you plan to obtain residency or citizenship eligibility in another country with a golden visa, you must submit an application approved by the relevant governing body. These applications can be pretty complex as they are designed to vet potential investors thoroughly. Here are the steps to submit a compelling golden visa application.
Pre-Application Research
Research is essential as you evaluate different countries, their requirements, and the benefits of each program. Those who are investing in golden visa schemes should be well informed. Before you consider leaving your home country, research other countries and investment opportunities thoroughly.
Choosing the Right Program
What are your needs? What are your investment goals? These answers should align with the golden visa program you select. The minimum value of your investment may make you ineligible for some golden visa programs. Once you identify your needs and objectives, you can find a country that offers what you want.
Preparing the Application
Successful golden visa applicants are thorough, detailed, and organized when preparing their applications. First, you should research the process for applying in your chosen country. You will likely need to gather the following documents:
- Government IDs
- Passports
- Birth certificates
- Bank statements
- Proof of assets
- Investment portfolios
- Proficiency test results
You will need evidence to support your claims in the application so the governing body can assess your value as a foreign investor.
Submitting the Application
Many golden visa programs have online applications, so the process is as simple as filling out the forms, attaching documents, and submitting them electronically. You may also apply in person at a consulate or through a legal representative in some countries, including Spain, Portugal, and Greece.
Processing Times and Fees
Golden visa applications can take a long time to process. There is a lot of information to consider for the host country. Some nations, like Turkiye, Dominica, and Jordan, can complete the process in several months. Others, like Canada, the United States, Singapore, Austria, and Malta, may require several years.
Acquiring a golden visa is quite expensive, even without considering the required investment amount. The application and legal fees alone can cost thousands of dollars in most countries, making it an exclusive option for wealthy individuals.
Benefits of Golden Visas
A typical golden visa initiative will provide incredible benefits if you can afford real estate investment or another form of financial contribution to a country. Here are some highlights of the program that are common across many countries.
Residency or Citizenship Rights
One of the primary advantages of obtaining a golden visa is earning residency or citizenship rights. Usually, a residency requirement says you must live in the country for a specific number of days each year. After some time has passed, you can apply for permanent residency or even citizenship, which comes with even more rights.
Travel Freedom
These programs often grant visa-free access to other countries. For example, if you invest in Malta and acquire a golden visa, you can travel freely to many European countries.
Tax Advantages
Countries with favorable tax systems for investors are highly appealing to golden visa applicants. They can keep more of their returns from those investments due to lower income taxes or potentially enjoy Foreign Earned Income Exclusions.
Access to Education and Healthcare
You may be granted access to local healthcare and education as a golden visa holder in certain countries. Malta is one country that offers this perk, allowing you to take advantage of European education networks. You can also access healthcare in Malta and Greece on a golden visa.
Investment Opportunities
Once you make an initial investment in a country and start living there, more options will open up. Familiarize yourself with the market during your stay so you can continue to invest in the economy and generate more income to fund your new life in the host country.
Challenges And Considerations of Golden Visa Programs
If the golden visa concept sounds too good to be true, it often is. Many will face challenges as they apply for these programs and move to other countries. Here are some of the biggest obstacles for aspiring visa holders.
Tax and Legal Implications
When you invest in another country, your tax situation becomes more complicated. You now have tax obligations with two countries, which can be confusing when tax return season occurs. Work with a tax professional who can help you navigate the tax benefits and complexities of investing in other countries.
Residency Requirements
Although some countries have no residency requirements, most expect you to live in the host country for a certain amount of time each year. You must spend time in the host country to maintain your visa yearly. Sometimes, these minimum stay requirements are challenging to maintain if you have obligations or family in your home country.
Exit Strategies
You should only apply for a golden visa if you have an exit strategy should things go wrong with the investment or if the lifestyle isn’t what you hoped for. Relinquishing your golden visa may be complicated and expensive, so upfront research is essential. You may need to sell your investments to recoup your money if the investment goes poorly, but this will likely invalidate your visa.