What is a golden visa?

A Golden Visa is a special type of residency permit offered by various countries to foreign investors who make substantial financial contributions to the host country. These contributions can take different forms, such as purchasing real estate, investing in businesses, or contributing to national funds. The primary goal of the Golden Visa program is to attract foreign investment and stimulate the local economy.

Golden Visas are appealing to high-net-worth individuals seeking greater global mobility and access to new markets. Holders of a Golden Visa, along with their immediate family members, are granted residency rights, which often include the ability to live, work, and study in the host country. In some cases, the Golden Visa may also provide a path to permanent residency or even citizenship, depending on the country’s specific rules.

Many countries in Europe, such as Portugal, Spain, and Greece, offer Golden Visa programs, making them popular among investors looking for access to the European Union. The program’s benefits extend beyond residency, often including visa-free travel to other countries within certain regions. This makes the Golden Visa an attractive option for those looking for long-term residency or business opportunities abroad.

Benefits of Golden Visa Programs

Pathway to Residency and Citizenship
Golden Visa programs offer a fast track to residency for foreign investors. After making a qualifying investment, individuals can secure residency, with some programs providing a pathway to citizenship after a set number of years, such as five years in many EU countries.

Living in a Stable Schengen Country
Residency in a Schengen country provides the ability to live in a stable and secure region with high standards of living. These countries often rank highly in global indexes, offering safety, a strong sense of community, and the right to live, work, and study.

Access to High-Quality Public Services
Golden Visa holders can benefit from exceptional healthcare and education systems. Residents gain access to top-ranked schools, universities, and advanced medical care at reduced costs, making it attractive for families.

Diverse Investment Opportunities
Golden Visa programs offer multiple investment routes, such as real estate, businesses, or government bonds, providing flexibility to suit different financial strategies. Investors can gain potential high returns while securing residency.

Freedom of Travel in the Schengen Zone
Golden Visa residency permits grant visa-free or simplified travel within the Schengen Area. This allows residents to move freely across many European countries without the need for additional visas.

Family Reunification
Golden Visas often extend benefits to family members, allowing spouses, dependent children, and sometimes even parents to join the main applicant. This makes it a popular choice for families seeking better living conditions abroad.

Golden Visa Program Requirements

The specific requirements for obtaining a Golden Visa vary depending on the country, but generally, applicants must fulfill the following conditions:

• Be a non-EU, non-EEA, and non-Swiss citizen.
• Make a qualifying investment, such as purchasing real estate or investing in government bonds, and maintain it for a set period.
• Have a clean criminal record.
• Spend a minimum number of days in the host country each year, according to residency rules.
• Ensure that the funds used for investment are legally obtained and not linked to any prohibited countries or entities.
• Personally manage and maintain the investment over the required period.
• Demonstrate proof of the source of funds and maintain the required investment amount over time.

These requirements aim to ensure that the applicants contribute positively to the host country’s economy while meeting legal and security standards.

Golden Visa Investment Options

Golden Visa programs offer various investment options, allowing investors to choose the route that best suits their financial goals. Common investment options include:

1. Real Estate: Purchasing property above a specific value threshold, usually in designated areas. Many countries, such as Spain and Portugal, offer residency in exchange for real estate investments.
2. Government Bonds: Investing in government bonds is a common option, providing a stable, low-risk route to residency.
3. Business Investment: Foreign investors can also establish or invest in existing businesses, contributing to the country’s economy and creating jobs.
4. Bank Deposit: Some countries, like Greece, allow residency through a substantial deposit in a national bank for a specified period.
5. Startups and Innovation: Investment in startups or innovation sectors is encouraged in several countries, aiming to foster new businesses and economic growth.
6. Investment Funds: Investors can contribute to approved national or international investment funds, which provide a diversified portfolio and qualify for residency permits.
7. National Development Funds: Some countries offer non-refundable contributions to national development projects, providing a path to citizenship or residency.

Golden Visa Renewal Requirements

Golden Visa renewal requirements vary depending on the country, but generally, applicants must meet certain conditions to maintain their residency status. These requirements ensure that the initial investment and compliance obligations are upheld throughout the validity period of the visa.

In many countries, such as Portugal and Spain, a Golden Visa is typically issued for two years and is renewable for subsequent periods of three years. During each renewal, applicants are expected to provide proof of continued investment and meet residency conditions, which may include spending a minimum number of days in the host country.

Key documents and conditions required for renewal may include:

• Valid identity documents such as passports or national identification.
• Proof of investment compliance, which shows that the qualifying investment has been maintained. This could involve demonstrating ownership of property or continuous business investments.
• Sufficient financial resources, particularly if the visa does not grant the right to work.
• Proof of health insurance, especially in countries where healthcare coverage is mandatory.
• A clean criminal record to ensure ongoing compliance with national laws.
• Renewal application for the Golden Visa, submitted before the expiration of the current visa.

European Golden Visa Programs

Here is an overview of the Golden Visa programs in six European countries: Portugal, Spain, Greece, Malta, Cyprus, and Italy. These programs offer residency through significant investments, typically in real estate or government-approved funds, with varying conditions for investment amounts, stay requirements, and paths to citizenship.

Portugal

• Minimum Investment: €500,000 in real estate or €350,000 in real estate located in urban regeneration areas.
• Other Options: Capital transfers of €1 million or investments of €350,000 in scientific research, arts, or cultural heritage.
• Residency Requirement: Only 7 days per year on average.
• Citizenship: Eligible after 5 years of residency without needing to live permanently in Portugal, but knowledge of the Portuguese language is required.
• Cost: Processing fees start at €5,300 per person.

Portugal’s program is one of the most popular due to its flexible stay requirements and quick path to citizenship​

Spain

• Minimum Investment: €500,000 in real estate.
• Other Options: €1 million in Spanish companies or deposits, or €2 million in Spanish government bonds.
• Residency Requirement: No minimum stay requirement for residency, making it attractive for investors who do not wish to live permanently in Spain.
• Citizenship: Can apply after 10 years of continuous residency.
• Cost: Application fees are much lower than in Portugal, typically around €87 per person.

Spain’s Golden Visa allows visa-free travel within the Schengen area and includes family members in the application

Greece

• Minimum Investment: €250,000 in real estate, though this increases to €500,000 in certain high-demand areas like Athens and Santorini.
• Other Options: Investment in government bonds or a capital transfer of €400,000.
• Residency Requirement: No stay requirements, but citizenship requires 7 years of continuous residency.
• Cost: Around €2,000 for application processing, with additional fees for family members.

Greece’s program is well-known for its low investment threshold and the option for family reunification​

Malta

• Minimum Investment: €600,000 in the national development fund (or €750,000 for a faster route to citizenship in one year).
• Other Options: Non-refundable contributions, including a €2,000 donation to a local NGO and renting or purchasing property.
• Residency Requirement: Applicants do not need to live in Malta to maintain their residency.
• Citizenship: Citizenship can be applied for after 1 to 3 years of residency depending on the investment amount.

Malta offers one of the fastest routes to citizenship, although the investment amounts are relatively high compared to other countries​

Cyprus

• Minimum Investment: €300,000 in real estate.
• Other Options: €300,000 in funds or other financial investments.
• Residency Requirement: No stay requirement, which makes it very appealing for investors who do not want to live in Cyprus full-time.
• Citizenship: Citizenship is possible after 5 years of residency within an 8-year period.

Cyprus provides a relatively low-cost option for securing EU residency with a straightforward application process​(

Italy

• Minimum Investment: €500,000 in Italian companies or €250,000 in startups.
• Other Options: €2 million in government bonds or a philanthropic donation of €1 million.
• Residency Requirement: No minimum stay requirement for residency renewal.
• Citizenship: Possible after 10 years of residency.

Italy’s program is unique in that it does not offer real estate investments but focuses on corporate and philanthropic contributions​

Each of these countries offers a unique pathway to residency, with varying levels of investment and flexibility. Choosing the right program depends on your investment goals, desired residency conditions, and long-term plans for citizenship.

North America Golden Visa Programs

In North America, the most notable “Golden Visa” programs are offered by the United States and Canada. These programs are designed to attract foreign investment and stimulate economic growth while providing residency options to investors and their families.

United States – EB-5 Immigrant Investor Program

• Minimum Investment: $1,050,000, or $800,000 in a Targeted Employment Area (TEA), which includes rural areas or regions with high unemployment.
• Requirements: Investors must create or preserve at least 10 full-time jobs for U.S. workers within two years of the investment.
• Residency Path: Successful applicants and their families receive a conditional green card for two years. After meeting program conditions, they can apply to remove the conditions and obtain permanent residency (green card).
• Citizenship: Eligible for U.S. citizenship after five years of permanent residency.

The EB-5 program is popular due to its direct path to permanent residency and eventual U.S. citizenship. Investments are typically made in real estate development projects or businesses in designated TEAs.

Canada – Quebec Immigrant Investor Program (QIIP)

• Minimum Investment: CAD 1.2 million, which must be made in the form of a government-backed, interest-free loan for five years.
• Requirements: Applicants must have a net worth of at least CAD 2 million and at least two years of management experience within the five years preceding the application.
• Residency Path: Investors and their families can obtain permanent residency in Quebec, which may lead to citizenship after meeting residency requirements.
• Citizenship: Permanent residents may apply for Canadian citizenship after physically residing in Canada for three out of the five previous years.

The Quebec Immigrant Investor Program is one of the oldest and most stable investment residency programs in the world, but it is currently under review and has been suspended for new applications until 2024

Both the U.S. and Canadian programs offer paths to permanent residency, and while they have higher investment thresholds, they are attractive to investors seeking access to North America’s stable economy, excellent quality of life, and strong educational systems. Each program has distinct requirements and timelines for residency and citizenship, so investors should consider their long-term goals when choosing between these options.

Middle East Golden Visa Programs

Several countries in the Middle East offer Golden Visa programs aimed at attracting foreign investment and talent. These programs typically grant long-term residency to investors, entrepreneurs, highly skilled professionals, and retirees. Here is a summary of the most notable programs in the region:

United Arab Emirates (UAE)

• Investment Requirement: AED 2 million (approximately $545,000) in real estate or a deposit in a UAE-based investment fund.
• Eligibility: Investors, entrepreneurs, scientists, highly skilled professionals, and outstanding students can qualify for the 10-year visa.
• Key Benefits:
  • Long-term 10-year residency.
  • Visa-free travel within the UAE and ease of travel across GCC countries.
  • No need for a local sponsor.
  • Allows the inclusion of family members (spouse, children).
• Path to Citizenship: Although the Golden Visa grants long-term residency, it does not directly lead to citizenship​

Bahrain

• Investment Requirement: BHD 200,000 (approximately $530,000) in real estate or significant investment in other economic activities.
• Eligibility: Investors, professionals with high income, retirees with substantial pensions, and specialized talents are eligible for the 10-year renewable visa.
• Key Benefits:
  • Right to work and sponsor visas for family members.
  • Residency renewal without a strict stay requirement (only 90 days/year).
  • Attractive tax-free living and a high quality of life.
• Path to Citizenship: The Golden Visa offers long-term residency but no direct path to Bahraini citizenship

Saudi Arabia

• Investment Requirement: Two options: SAR 800,000 (approximately $213,000) for permanent residency or SAR 100,000 (approximately $27,000) annually for limited-duration residency.
• Eligibility: High-net-worth individuals, investors, and skilled professionals can apply for the Premium Residency Visa.
• Key Benefits:
  • No need for a local sponsor.
  • Ability to own property and run businesses.
  • Freedom to travel in and out of the country without restrictions.
• Path to Citizenship: Similar to Bahrain, the Premium Residency Visa does not provide a direct path to citizenship​

These programs are designed to attract both foreign capital and talent to support the region’s economic growth, offering various investment routes and flexible residency conditions, especially for high-net-worth individuals and skilled professionals.

Caribbean Golden Visa Programs

In the Caribbean, several countries offer Citizenship by Investment (CBI) programs, often referred to as “Golden Visa” programs. These programs grant individuals citizenship in exchange for an investment, typically in real estate or government funds. Caribbean nations are popular due to their lower investment thresholds, visa-free travel perks, and favorable tax regimes.

St. Kitts and Nevis

• Investment Requirement:
  • $150,000 donation to the Sustainable Growth Fund (SGF) for a single applicant.
  • $200,000 minimum in real estate investment.
• Key Benefits:
  • Citizenship granted within 3-6 months.
  • Visa-free or visa-on-arrival access to over 150 countries, including the EU and the UK.
  • No residency requirement to maintain citizenship.
  • Citizenship can be passed down to future generations.

This is one of the oldest and most popular CBI programs in the Caribbean​

Dominica

• Investment Requirement:
  • $100,000 donation to the Economic Diversification Fund (EDF).
  • $200,000 minimum in real estate investment.
• Key Benefits:
  • Fast processing (3-4 months).
  • Visa-free or visa-on-arrival access to over 140 countries.
  • No requirement to reside in Dominica.
  • Dominica’s program is known for being one of the most affordable citizenship options globally.

Dominica is favored for its affordability and straightforward process​

Grenada

• Investment Requirement:
  • $150,000 donation to the National Transformation Fund (NTF).
  • $220,000 minimum in real estate investment.
• Key Benefits:
  • Access to visa-free travel to over 140 countries, including China and the EU.
  • Eligibility for the U.S. E-2 visa, allowing investors to live and work in the United States.
  • Citizenship granted in 4-6 months.
  • No residency requirement to maintain citizenship.

Grenada is unique for its access to the U.S. E-2 visa, which is a significant draw for investors

Antigua and Barbuda

• Investment Requirement:
  • $100,000 donation to the National Development Fund (NDF).
  • $200,000 minimum in real estate investment.
• Key Benefits:
  • Citizenship within 3-6 months.
  • Visa-free travel to over 150 countries.
  • Only a 5-day residency requirement every five years to maintain citizenship.
  • Family-friendly options, with the ability to include dependents at affordable rates.

Antigua and Barbuda’s program is ideal for families, offering flexible and affordable options for adding dependents​

St. Lucia

• Investment Requirement:
  • $100,000 donation to the National Economic Fund (NEF).
  • $300,000 minimum in real estate investment.
• Key Benefits:
  • Fast processing (3-4 months).
  • Visa-free travel to over 140 countries.
  • No residency requirement to maintain citizenship.
  • St. Lucia offers a bond investment option, which is unique among Caribbean nations.

St. Lucia’s bond investment option provides an alternative route to citizenship​

Each of these Caribbean countries offers unique benefits, but they share the appeal of relatively low investment thresholds, fast processing times, and extensive visa-free travel options. These programs are ideal for investors seeking a second passport, global mobility, and favorable tax conditions.

Oceania Golden Visa Programs

In Oceania, countries like Australia and New Zealand offer attractive investment visa programs that are often referred to as “Golden Visa” schemes. These programs provide residency options for foreign investors who contribute to the local economy through significant investments.

Australia – Significant Investor Visa (SIV)

• Investment Requirement: AUD 5 million into qualifying investments such as managed funds, Australian companies, or government bonds.
• Eligibility: The investment must be maintained for at least four years, and investors must spend 40 days per year in Australia during this period (or 180 days per year if the investment is made by a spouse or partner).
• Path to Residency: After maintaining the investment for four years, applicants can apply for permanent residency through the 888 Visa.
• Citizenship: Investors may be eligible to apply for Australian citizenship after maintaining permanent residency for at least one year and meeting the overall residency requirements (usually living in Australia for four years prior).
• Key Benefits:
  • No English language requirements.
  • No upper age limit for applicants.
  • Access to Australia’s high quality of life, healthcare, and education systems​

New Zealand – Investor Visa

• Investment Requirement:
  • Investor 1 Category: NZD 10 million for at least three years.
  • Investor 2 Category: NZD 3 million for at least four years (requires a points-based application).
• Eligibility:
  • Investor 1 applicants are not subject to age restrictions or English language requirements.
  • Investor 2 applicants must be 65 years or younger, have three years of business experience, and meet English language criteria.
• Residency Requirement:
  • Investor 1 applicants must spend 44 days per year in New Zealand during the last two years of the investment period.
  • Investor 2 applicants must spend 146 days in New Zealand for three out of the four years of the investment.
• Path to Citizenship: Applicants can apply for citizenship after living in New Zealand for five years and meeting residency requirements.
• Key Benefits:
  • Visa-free travel to numerous countries.
  • Access to New Zealand’s world-renowned lifestyle, healthcare, and education.
  • New Zealand offers one of the most stable political and economic environments​

Both Australia and New Zealand provide strong pathways to residency and citizenship for high-net-worth individuals, offering robust investment opportunities in a stable economic and political environment. These programs are ideal for investors seeking high living standards and access to excellent healthcare and education systems in Oceania.