Golden visa programs offer residency rights to foreign nationals in exchange for a qualifying investment.
These schemes are designed by governments to attract capital inflows, usually into real estate, government bonds, business ventures, or national development funds.
Unlike traditional immigration pathways based on employment or family ties, golden visas provide a route for high-net-worth individuals to legally reside in a foreign country without relocating full-time.
In most cases, they grant long-term residence permits that can be renewed as long as the investment is maintained and legal requirements are met.
Golden visas are not a form of automatic citizenship. However, in some countries, they can eventually lead to permanent residency or naturalization if additional conditions, such as minimum stay requirements, language proficiency, or cultural integration, are fulfilled.
This article will discuss what golden visas are, how they work, their benefits and requirements, as well as other matters concerning taxation, citizenship, and the countries that offer them.
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What is a Golden Visa?
A golden visa is a residence-by-investment program that allows foreign nationals to obtain a long-term or renewable residence permit by making a qualifying financial contribution to the host country. These contributions usually take one of several forms:
- Real estate purchases
- Government bond acquisitions
- Capital investment in local businesses or startups
- Donations to national development or research funds
The key feature of a golden visa is that it does not require the visa holder to live full-time in the country, although physical presence requirements may apply for long-term benefits like permanent residency or citizenship.
Golden visas are generally issued for:
- 1 to 10 years, depending on the country
- Renewable as long as the investment is held and compliance rules are met
- Extendable to dependents, including spouses and children (and sometimes parents)
These programs are distinct from employment-based visas or retirement visas. They are built around the investor’s economic contribution, not their labor or tax status. Countries offer these visas to attract foreign capital, stimulate real estate markets, create jobs, and diversify their economy through foreign investment.
What are the benefits of a Golden Visa?
Golden visas offer a range of legal, financial, and lifestyle advantages. The specific benefits vary by country, but the most common include:
- Legal Residency: A golden visa gives you the legal right to reside in the issuing country. Some programs allow part-time or flexible residency, while others require minimum physical presence.
- Visa-Free or Simplified Travel: In many cases, golden visa holders can travel freely within a regional bloc. For example, golden visa holders in Schengen countries can move visa-free across 26 European states.
- Access to Public Services: Depending on the country, you may be eligible to use public healthcare, education systems, or receive social benefits after a period of residence.
- Family Inclusion: Most programs allow you to include your spouse and dependent children under the same application. Some also include dependent parents.
- Path to Permanent Residency or Citizenship: Golden visas can serve as a first step toward permanent settlement or naturalization, although this usually requires a longer-term presence and integration.
- Asset Diversification and Security: For investors in politically or economically unstable regions, golden visas provide a form of “residency insurance”—an option to relocate or protect assets in a more stable jurisdiction.
- Favorable Tax Planning: In some jurisdictions, golden visa holders can benefit from preferential tax regimes, especially for foreign income or wealth.
These benefits make golden visas attractive not only to high-net-worth individuals but also to retirees, entrepreneurs, and remote workers seeking greater global mobility and financial protection.
Who can apply for Golden Visa?
Eligibility for a golden visa depends on the program rules of each country, but most share the following baseline requirements:
- Minimum Investment: Applicants must commit a qualifying sum to real estate, business, government bonds, or approved funds. The minimum thresholds vary widely—e.g., €250,000 in Greece, €500,000 in Spain, or $1 million in Singapore.
- Clean Criminal Record: Most countries require applicants to pass background checks and provide police clearance certificates.
- Proof of Legal Source of Funds: Applicants must show that their investment capital is legally obtained and not derived from illicit sources.
- Good Health and Insurance: Some programs require medical clearance and proof of health insurance valid in the host country.
- Willingness to Comply with Local Laws: This includes any tax obligations, residency requirements, or regular renewal procedures.
Many countries also offer flexibility for applicants:
- No age limits for principal applicants
- No language or cultural integration tests at the initial stage
- No business management requirement, unless applying under an entrepreneur route
Family members including spouses and dependent children (typically under age 18 or 21) are usually eligible to be included under the main applicant’s visa. In some cases, dependent parents or adult children with disabilities may also qualify.
How much is a Golden Visa?
The cost of obtaining a golden visa varies widely depending on the country, the type of investment, and additional administrative or legal fees. The core cost is the required investment amount, but applicants should also factor in processing fees, legal expenses, and potential taxes.
Typical Investment Thresholds
- €250,000 to €500,000: Common in European countries such as Greece, Portugal, and Spain, typically through real estate purchases or capital transfers.
- USD $100,000 to $1 million+: Found in UAE, Singapore, and Caribbean nations, with options including business investment, government bonds, or national development fund contributions.
Types of Qualifying Investments
- Real estate purchases (residential, commercial, or designated zones)
- Government bonds or treasury instruments
- Private equity or venture capital funds
- Job-creating business ventures
- Donations to public interest programs (less common in golden visa programs; more typical in citizenship-by-investment schemes)
Additional Costs to Consider
- Application and processing fees: Often range from a few hundred to several thousand USD/EUR
- Legal and advisory fees: Especially if using an immigration consultant or law firm
- Property taxes and notary costs: If purchasing real estate
- Residency card issuance and renewal fees
- Health insurance premiums (in countries that require proof of coverage)
In some countries, part of the investment may be non-refundable, particularly if it involves a donation. Others allow for recoverable investments, such as real estate that can be sold after a minimum holding period (usually 5 years), but doing so may affect visa validity.
Before applying, investors should conduct full financial due diligence and confirm whether the investment aligns with their risk tolerance, liquidity needs, and long-term goals. Consulting a legal or financial advisor familiar with the target country is highly recommended.
Countries that offer Golden Visa programs
Europe
Most European golden visa programs offer residency, not citizenship, although long-term pathways to naturalization often exist. Several high-profile programs have recently been restructured or terminated due to political pressure and housing concerns.
Active Programs:
- Greece – Residency via property investment starting at €250,000 (recently raised in urban areas to €500,000).
- Italy – Investor Visa requires €250,000 in an innovative startup, €500,000 in a company, or €2 million in government bonds.
- Malta – Permanent Residency through the Malta Permanent Residence Programme (MPRP) with €300,000–€350,000 property plus a non-refundable contribution (~€98,000). Citizenship also available under a separate scheme.
- Cyprus – Residency through real estate or business investment (€300,000 minimum). Citizenship program discontinued in 2020.
- Hungary – Revived program offering residency via €250,000 in real estate bonds, starting in 2024.
- Latvia – Residency through property purchase (~€250,000), but increasingly restrictive in processing.
- Austria – Citizenship possible via direct contribution under Article 10(6) of the Citizenship Act (discretionary and opaque); no fixed program.
Winding Down / Discontinued:
- Portugal – Golden Visa remains active but real estate investment is no longer eligible as of October 2023; fund and job creation routes remain.
- Spain – The program is set to be phased out completely by April 2025 due to housing affordability pressures.
- Ireland – Immigrant Investor Program closed in February 2023.
- United Kingdom – Tier 1 Investor Visa program closed in February 2022 due to national security concerns.
North America
United States
- EB-5 Immigrant Investor Program – Minimum investment of $800,000 (targeted employment area) or $1,050,000 elsewhere. Must create 10 U.S. jobs. Offers conditional green card, then permanent residency.
Canada
- No federal program currently active. Several provinces offer regional investor immigration streams under the Provincial Nominee Program (PNP), e.g., British Columbia Entrepreneur Program (min. CA$200,000 investment and business management).
Caribbean
These are citizenship-by-investment (CBI) programs, granting passports within 3–6 months in exchange for donations or real estate purchases. Due diligence is relatively stringent despite fast-track processing.
- Antigua and Barbuda – $100,000 donation to National Development Fund or $200,000 in real estate.
- Dominica – $100,000 donation or $200,000 in real estate.
- Grenada – $150,000 donation or $220,000 property. Only Caribbean CBI country with U.S. E-2 treaty access.
- Saint Kitts and Nevis – Recently raised minimum donation to $250,000; real estate option available.
- Saint Lucia – $100,000 donation or real estate from $200,000.
Middle East & Asia-Pacific
United Arab Emirates
- UAE Golden Residence – Long-term 10-year residency for investors, entrepreneurs, scientists. Minimum AED 2 million (~USD $545,000) in real estate, or AED 2 million in public investments.
Singapur
- Global Investor Programme (GIP) – S$2.5 million (~USD $1.85M) investment in a new business, existing business expansion, or GIP-approved fund.
New Zealand
- Active Investor Plus Visa – NZ$5 million (~USD $3M) minimum over 4 years in acceptable investments. Replaced older investor visas in 2022.
Asia & Africa
Turkey
- Citizenship via investment options:
- $400,000 in real estate
- $500,000 in bank deposit, government bonds, or Turkish business
- Processing time: ~3–6 months; Turkish passport grants visa-free access to 110+ countries.
Egypt
- Citizenship available via:
- $250,000 non-refundable deposit
- $300,000 real estate purchase
- $350,000 project investment plus $100,000 donation
- $500,000 bank deposit for 3 years
Vanuatu
- Development Support Program – Citizenship by contributing $130,000 to a government fund. Processing time: 1–2 months. Subject to periodic international scrutiny due to due diligence concerns.
Other Jurisdictions
Jordan
- Citizenship by investing ~$750,000 in government bonds, a project, or a deposit with the Central Bank.
Suiza
- No formal golden visa, but wealthy individuals can apply for residency by paying lump-sum tax (minimum CHF 250,000), subject to cantonal approval.
Cayman Islands & Anguilla
- Residency-by-investment through real estate or local economic funds. Often used as part of tax and wealth structuring.
Frequently Asked Questions (FAQs)
How is a golden visa different from citizenship by investment?
A golden visa grants residency rights, not citizenship. It allows you to live in the host country (often with minimal physical presence), but it does not include a passport or voting rights.
By contrast, citizenship by investment (CBI) programs grant full nationality and a passport, typically in exchange for a non-refundable donation or qualifying investment. CBI programs usually do not require residency or time spent in the country.
In short:
Golden visa = residency, renewable, may lead to citizenship later
CBI = direct, immediate citizenship (if approved)
Do all golden visa countries offer a path to citizenship?
No. Some golden visa programs offer a path to permanent residency only, with no automatic or guaranteed route to citizenship.
In countries where citizenship is available, the process usually requires:
Continuous legal residency for 5–10 years
Physical presence requirements
Language or cultural integration tests
Clean criminal record and tax compliance
Always check the local naturalization laws and confirm that residency under the investment program counts toward the citizenship timeline.
Are there any golden visa countries that do not tax worldwide income?
Yes. Several golden visa countries do not tax foreign-source income, or use territorial tax systems, which can be beneficial for tax planning.
Examples include:
United Arab Emirates: No personal income tax at all
Panama and Paraguay: Territorial tax systems—only local income is taxed
Thailand: Technically taxes worldwide income but in practice only taxes remitted income under certain conditions
Additionally, countries like Greece, Italy, and Cyprus offer preferential tax regimes for new residents or non-domiciled individuals.
However, becoming a tax resident may still trigger reporting obligations, even if foreign income is exempt.
Do golden visa holders have to report foreign income?
This depends on whether the golden visa holder becomes a tax resident under local law.
In many countries, holding a golden visa does not automatically make you a tax resident.
If you spend enough time in the country (usually over 183 days/year), you may become tax resident and must report worldwide income.
In some jurisdictions, you must declare foreign assets or accounts, even if not taxed.
To avoid unintended tax exposure, applicants should clearly understand:
Local tax residency rules
Reporting thresholds
Treaty protections between countries (if applicable)
Consulting a cross-border tax advisor is essential.
What happens if I sell my investment? Do I lose the visa?
Yes. In most cases, selling or withdrawing the qualifying investment will void the visa or make you ineligible for renewal.
However:
Some programs offer a grace period to reinvest or transfer the asset
If the visa has already led to permanent residency, selling the asset may no longer affect your legal status
A few countries allow you to retain residency if certain conditions are met (e.g. long-term stay, integration, alternative income)
Always review the specific program rules before liquidating or transferring your investment. Premature sale may trigger revocation or force a reapplication.
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Adam es un autor reconocido internacionalmente en temas financieros, con más de 830 millones de respuestas en Quora, un libro muy vendido en Amazon y colaborador de Forbes.
