If you're considering relocating to Europe and aiming to protect your wealth or enhance your quality of life, you might be exploring various immigration options. 

One potential avenue to consider is obtaining second citizenship from a European Union country or seeking permanent residence through residency by investment schemes, commonly known as Golden Visas. 

These schemes enable foreign investors and their families to acquire permanent residency status in some of the world's most desirable countries. This comprehensive guide will provide you with all the necessary information to pursue a Golden Visa.

Golden Visas in the European Union

These are Visas designed for individuals who have the financial means to invest in the economy of EU countries in exchange for residency. While most Golden Visa programs provide temporary residence permits, some also offer permanent residency or even citizenship. These visas are granted to investors and their families who make qualifying investments in the respective country's program. Investment options typically include significant investments in international real estate, business ventures, or capital transfers to national development funds.

An example of a highly successful Golden Visa program can be found in Portugal, which has experienced a substantial increase in the number of beneficiaries in recent years. Since 2012, the Portugal Golden Visa scheme has benefited 11,758 investors and 19,171 family members.

Another popular option is the Malta Permanent Residency Program (MPRP), which has attracted attention due to its eligibility criteria and required investment, leading directly to permanent residency in a secure and economically stable EU country.

These immigration investment programs offer a wide range of routes and have achieved significant success. They provide non-EU/EEA and non-Swiss nationals, as well as their family members, with various investment options to obtain a residence permit at different price points. Whether you are interested in investing in real estate, a government development fund, establishing a new business, or investing in private equity funds, there are numerous options available to suit your budget and preferences.

Advantages of Golden Visas

• Immigration benefits

  Golden visas allow you to obtain residency in a European country by making a significant investment in the country's economy. This can be done through a variety of means, such as buying property, investing in government bonds, or starting a business. Residency through a golden visa program typically gives you the right to live, work, and study in the country, as well as access to healthcare and education.

• Travel benefits

  

  Golden visas often come with visa-free travel to other European countries. This can be a major benefit if you travel frequently for business or pleasure.

• Tax benefits

  Some countries offer tax benefits to golden visa holders. For example, Portugal offers a special tax status for golden visa holders that allows them to pay a flat rate of 10% on their worldwide income.

• Business benefits

  Golden visas can give you access to business opportunities in Europe. For example, if you are a business owner, you may be able to obtain a golden visa by investing in a business in the country. This can give you a foothold in the European market and allow you to expand your business.

• Quality of life

  Many European countries offer a high quality of life, with excellent healthcare, education, and infrastructure. This can be a major draw for people who are looking to improve their quality of life.

It is important to note that there are also some risks associated with golden visas. For example, if you invest in a property through a golden visa program, you may be responsible for paying property taxes in the country even if you do not live there. Additionally, some countries have been criticised for their golden visa programs, which have been accused of being corrupt or unfair.

Disadvantages of Golden Visas

While the Golden Visa programs in Europe offer numerous advantages, it's important to consider some potential disadvantages as well. These may include:

• High investment requirements: The investment thresholds for Golden Visas can be substantial, requiring a significant financial commitment.
• Limited investment options: Some countries may have specific investment options available, such as real estate or government funds, which may not align with an investor's preferred investment strategy.
• Potential economic risks: Investing in a country's economy carries inherent risks, such as fluctuations in real estate markets or changes in economic conditions that may affect the return on investment.
• Lengthy application process: The application process for Golden Visas can be complex and time-consuming, involving extensive documentation and administrative procedures.
• Residency obligations: Some Golden Visa programs have residency requirements, necessitating a certain amount of time spent in the country to maintain the residency status.
• Limited benefits for non-resident family members: While immediate family members can be included in the initial application, the benefits and rights granted to them may be restricted compared to the main applicant.
• Potential for policy changes: Golden Visa programs are subject to changes in government policies, including alterations in investment requirements, eligibility criteria, or even the termination of the program altogether.

It's crucial to thoroughly research and understand the specific terms and conditions of each Golden Visa program before making any investment decisions. Consulting with immigration and financial professionals can provide valuable guidance in navigating the potential disadvantages associated with these programs.

Requirements to acquiring a Golden Visa

The specific requirements for Golden Visa programs in Europe can vary depending on the country. However, in most cases, applicants will generally need to:

• Be a citizen of a non-EU, non-EEA, or non-Swiss country (a third-country national).
• Make the required investment as specified by the program and maintain it for a designated period of time.
• Possess a clean criminal record, meaning no previous convictions or involvement in criminal activities.
• Fulfil the minimum residency requirements of the program, which may include spending a specific number of days in the country each year.

European Programs for the Golden Visas

Golden Visa programs in Europe are available in various countries, including Spain, Greece, and Cyprus. Let's take a closer look at the Golden Visa programs offered by these countries:

Portugal

Portugal is renowned for its high quality of life, breathtaking beaches, rich culinary scene, and sunny climate, earning it a spot among the top ten countries for expats to live in 2023. As a result, its Golden Visa program is highly sought after within the EU.

The Portuguese Golden Visa scheme, established in 2012, offers third-country investors and their families the opportunity to obtain Portuguese residency through a five-year residency by investment program. The program requires a qualifying investment starting from as low as €350,000 ($371,000) in real estate.

Upon maintaining the property investment for a minimum of five years, foreign investors and their families become eligible for permanent residency in Portugal. Subsequently, they can pursue Portuguese citizenship through naturalization, subject to passing language proficiency and cultural knowledge assessments.

The Golden Visa program for Portugal offers several benefits. The application process is straightforward and facilitated by Portugal's border agency, SEF. Additionally, applicants benefit from a low minimum stay requirement and have the option to become non-habitual residents, enjoying significant tax advantages for up to ten years.

Investors can choose from various investment options to qualify for the Portuguese Golden Visa program. These options include a residential or commercial real estate investment of €500,000 ($530,000) in eligible properties, with a 20% discount applicable if the property is located in a designated 'low-density' area. Alternatively, a €350,000 ($371,000) investment in a rehabilitation project, again with a 20% discount in 'low-density' areas, is also an option. Another avenue is a €500,000 investment in an existing Portuguese business or company incorporation, requiring the creation of at least ten full-time permanent jobs for a minimum of three years.

For a comprehensive list of investment options and a detailed step-by-step guide, you can refer to the resource titled "Portugal Golden Visa: A Complete Step-by-Step Guide 2023."

Notably, in February 2023 alone, 130 Portuguese residence permits were granted to foreign investors and their family members. For further information on the conclusion of the Portugal Golden Visa program and alternative residency options in Portugal, an article is suggested as a valuable resource.

Spain

Spain, renowned for its rich culture, diverse landscapes, and delectable cuisine, introduced its own Spanish Golden Visa program in 2013, following in the footsteps of Portugal. This program grants residency to investors and their families in exchange for a qualifying contribution to Spain's economy, amounting to at least €500,000 ($530,000).

Upon obtaining the Spanish Golden Visa, successful applicants receive an initial residency card, valid for one year (or two years if they visit Spain). The residency permit can be renewed for subsequent five-year periods, with the possibility of applying for permanent residency in Spain after residing in the country for at least five years.

Benefits of the Spain Golden Visa program include the absence of a minimum residency requirement, a fast processing time, and ease of renewing the temporary residency permit. Notably, individuals from former Spanish colonies who acquire this Golden Visa may have the advantage of applying for Spanish citizenship in just two years, compared to the standard ten-year naturalisation period for other non-EU/EEA applicants.

Various investment options are available for applicants to qualify for the Spanish residency by investment program, including:

• Purchasing real estate property with a minimum value of €500,000 ($530,000).
• Depositing at least €1 million ($1.06 million) in a Spanish bank.
• Investing a minimum of €1 million in shares of Spanish businesses.
• Investing at least €2 million ($2.12 million) in Spanish government bonds or public debt.

These investment routes provide opportunities for investors to contribute to Spain's economy while obtaining residency through the Golden Visa program.

Greece

Greece offers an enticing Golden Visa program for non-EU/EEA nationals looking to invest in the country and enjoy the benefits of Greek residency. With its iconic beaches, Mediterranean cuisine, and abundant sunshine, Greece is an attractive destination for individuals seeking a high quality of life.

Benefits of the Greece Golden Visa program include EU residency, visa-free travel within the European Union, and favourable living conditions. The program has a swift processing time of just two months and allows all Golden Visa holders to be eligible for citizenship after seven years of residence, provided they pass the Greek citizenship test. The program does not impose any specific residency requirements, and investors can include their entire family in the application.

The most popular investment option for obtaining a Greek residence permit is purchasing a real estate property in Greece valued at a minimum of €250,000 ($265,000). This option is favoured by many investors as it allows them to potentially earn rental income and recoup a portion of their initial investment. However, it is important to note that the minimum investment for real estate in Athens, Thessaloniki, and Santorini will increase to €500,000 after July 31, 2023.

Alternatively, investors can choose from several other investment routes to qualify for the Greek Golden Visa program, including:

• Placing an investment of at least €400,000 ($424,000) in Greek government bonds.
• Making a capital contribution of at least €400,000 in securities or a deposit in a Greek bank.
• Making a capital contribution of at least €400,000 in bonds or shares of a venture capital fund, private equity fund, or mutual fund based in Greece.
• Investing €800,000 ($848,000) in shares, corporate bonds, or Greek Treasury bonds listed on trading facilities in Greece.

These investment options provide flexibility for investors while enabling them to qualify for the Greek Golden Visa program and enjoy the benefits of residency in Greece.

Ireland

Ireland, with its stunning landscapes, renowned beers, esteemed educational institutions, and thriving business opportunities, offers the Irish Immigrant Investor Program as its Golden Visa program. As the only English-speaking country providing such a program in Europe, it is particularly attractive to investors from English-speaking nations, including the United States.

Under the Irish Immigrant Investor Program, applicants can obtain a residence permit within four months by making a minimum financial contribution of €500,000 ($530,000) to the Irish economy.

The benefits of the Ireland Golden Visa scheme encompass a harmonious blend of business and pleasure. Qualified individuals can include their immediate family members in the application, making it ideal for those seeking access to top universities for their children. They can relish an excellent quality of life and, eventually, become eligible for an Irish passport, which grants valuable visa-free travel benefits in as little as six years.

Ireland's business-friendly environment attracts international investors, as it serves as the European headquarters for many global corporations. The country offers well-managed corporate infrastructure, favorable business policies, a low corporation tax rate, and tax incentives for foreign companies. Additionally, businesses registered in Ireland benefit from access to the EU trading bloc and a relaxed border between Ireland and the UK through the Northern Ireland-Republic of Ireland border.

The Irish Golden Visa program presents diverse investment options to applicants. They can choose to invest in an existing enterprise in Ireland, opt for low-risk investments in government-sanctioned funds, or make a charitable donation to an Irish cause. Each of these routes qualifies individuals for the program.

The qualifying investment options for obtaining the Irish Golden Visa are as follows:

• Contribute a minimum investment of €1 million ($1.06 million) to an Irish enterprise or business.
• Place a minimum investment of €1 million in approved funds.
• Invest a minimum of €2 million ($2.12 million) in an Irish Real Estate Investment Trust (REIT).
• Donate €500,000 ($530,000) to a charitable project or cause in Ireland.

However, please note that the Irish government concluded its residency by investment program in February 2023. Alternative options to acquire residency by investment in Ireland exist, such as the Start-up Entrepreneur Program (STEP). To be eligible for the STEP, individuals must demonstrate good character, have no criminal convictions, possess the required funding of €50,000 ($53,000), and present an innovative business proposal.

Cyprus

Cyprus, with its magnificent gorges, delectable cuisine, and year-round warm climate, offers a compelling destination for individuals seeking residency through the Cyprus Permanent Residence Program. Located in the Mediterranean, Cyprus enjoys easy access to Europe, the Middle East, Asia, and Africa. The program allows expats and foreign investors to obtain a permanent residence permit in as little as three months by making a modest financial investment of €300,000 ($318,000) in the Cypriot economy.

The Cyprus Permanent Residence Program, also known as the Cyprus Golden Visa, grants permanent residency in Cyprus to investors who meet and uphold the program's requirements.

The benefits of the Cyprus Golden Visa program are significant, including the ability to include the entire immediate family in the application. This visa permit offers access to Cyprus's exceptional education system and the freedom to travel throughout the Schengen Area in Europe. Additionally, Cyprus's favourable tax system provides residents and non-residents with generous tax exemptions and incentives.

The Cyprus Golden Visa program offers four investment routes. Applicants can either purchase residential or commercial properties valued at a minimum of €300,000 or invest the required sum in alternative investment funds.

The qualifying investment options for obtaining the Cyprus Golden Visa are as follows:

• Purchase a residential property worth at least €300,000.
• Purchase a commercial property worth at least €300,000.
• Invest a minimum of €300,000 in the share capital of a Cypriot company.
• Invest a minimum of €300,000 in units of a Cyprus Collective Investment Organization (e.g., AIF, AIFLNP, RAIF).

Applicants must also demonstrate an annual income of at least €30,000 to cover the main applicant, spouse, and children under 18.

It's worth noting that the Cyprus Permanent Residence Program provides one of the most attractive European Golden Visa programs, with its inclusion of the immediate family, access to quality education, and advantageous tax system.

Golden Visas options outside Europe

If you're considering Golden Visa options outside of Europe, there are several countries worldwide that offer residency or citizenship by investment programs. Let's explore a few of them:

Canada:

The Quebec Immigrant Investor Program in Canada is one such program. It grants investors and their families the opportunity to obtain permanent residency in Canada by making a significant financial contribution to the Quebec economy.

United Arab Emirates (UAE):

In the UAE, specifically in Dubai and Abu Dhabi, investor visas are available, offering ten-year residency by investment. These programs allow investors and their families to reside in the UAE and benefit from its economic opportunities and attractive lifestyle.

United States:

The United States offers two prominent investor visa programs: the EB5 Visa and the E2 Visa. The EB5 Visa grants investors and their immediate families legal residence status in the US in exchange for a substantial investment that stimulates the US economy. The E2 Visa is designed for investors looking to expand or establish a business in the US. Both visas allow investors and their families to relocate to the United States.

Benefits of the EB5 and E2 Visas in the United States include the possibility of acquiring a Green Card with full work privileges, potential returns on the investment, and access to prestigious US Ivy League universities for the investor's children. The EB5 Visa can also serve as a pathway to US citizenship, requiring a minimum residency period of five years.

Investment options for the EB5 and E2 Visas in the United States include capital investment in a commercial enterprise, starting a business and creating full-time jobs, or making a substantial investment in a legitimate enterprise. The minimum investment for the E2 Visa generally starts at around $100,000, while the EB5 Visa requires a higher investment threshold of at least $1.05 million (or $800,000 if investing in a Targeted Employment Area).

It's important to note that the specific details, requirements, and benefits of these programs may vary, and it is advisable to thoroughly research and consult with immigration professionals to determine the most suitable option based on individual circumstances and goals.

Antigua and Barbuda

Antigua and Barbuda's Citizenship by Investment program is one of the most popular Golden Visa programs in the Caribbean. Since its launch in 2012, it has offered investors and their families the opportunity to acquire citizenship and golden passports in just three to six months in exchange for a qualifying contribution to the country's economy.

For those seeking permanent residency in Antigua and Barbuda, the program offers the following investment options:

• Invest $100,000 in the Antigua National Development Fund, which covers a family of up to four members. For families of five or more, the required investment increases to $125,000.
• Purchase a real estate property valued at a minimum of $400,000 in a pre-approved area in Antigua. Alternatively, investors can buy shares or units in an approved property worth at least $200,000 or participate in a joint investment where each partner contributes a minimum of $200,000, resulting in a total investment of at least $400,000.
  • The investment property must be held for at least five years, and it must be chosen from the government's approved development projects list. Additional costs such as property registration fees, processing fees, and taxes may apply.

Another option for investors is to establish an approved business with a minimum value of $1.5 million. For joint business investments involving two or more primary applicants, each individual must invest at least $400,000, with a total investment of at least $5 million. It is advisable to contact the Antigua and Barbuda Investment Authority (ABIA) to discuss the business proposal when considering this investment route.

Additionally, there is an option to make a donation of $150,000 or more to the University of the West Indies Fund. This choice is available for families of six or more and provides one family member with a one-year tuition-only scholarship at the University of the West Indies.

Dominica

The Dominica Citizenship by Investment program is known for its fast processing time, flexible requirements, and enticing benefits. In just three to six months, qualifying investors can obtain a Dominica passport, granting them dual citizenship, visa-free access to over 140 countries, and attractive tax exemptions.

For the Dominica Citizenship by Investment program, the minimum required investment is $100,000 for a single applicant and approximately $200,000 for a family of four. Investors have two investment options:

• Make a donation of the qualifying amount to the Economic Diversification Fund.
• Invest in government-approved real estate.

The specific details and terms of these investment options can be obtained through further research or by consulting with experts in the field.

Nevis and St Skits

St. Kitts and Nevis, a luxurious destination, was among the first countries to introduce economic citizenship in 1984. St. Kitts and Nevis Citizenship by Investment program offers investors and their families the opportunity to obtain a St. Kitts and Nevis passport in as little as four months in exchange for a qualifying contribution to the country with a minimum value of $150,000.

Applicants have two options for the program:

• Place the required investment of at least $150,000 in the Sustainable Growth Fund.
• Invest a minimum of $200,000 in a qualifying real estate property in St. Kitts and Nevis.

Until June 30, 2023, there is a limited-time offer available, providing a $25,000 discount on the Sustainable Growth Fund option, reducing the starting price to $125,000.

It's important to note the stipulations for real estate investments in St. Kitts and Nevis:

• A minimum investment of $200,000 in approved properties, such as hotels, villas, and condominium units, which can be resold after seven years.
• The purchase of a residential property with a minimum value of $400,000, which can be resold after five years.

Further details regarding specific real estate investment options, qualifying properties, and applicable regulations can be obtained through comprehensive research or by consulting experts in the field.

St. Lucia

The St. Lucia Citizenship by Investment program provides investors and their family members with a St. Lucia passport in exchange for an investment starting as low as $100,000 in the nation's economy. The minimum investment amount is specifically allocated for the National Economic Fund, as required by the program. However, there are additional investment options available for applicants to consider, including:

• Real estate investment of at least $200,000 in pre-approved high-end hotels, resorts, or boutique properties.
• Investment of at least $3.5 million in an enterprise project in St. Lucia.
• Investment of at least $300,000 in National Action Government Bonds (NAB).

This citizenship-by-investment program boasts a rapid processing time of three months and does not have any residency requirements. It is regarded as one of the top Golden Visa programs in the Caribbean and has achieved considerable success.

Please note that specific details, eligibility criteria, and investment regulations may vary, and it is recommended to conduct thorough research or consult with experts in the field to obtain the most accurate and up-to-date information regarding the St. Lucia Citizenship by Investment program.

Grenada

The Grenada Citizenship by Investment Program, established in 2013, allows eligible individuals and their families to acquire a Grenadian passport by making a substantial investment in the country's economy. The program offers several investment options:

• Investment of at least $150,000 in the National Transformation Fund.
• Investment of at least $220,000 in pre-approved tourism accommodation.
• Investment of at least $350,000 in a government-approved real estate project.

These investment options provide individuals with the opportunity to contribute to Grenada's economic growth and development while obtaining citizenship and a Grenadian passport through the Golden Visa scheme.

For detailed information and specific requirements regarding the Grenada Citizenship by Investment Program, it is advisable to conduct thorough research or get in touch with relevant authorities or professional advisors who specialize in this program.

European Golden Visas provide a unique opportunity for eligible individuals and their families to obtain residency or citizenship in European countries by making a qualifying investment in the country's economy. These programs offer a range of benefits, including access to EU residency or citizenship, the ability to live, work, and study in a safe and stable Schengen country, excellent healthcare and education systems, various investment options with potential returns, borderless travel within the Schengen Area, and the inclusion of immediate family members in the application. Each country has its own specific program with different requirements and investment options. It is crucial to carefully consider the terms, risks, obligations, and implications associated with each program and seek professional advice when making decisions. European Golden Visas can open doors to a better quality of life, business opportunities, and international mobility.

FAQ

What are Golden Visas?

Golden Visas refer to immigration by investment schemes offered by certain countries. These programs allow eligible investors and their family members to obtain residency status, and sometimes even citizenship, by making a qualifying financial contribution to the country's economy.

Which Golden Visas are available in Europe?

Several Golden Visas are available in Europe, including the Italy Investor Visa, Cyprus Permanent Residence Program, Greece Golden Visa, and the Spain Golden Visa.

Are Golden Visas expensive?

The cost of a Golden Visa varies depending on the country. For example, in Portugal, the minimum investment threshold for the Portugal Cultural Golden Visa starts at €200,000 ($368,000), while the Spanish Golden Visa starts at €500,000 ($530,000). To learn more about a detailed comparison between these two Golden Visas, you can read an article titled "Spain versus Portugal Golden Visa Comparison." Please note that the Portugal Golden Visa program is coming to an end. For more information, click here.

What is the best Golden Visa Program in Europe?

The Cyprus Golden Visa is considered the best Golden Visa program in Europe. Cyprus is an attractive place to live, and the program offers affordable investment routes, granting Golden Visa holders permanent residency rights quickly. Moreover, after maintaining residency for five years, individuals can qualify for Cypriot citizenship. Acquiring a Cypriot passport allows visa-free travel to 168 countries worldwide.

Which European countries offer Golden Visas?

Several European Union (EU) countries offer Golden Visas to eligible applicants who invest in real estate. These countries include Greece, Cyprus, Italy, and Spain.

Which is the easiest country in Europe to obtain citizenship?

Malta offers the Malta Citizenship by Naturalization for Exceptional Services by Direct Investment (CES) program, allowing qualifying applicants to acquire Maltese citizenship and a Maltese passport in as little as 12 to 36 months, depending on their investment.

Which is the easiest country in Europe to obtain permanent residency?

The Golden Visa program in Greece is considered one of the easiest and most affordable routes to obtain permanent residency in Europe. The program has a fast application processing time of two months, no residency requirements, and allows the inclusion of the entire family in the application. To start living in Greece, an individual needs to purchase a real estate property worth at least €250,000 ($263,000), with the requirement increasing to €500,000 on May 1, 2023.

Who qualifies for Golden Visas in Portugal?

Anyone over the age of 18 with a clean criminal record can qualify for the Portuguese Golden Visa. The program requires a minimum investment of €350,000 ($368,000) in Portuguese real estate, which must be maintained for a period of five years.

Please note that the Portugal Golden Visa program has now come to an end. For more information and alternative visa options, click here.

Does Italy have a Golden Visa?

Yes, Italy introduced a Golden Visa program in late 2017. The visa is officially known as the Italian Investor Visa but is commonly referred to as La Dolce Visa.