Golden Visas open numerous business opportunities and are highly valued assets to own. With their help, businessmen have plan B countries to relocate a business and can optimize taxes and expand their companies to new markets with fewer barriers in their way. A second passport also gives the opportunity to reside in a country, and since many CBI programs are in the island states of the Caribbean, it looks quite tempting. Find out how golden visas work and what the most popular countries with golden visa programs.
What Are Golden Visa Programs
In essence, those are government schemes that allow wealthy citizens from other countries to obtain a passport of their country in exchange for considerable investments into the country’s economy. Golden visa countries are usually in the process of active development and rely on a limited number of industries. Citizenship or residence by investment programs allows them to attract money and brains into their countries, helping their further development.
Investors, on their side, get all the benefits citizens of the country use, which usually include visa-free traveling to a number of countries, the right to register and conduct business, and a low-tax regime. Countries with a golden visa scheme allow including multiple family members in the application, so the whole family of the investor can get passports too. In some cases, the Golden visa program is the only chance to work and live in the country, much like in the case of the UAE where it is practically impossible to get citizenship.
How to Get a Golden Visa
The process usually starts with an application and background checks. The country examines the investor’s past looking for previous criminal activity or other dishonest behavior, which may damage countries’ reputation. For that due diligence, fees are being charged. After that, an investor chooses among available investment options, which usually include:
- Non-refundable contributions to the government fund
- Real estate investment
- Buying government bonds
- Investing in socially meaningful projects
The conditions and time between application and getting citizenship are different from program to program. For example, in Antigua and Barbuda, the whole process takes several months and doesn’t require the previous residence in the country, while in Malta, an investor can apply for a passport only after getting a permanent residence permit and living in the country for 12 to 36 months.
In the case of investing in real estate or bonds, the money can be retrieved after a certain time. According to Svetlana Gorchakova, a specialist from Immigrant Invest, in the majority of cases, “golden visa” countries have an obligation to hold such investments for five years, after which they can be sold. By that time, real estate may increase in value or, if it is commercial, return the invested amount through profits.
Which Countries Have Golden Visa Programs
There are lots of countries offering golden visas. Especially in Europe, since many businessmen want to have benefits of the EU citizenship. Here are some of the best golden visa countries and a short summary of their qualifying investments, which we have taken from immigrantinvest.com.
- Malta
Minimal qualifying investments:
- €600,000-750,000 contribution to the national fund
- €36,000 for 3-year property rent
- €10,000 donation to charity
- Portugal (including startup visa)
Minimal qualifying investments:
- minimum of €280,000 real estate purchase
- Spain
Minimal qualifying investments:
- at least €500,000 investment in real estate
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