A golden visa is a special type of residency permit that offers foreign individuals the opportunity to live, work, and study in a particular country in exchange for making a significant investment. This type of visa has gained popularity in recent years as it provides a relatively fast – track way to obtain residency in some attractive destinations. Different countries have their own criteria and procedures for granting golden visas, and in this comprehensive guide, we’ll explore the various aspects of how to get a golden visa.
What is a Golden Visa
Definition and Concept
The Basics
A golden visa, also known as an investment – based residency visa, is designed to attract foreign capital into a country. In return for meeting specific investment requirements, the applicant is granted the right to live in the country for a certain period. This period can range from a few years to permanent residency, depending on the country and the type of investment made. For example, in Portugal, a golden visa can lead to permanent residency after a specific number of years of maintaining the investment.
Benefits Beyond Residency
Besides the right to live in the country, golden visas often come with other benefits. In many cases, holders can work or study in the host country. They may also have access to the local healthcare system. Additionally, some countries allow the visa holders to travel freely within the Schengen Area if they are part of it. For instance, a Greek golden visa holder can travel to other Schengen countries without the need for a separate visa for short – term stays.
Countries Offering Golden Visas
Popular European Destinations
Portugal: Portugal’s golden visa program is quite well – known. To be eligible, applicants can choose from several investment options. One option is to invest at least €500,000 in real estate. This could be a single property or a combination of properties. Another option is to invest €350,000 in rehabilitated real estate, which helps in the restoration of old buildings in the country. There are also options to invest in funds or create jobs.
Spain: In Spain, the golden visa can be obtained by investing at least €500,000 in real estate. This investment can be in one or more properties. Additionally, an investment of €2 million in Spanish government bonds or €1 million in a Spanish company can also make an applicant eligible.
Greece: Greece offers a golden visa for an investment of €250,000 in real estate. This relatively low investment threshold has made it an attractive option for many. The real estate can be either a new or a resale property.
Other Global Options
United States: The United States has the EB – 5 Immigrant Investor Program, which is a form of a golden visa. To qualify, an applicant must invest \(1.05 million in a new commercial enterprise. However, in certain targeted employment areas (TEAs), the investment amount can be reduced to \)800,000. The investment should create at least 10 full – time jobs for US workers.
Australia: Australia’s Significant Investor Visa (SIV) requires an investment of AUD 5 million in approved Australian managed funds. These funds typically invest in a diversified portfolio of Australian equities, bonds, and other financial instruments.
Investment Options for Golden Visas
Real Estate Investment
Property Selection and Location
Portugal: In Portugal, if you choose the real estate investment route for a golden visa, you have a wide range of properties to choose from. You can invest in a beachfront property in the Algarve region, which is popular for its beautiful beaches and warm climate. Or, you might consider a property in the historic city of Lisbon, where you can benefit from the city’s vibrant culture and growing economy. When selecting a property, it’s important to consider factors such as its condition, potential for rental income, and proximity to amenities like schools, hospitals, and transportation.
Spain: In Spain, properties in cities like Barcelona and Madrid are highly sought – after. Barcelona offers a unique blend of modern architecture and a rich cultural heritage. Madrid, on the other hand, is the political and economic center of the country. But properties in coastal areas like Costa del Sol also attract investors. When looking at properties, you need to check for any legal issues, such as outstanding mortgages or disputes over the land.
Greece: In Greece, islands like Crete and Santorini are popular choices for real estate investment. These islands offer stunning views and a laid – back lifestyle. However, properties in the capital city, Athens, can also be a good option, especially for those who want to be close to business and cultural opportunities. Make sure to work with a reputable real estate agent who is familiar with the local market and can guide you through the process.
Legal and Financial Considerations
Buying Process: The buying process for real estate in these countries varies. In Portugal, you’ll need to work with a lawyer who will handle the legal aspects, such as title deeds and contracts. You’ll also need to pay a deposit, usually around 10% of the property price, when you sign the preliminary contract. The remaining amount is paid at the final deed transfer. In Spain, you’ll need to pay property transfer tax, which can vary depending on the region. In Greece, there are also various taxes and fees associated with the property purchase, including a transfer fee and a property tax.
Rental Income and Property Management: If you plan to rent out your property, you need to consider the rental market. In Portugal, properties in tourist areas like the Algarve can generate good rental income, especially during the peak tourist seasons. In Spain, cities like Barcelona have a high demand for rental properties, especially from students and young professionals. In Greece, properties on popular islands can also be rented out. You may choose to hire a property management company to take care of tasks like tenant screening, rent collection, and property maintenance.
Business Investment
Starting a New Business
Portugal: In Portugal, if you want to start a new business to obtain a golden visa, you need to create at least 10 jobs directly or indirectly. The business should be in an area that contributes to the economic development of the country. For example, starting a technology startup in Lisbon’s growing tech hub can be a viable option. You’ll need to develop a detailed business plan, which includes market research, financial projections, and a marketing strategy.
United States (EB – 5 Program): In the US, under the EB – 5 program, starting a new commercial enterprise requires a significant investment. The business should be a for – profit entity and should create the required number of jobs. You’ll need to work with immigration lawyers and business consultants to ensure that your business plan meets the requirements of the program. The business can be in various sectors, such as manufacturing, hospitality, or technology.
Investing in Existing Businesses
Spain: In Spain, investing in an existing business can be a quicker way to obtain a golden visa. You can invest in a company that is already operating and has a proven track record. However, you need to conduct due diligence to ensure that the company is in good financial health and has no legal issues. You’ll need to negotiate the terms of your investment, such as the percentage of ownership you’ll acquire.
Australia (SIV): In Australia, through the Significant Investor Visa program, you can invest in existing Australian companies that are part of the approved managed funds. These funds invest in a diverse range of businesses, from small – to – medium – sized enterprises to large corporations. The advantage of this option is that you don’t have to manage the day – to – day operations of the business directly.
Investment in Funds
Types of Funds
Portugal: In Portugal, there are investment funds that are specifically designed for golden visa applicants. These funds typically invest in a portfolio of real estate, businesses, or other assets. For example, some funds invest in rehabilitating old buildings in urban areas, which not only helps in the restoration of the local heritage but also contributes to the economic development of the area.
Australia: Australia’s approved managed funds for the SIV program invest in a variety of assets, including Australian equities, bonds, and venture capital. The funds are managed by experienced fund managers who make investment decisions based on market research and analysis.
Advantages and Risks
Advantages: Investing in funds can be less risky than investing in a single property or business. Since the funds are diversified, the risk is spread across multiple assets. For example, if one property in a real estate fund underperforms, the overall performance of the fund may still be positive due to the performance of other properties. Additionally, investing in funds can be more convenient as you don’t have to manage the individual assets.
Risks: However, there are also risks associated with investing in funds. The performance of the fund depends on the market conditions and the decisions of the fund manager. If the market experiences a downturn, the value of your investment may decrease. Also, there may be management fees associated with the fund, which can eat into your returns.
The Application Process for a Golden Visa
Pre – Application Preparation
Documentation Gathering
Identity and Background Checks: You’ll need to provide valid identification documents, such as a passport. In addition, most countries require a criminal background check. For example, in Portugal, you’ll need to obtain a criminal record certificate from your home country. This certificate should be issued within a certain period, usually 3 – 6 months, before the application.
Financial Documentation: You need to prove that you have the required funds for the investment. This can include bank statements, investment portfolio statements, and proof of the source of funds. In the United States, for the EB – 5 program, you need to show how the investment funds were legally obtained, whether through inheritance, business profits, or other legitimate means.
Health and Medical Requirements
Medical Examinations: Many countries require a medical examination as part of the golden visa application process. In Greece, for example, you may need to undergo a medical check – up to ensure that you don’t have any serious communicable diseases. The medical examination may include a general physical examination, blood tests, and a chest X – ray.
Health Insurance: You may also need to provide proof of health insurance. In Portugal, having health insurance is a requirement for golden visa applicants. The insurance should cover you for the duration of your stay in the country and should provide sufficient coverage for medical emergencies.
Submitting the Application
Online vs. Offline Applications
Portugal: In Portugal, the golden visa application can be submitted both online and offline. If you choose the online option, you’ll need to create an account on the relevant government portal. You’ll then upload all the required documents, such as your passport, criminal record certificate, and investment proof. If you prefer the offline option, you can submit the application at the Portuguese embassy or consulate in your home country.
Australia: In Australia, the Significant Investor Visa application is submitted online through the ImmiAccount system. You’ll need to create an account, fill out the application form, and upload all the necessary documents, including your financial statements and investment details.
Application Fees and Processing Time
Fees: The application fees for golden visas vary from country to country. In Portugal, the application fee is around €5,000 per applicant. In addition, there may be other fees, such as a biometric data collection fee. In the United States, for the EB – 5 program, the application fee is quite high, usually in the range of several thousand dollars.
Processing Time: The processing time also varies. In Greece, the golden visa application processing time is relatively short, usually around 2 – 3 months. In Portugal, it can take anywhere from 6 – 12 months, depending on the complexity of the application and the volume of applications being processed. In the United States, the EB – 5 program processing time can be much longer, often 1 – 2 years or more.
Interview and Approval
The Interview Process
Portugal: In Portugal, some applicants may be required to attend an interview at the embassy or consulate. The interview is usually to verify the authenticity of the application and to ask questions about the investment and the applicant’s intentions. For example, the interviewer may ask about your choice of investment, your future plans in Portugal, and your knowledge of the country’s laws and regulations.
United States: In the US, for the EB – 5 program, the interview is an important part of the process. The immigration officer will review your application, including your business plan and financial documentation. They may ask questions about the job creation projections, the source of funds, and your personal background.
Approval and Post – Approval Steps
Receiving the Visa: If your application is approved, you’ll receive the golden visa. In Greece, the golden visa is usually issued as a residence permit card. In Portugal, it may be issued as a residence permit sticker in your passport. Once you receive the visa, you can start planning your move to the country.
Residency Requirements: After receiving the golden visa, you need to meet the residency requirements of the country. In Portugal, for example, you need to spend a minimum of 7 days in the country in the first year and 14 days per year in subsequent years to maintain your golden visa status. In Greece, the residency requirements are relatively lenient, with only a minimal presence requirement.
Conclusion
Obtaining a golden visa can be a life – changing decision, offering you the opportunity to live, work, and invest in a new country. However, it’s a complex process that requires careful planning, significant investment, and attention to detail. By understanding the different investment options, the application process, and the requirements of each country, you can make an informed decision. Whether you choose to invest in real estate, start a business, or invest in funds, make sure to do your research and work with professionals, such as immigration lawyers, real estate agents, and financial advisors. With the right approach, you can successfully navigate the process and obtain your golden visa, opening up a world of new opportunities.
