Golden Visa Programs 2024
Despite the controversy surrounding these programs in Europe, particularly within the European Union (EU), where possessing a passport provides access to all 27 member states, some countries continue to maintain their popularity.
Portugal, Malta, Greece, Cyprus, Spain, and Italy are renowned for having sought-after golden visa programs due to their picturesque landscapes, high living standards, and stable political climates. However, it’s worth noting that Portugal’s program has recently undergone some changes.
Cyprus Cyprus’s residency-by-investment program necessitates investors to invest a minimum of 300,000 euros (€300,000, or nearly $325,000 at the time of this writing) in residential property, a registered Cypriot company, or investments from the Cyprus Investment Funds Association. Additionally, investors must demonstrate an income exceeding €50,000 from sources outside Cyprus.
While there isn’t a strict residency requirement, investors need to spend time in the country at least once every two years.
Greece Greece offers various golden visa options.
Residency in Greece can be obtained through €250,000 (about $270,000) in real estate investments (or double that in certain regions, including Athens) or a 10-year lease or timeshare agreement in the country’s tourist complexes.
For those opting for capital contributions, the cost is €400,000 (over $431,000) with a company registered in Greece. This can be in investment companies exclusively focusing on Greece. Alternatively, residents can purchase that amount in government bonds or invest in a mutual fund. For corporate bonds, the minimum is €800,000 (almost $863,000).
Investors can also deposit €400,000 in a domestic Greek credit institution.
Italy Acquiring Italian residency involves purchasing €2 million (more than $2.15 million) in government bonds. Alternatively, investors can invest €500,000 (over $539,000) in shares in the country or make a nonrefundable donation to public interest projects in Italy of at least €1 million (almost $1.079 million).
This investment grants a two-year visa, extendable for another three years with consistent investment. While no permanent stay is required, individuals must rent or purchase real estate in Italy after approval.
Malta Malta’s program requires investors to buy €350,000 (almost $378,000) worth of property or maintain a minimum annual rental of €12,000 (almost $13,000). For South Malta, the requirement is slightly lower, as stated by a company acting as an agent for the program. Additionally, a €2,000 (more than $2,150) donation to a local nongovernmental organization is mandated.
Prospective investors must be at least 18 years old, with a net worth exceeding €500,000, including at least €150,000 (almost $162,000) in financial assets. An administration fee of €40,000 (more than $43,150) is applicable, with no residency requirement.
Portugal Portugal’s program requires investors to purchase €500,000 in shares of a non-real estate investment. Alternatively, investors can invest €500,000 to form a company employing five people. Another option grants residency to those making a €250,000 donation for the maintenance or preservation of artistic or cultural heritage.
As of the current writing, the status of Portugal’s residency-through-real-estate-investment program is not available due to legislative changes in 2023.
Spain Spain, with no residency requirements and rights extending to financial dependents and spouses, consistently ranks high on the list of best golden visa countries. The process for obtaining one can be prompt, sometimes taking less than a month.
To secure residency in Spain, investors must purchase real estate worth at least €500,000, hold a minimum of €1 million in investments, company shares, or bank deposits in the country’s financial institutions. Alternatively, investors can buy €2 million in government bonds.
Other Countries Offering Golden Visas This list is not exhaustive. Numerous other countries, including Australia, Austria, Canada, Luxembourg, Malaysia, Monaco, Namibia, New Zealand, Panama, Singapore, Thailand, and the United Arab Emirates (UAE), as well as the Hong Kong administrative region of China, also offer similar programs.