How to Buy a Residence Permit in Another Country With a “golden Visa”
If you want to be able to settle abroad but don’t qualify for a work visa and have a few hundred thousand extra dollars to spend, you can buy your way there: Golden visas give you a relatively fast (albeit expensive) route to living in dozens of countries around the world.
What is a Golden Visa?
The Golden Visa, also known as residence by investment , allows wealthy individuals to live and work in another country in exchange for purchasing real estate, starting a company, or investing money in certain assets or industries. In addition to residence and employment permits, visa holders can travel freely and receive local benefits such as health insurance and access to education.
The minimum dollar amount required to obtain a golden visa varies widely, as do the types of investments that qualify and the requirements for time spent in the country after residency is granted. Visas may also have expiration dates and/or renewal requirements to maintain residency.
Some countries also offer citizenship by investment (also known as “golden passports”).
While the bulk of countries offering golden visas and golden passports are concentrated in Europe, there are several countries in America, Africa and Asia that allow residency and citizenship by investment. The Council on Foreign Relations has a helpful map showing where these programs are currently available.
How much does a golden visa cost?
You can get a golden visa in some countries for around $200,000 or less. According to London-based Henley & Partners , a consulting firm that helps clients obtain residency and citizenship by investment, Costa Rica has a two-year temporary residence visa in exchange for an investment of US$150,000, while Malta requires an investment of 175,000 euros, divided between the purchase of real estate, a donation to an NGO and an administrative fee. You must have lived in Malta for 12 months before applying, but once you receive your visa there is no requirement for permanent residence and you are free to travel within the EU Schengen area.
Several Caribbean countries have minimum investment amounts ranging from US$200,000 in Dominica to US$250,000 in St. Kitts and Nevis (both countries grant citizenship). Vanuatu, an island nation east of Australia, offers gold passports for as little as US$130,000 .
At the opposite end of the spectrum are countries like New Zealand, which requires an investment of almost US$3 million and a minimum of 117 days of residence over a five-year period, after which you are eligible to apply for citizenship. Italy’s highly coveted golden visas cost between €250,000 and €2 million depending on the type of investment, while in the United Arab Emirates the minimum amount is around US$550,000.
Finally, some countries – such as Canada and the UK – are waiving minimum investment requirements in favor of requiring visa applicants to be entrepreneurs looking to start a business.
Please note that there are other costs associated with obtaining a golden visa, such as application fees and due diligence or travel required during the process.
How to get a golden visa?
Unlike a regular tourist visa, applying for a golden visa is not a DIY process. You will need a lot of documentation and evidence of your investments, which may have potential tax implications, and you will need to make sure you understand the requirements and restrictions for becoming a resident. Many countries have recently introduced stricter rules for their golden visa programs or made changes such as increasing the investment threshold and eliminating the ability to invest in real estate.
You can work with a consulting company that specializes in residency and citizenship by investment, or you can start by speaking with an attorney and/or financial advisor familiar with immigration and foreign investment.