What is Golden Visa- Which Countries issue the same and process to apply the same
A golden visa is a type of residency-by-investment program that allows individuals and their families to obtain permanent residency or citizenship in a foreign country by making a significant investment in that country. The term “golden visa” typically refers to programs that are offered by countries such as Portugal, Spain, Greece, and Malta, among others.
Benefits of Golden Visa
To obtain a golden visa, an individual typically needs to invest a certain amount of money in the country, usually in the form of real estate, government bonds, or business investments. The investment threshold varies from country to country, but it can range from a few hundred thousand dollars to several million dollars.
The main benefit of a golden visa is that it provides the investor and their family members with the right to live, work, and study in the country without the need for a separate work or residence permit. It may also provide the investor with tax benefits, access to healthcare, and other social services, depending on the country’s laws.
It is important to note that the rules and requirements of golden visa programs can vary widely, and investors should do their due diligence before making any investment.
Which Countries Offer Golden Visa Scheme
Several countries offer golden visa programs to foreign investors. Some of the most popular countries for obtaining a golden visa include:
Portugal: Portugal offers a golden visa program that requires a minimum investment of €500,000 in real estate.
Spain: Spain has a golden visa program that requires a minimum investment of €500,000 in real estate, although other investment options are also available.
Greece: Greece offers a golden visa program that requires a minimum investment of €250,000 in real estate.
Malta: Malta offers a golden visa program that requires a minimum investment of €250,000 in real estate, or a donation of €650,000 to the National Development and Social Fund.
Cyprus: Cyprus has a golden visa program that requires a minimum investment of €300,000 in real estate, or a combination of investments in real estate and government bonds.
United Kingdom: The United Kingdom offers a Tier 1 Investor visa program that requires a minimum investment of £2 million in UK government bonds or shares in UK companies.
United States: The United States offers an EB-5 visa program that requires a minimum investment of $900,000 in a qualifying business in the country.
These are just some examples of countries that offer golden visa programs. It is important to note that the specific requirements and investment amounts can vary widely between programs and countries.
Investment required for Golden Visa Scheme
The cost of a golden visa varies depending on the country offering the program and the type of investment required. Typically, the cost of a golden visa includes not only the investment amount but also application fees, legal and administrative expenses, and other associated costs.
For example, the cost of a golden visa in Portugal is at least €500,000 in real estate, plus additional fees and expenses, such as legal fees, property taxes, and transaction costs. In Spain, the minimum investment amount is also €500,000 in real estate, plus additional expenses, such as taxes, legal fees, and insurance.
In Greece, the minimum investment amount is €250,000 in real estate, and applicants must also pay fees for legal assistance, property taxes, and other expenses. In Malta, the minimum investment amount is €250,000 in real estate, plus a non-refundable contribution of €30,000 to the Maltese government.
It is important to note that some golden visa programs may have additional requirements, such as language proficiency tests or medical exams, which can also add to the overall cost. Applicants should carefully review the requirements and costs associated with each program before making a decision.
Process to Apply for Golden Visa Scheme
The process to apply for a golden visa and the required documents vary depending on the country offering the program. However, there are some general steps and documents that are typically required for most golden visa programs:
The first step is to determine if you meet the eligibility criteria for the golden visa program, such as minimum investment amounts, age limits, and criminal background checks.
Choose an investment option:
Choose the type of investment you wish to make to meet the program’s requirements, such as real estate, government bonds, or business investments.
Collect the necessary documents:
Gather all the required documents for the application, which may include a valid passport, proof of funds, investment documents, criminal background check, medical records, and other supporting documents.
Submit the application:
Submit the application along with the required documents to the relevant government agency or consulate.
Wait for processing:
The processing time varies depending on the country and can take several months to over a year.
Obtain residency or citizenship:
If the application is approved, the applicant and their family members can obtain residency or citizenship and enjoy the benefits of the golden visa program.
It is important to note that the specific requirements and documents needed for each program can vary. Applicants should carefully review the program’s guidelines and seek the advice of a professional before submitting their application.