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In today’s interconnected world, international investors are increasingly looking to expand their horizons by obtaining a second residency or citizenship. One popular avenue for achieving this is through the various “Golden Visa countries” that offer special programs granting permanent residence and/or citizenship in exchange for making an investment in the country. These investments can take various forms, such as real estate, venture capital funds, local businesses, art and heritage projects, scientific research, or government debt.
While the concept of Golden Visa programs has attracted some negative attention in recent years, particularly within the European Union (EU), many countries still offer these programs as a fast and flexible route to a second passport and a safe haven overseas. In this article, we will explore the best Golden Visa countries available in 2024, focusing on their unique features and investment requirements.
Golden Visa Countries in Europe
Obtaining a second citizenship in an EU country can open up a multitude of opportunities, including the freedom to move, live, work, study, do business, and retire across 30 countries within the EU, EEA, and Switzerland. European Golden Visa programs are highly sought after, despite the EU’s growing concerns about potential misuse. While some EU member states have shut down their Golden Visa programs or made them more restrictive, several countries are still offering these programs as of 2024. Let’s take a closer look at the Golden Visa countries in Europe that are still operating.
1. Portugal
Portugal is widely regarded as the crème de la crème of Europe’s Golden Visa countries, offering five investment routes to choose from. Although the program has undergone significant changes, it remains fully open to investors. It’s important to note that the Golden Visa can no longer be obtained through real estate investments, but Portugal still offers other attractive options.
Currently, the best Golden Visa options in Portugal are the investment funds route, with a minimum threshold of €500,000, and investing in Portuguese film production, with a minimum threshold of €200,000-€250,000. One of the major advantages of Portugal’s Golden Visa program is its flexibility. Once your residence permit is issued, you can spend as much or as little time in Portugal as you want, while still maintaining full legal residence status. After five years, you can apply for either permanent residence or Portuguese citizenship. Portugal has one of the world’s most powerful passports, granting free access to 187 countries, along with full EU freedom of movement rights.
Entrepreneurial investors might also be interested in Portugal’s hybrid investor-startup visa, known as the Highly Qualified Activity (HQA) visa. This program allows you to start your own Portuguese company and run it in partnership with a local university, with a minimum investment of just €175,000. HQA applications are given priority processing over the Golden Visa, resulting in a faster timeline for obtaining the residence permit.
2. Malta
Malta’s Golden Visa program is one of the most popular in the EU, mainly due to its offering of the fastest route to citizenship within the bloc. The program provides two options: full citizenship after 12 months or citizenship after 36 months, depending on the level of investment. For the 12-month route, the minimum investment is €750,000 (plus €50,000 for each family member), while the 36-month route requires a minimum investment of €600,000 (plus €50,000 for each family member). Additionally, applicants must donate at least €10,000 to a Maltese charity or NGO and purchase or rent a property.
Maltese citizenship grants you and your family full EU rights, along with a powerful passport that ranks 8th globally. When compared to Portugal’s offering, Malta’s Golden Visa program has the advantage of being a faster route to citizenship. However, Portugal offers a more appealing package of benefits, including lower investment thresholds, tax benefits, and a much faster timeline to citizenship.
3. Spain
Spain’s Golden Visa program is another popular option within the eurozone. It offers residence rights for a minimum investment of €500,000 in real estate. Alternatively, investors can choose to invest in a new business and create jobs, with no specific minimum threshold. However, there are downsides to consider.
One major drawback of Spain’s Golden Visa program is the lengthy timeline to citizenship, which is set at 10 years. Furthermore, Spain does not recognize dual citizenship, meaning that obtaining Spanish citizenship would require renouncing your original citizenship in most cases. Additionally, those seeking citizenship through Spain’s Golden Visa would need to physically live in Spain and pay Spanish taxes for the entire 10-year period. In contrast, neighboring Portugal offers a more attractive option for potential Golden Visa investors, with a wider range of routes, lower investment thresholds, tax benefits, a faster timeline to citizenship, and the flexibility to choose whether or not to relocate there.
4. Greece
Greece currently offers Europe’s cheapest real estate Golden Visa route, with a minimum investment threshold of just €250,000. However, it’s important to note that the Greek government has announced plans to double the minimum threshold to €500,000 in 2023, although this change will likely only apply to prime areas of Athens and Thessaloniki. Despite this potential increase, the Greek program still offers some advantages.
One key benefit of the Greek Golden Visa program is that it allows investors to complete the entire application process remotely, a feature introduced during the pandemic that remains in place. The process is relatively speedy, with many investors obtaining their permanent residence permits within a three-month window. However, it’s essential to understand that permanent residence does not grant Greek citizenship or freedom of movement rights across the EU/EEA and Switzerland. It only allows you to live full-time in Greece and travel for up to 90 days at a time in other Schengen countries.
Those seeking Greek or EU citizenship face a much longer path. Citizenship requires seven years of residency, full physical presence in Greece, paying taxes in the country, and reaching a B1 level of proficiency in the Greek language. In contrast, investing just a little more in one of Portugal’s Golden Visa routes or the country’s HQA visa offers a far better overall package.
5. Italy
Italy offers a relatively low minimum investment threshold of €250,000 for its Golden Visa program. However, unlike most other European programs, there is no real estate investment route available. Instead, accessing the lowest threshold requires investing in an “innovative startup.” Other options include investing €500,000 in shares of an Italian limited company, donating €1 million to an Italian NGO, or investing €2 million in Italian government bonds. These options may be less appealing due to Italy’s longer timeline to citizenship and B1 language requirements.
To be eligible for Italian citizenship, you would need to live full-time in Italy and pay Italian taxes for 10 years. On the upside, investors in the Italian Golden Visa program have the advantage of having their application approved before making the investment, which is not the case for most other European programs.
While Italy may be a good choice for obtaining residence rights in Europe or for those who prefer the security of having their visa application approved before investing, Portugal’s Golden Visa program offers a more flexible and appealing package overall.
Golden Visa Countries Worldwide
Now let’s explore Golden Visa options beyond the borders of Europe and see what other countries have to offer.
6. Anguilla
Anguilla offers permanent residence within a few months through various approved government programs. These programs include a capital development fund with a minimum investment of $150,000, real estate investments starting at $750,000, and a tax residency program requiring an annual payment of $75,000. While Anguilla is a British territory, which makes British Overseas Citizen status (BOC) possible, it’s important to note that since Brexit, a UK passport no longer grants freedom of movement across 30 countries. Therefore, the effort of obtaining BOC may not be worth it.
7. Antigua and Barbuda
Obtaining immediate citizenship in Antigua and Barbuda is possible through a contribution of at least $100,000 to the national development fund. Alternatively, investors can choose the real estate route, with a minimum investment of $400,000. All real estate purchases must be government-approved and held for at least five years. Antigua’s passport allows visa-free travel to 150 countries, including the Schengen Area and the UK.
8. Bahrain
Bahrain now offers a “Golden Residency Visa” that grants 10-year renewable residence rights to property owners, retirees, and “Highly Talented Individuals.” The program also allows for the sponsorship of family members. To be eligible, investors must own a property in Bahrain worth at least BHD 200,000 (approximately USD 530,000), be retired with a monthly income of at least BHD 4,000 (USD 10,600), or demonstrate exceptional talent in academia, entrepreneurship, science, sports, or other fields. Bahraini citizenship, however, requires a minimum residency period of 25 years and fluency in Arabic. Bahrain does not recognize dual citizenship.
9. Canada
Canada’s most popular investor residency program is the Quebec Immigrant Investor Program (QIIP). Applicants can apply for Canadian citizenship after just three years in return for a CAD 1.2 million passive government-guaranteed investment. Additionally, applicants must have a personal net worth of at least CAD 2 million. During the three-year period, a minimum of 183 days per year must be spent physically in Quebec. Investing in Canada can be well worth the effort, considering the country’s powerful passport, global reputation, state healthcare, and job opportunities.
10. Grenada
Grenada offers immediate citizenship through an investment of at least USD 150,000 in the national development fund. There is no physical residency requirement. Alternatively, investors can qualify by investing in real estate. A Grenadian passport allows visa-free travel to 140 countries, including the Schengen Area.
11. New Zealand
New Zealand recently launched its Active Investor Plus Visa, replacing the previous Investor 1 and Investor 2 visas. The program operates on a weighting system, with a minimum investment threshold of NZD 15 million. Direct investments receive a 3x weighting per dollar, meaning the minimum threshold for direct investment is NZD 5 million. Indirect investments have a lower weighting. Citizenship and a passport can be obtained after five years of residence, including at least 240 days per year physically in the country. New Zealand recognizes dual citizenship.
12. Singapore
Singapore’s Golden Visa, officially known as the Singapore Global Investor Program, requires a minimum investment of SGD 2.5 million (approximately USD 1,853,600). This investment can be made in an existing business, approved funds in Singapore, or establishing a family office. The program grants permanent residency in Singapore, with the possibility of applying for citizenship after just two years. Singapore has one of the world’s most powerful passports and does not recognize dual citizenship.
13. St. Kitts and Nevis
St. Kitts and Nevis were among the first countries to offer a Golden Visa program, starting in 1984. The program currently offers two investment routes: donating to the Sustainable Growth Fund (minimum USD 150,000) or investing in government-approved real estate (minimum USD 200,000, held for 7 years, or minimum USD 400,000, held for 5 years). Upon completing the investment, applicants can apply through government-approved agents and receive their new passport within 90 days. A St. Kitts and Nevis passport grants visa-free access to 153 countries, including the UK and the entire Schengen Area.
14. St. Lucia
St. Lucia offers a wide range of investment routes and a low minimum investment threshold. The cheapest option is contributing USD 100,000 to the National Economic Fund, with higher thresholds for including a spouse or family members. Other investment routes include investing in COVID-19 relief bonds (minimum USD 250,000), government-approved real estate investment (minimum USD 300,000), investing in government bonds (minimum USD 500,000), or enterprise investment (minimum USD 3.5 million, can be a joint venture). A St. Lucia passport allows visa-free travel to 137 countries, including the UK and the entire Schengen Area.
15. The Cayman Islands
Unlike many other Caribbean countries, the Cayman Islands do not allow direct purchase of citizenship. However, investors can obtain permanent residence through a real estate investment of USD 2.5 million and apply for citizenship by naturalization after maintaining residence status for at least five years, including 90 days per year in the country. Acquiring a Caymanian passport grants British National Overseas (BNO) status and allows visa-free entry to 132 countries, including the UK and the Schengen Area. The Cayman Islands recognize dual citizenship.
16. Turkey
Obtaining Turkish citizenship by investment is a fast process, taking only three to six months from the time of successful investment. The cheapest and most popular route is real estate investment, with a minimum investment threshold of USD 400,000. Other investment options include government bonds, depositing funds in a Turkish bank, capital investment, or investment in real estate or venture capital funds. All investments, except for direct real estate purchases, have a minimum threshold of USD 500,000 and must be held for at least three years. Alternatively, investors can establish a Turkish company and hire at least 50 new employees, without a minimum threshold requirement. A Turkish passport allows visa-free access to 124 countries. Turkey recognizes dual citizenship.
17. The United Arab Emirates
The UAE Investor Visa program offers qualifying foreign nationals the opportunity to obtain a 5 or 10-year residence permit in the UAE, including Dubai, without the need for a sponsor. To be eligible, investors must either own a property in the UAE worth at least AED 10 million (approximately USD 2.7 million), be retired with a monthly income of at least AED 40,000 (USD 10,800), or demonstrate exceptional talent in academia, entrepreneurship, science, sports, or other fields. The UAE offers one of the world’s most powerful passports, usually ranking first or second in various passport strength indices. However, the UAE does not recognize dual citizenship, so investors will likely need to give up their existing citizenships.
18. The United States
The United States offers the EB-5 Investor Visa as its equivalent to the Golden Visa program. To be eligible, investors must invest at least $900,000 in a US enterprise and create at least 10 American jobs. The annual quota for EB-5 visas is 10,000, including family members. The EB-5 visa is the first step towards US citizenship, with a conditional residency Green Card valid for two years. After that, applicants can apply for unconditional/permanent residency, known as a 10-year renewable Green Card. After at least seven years of residence, including two years of conditional residency and five years of unconditional residency, investors can apply for US citizenship through naturalization.
19. Vanuatu
Vanuatu offers one of the world’s fastest citizenship by investment programs, known as the Vanuatu Development Support Programme. Citizenship can be obtained in just 30-60 days by donating a minimum of USD 130,000 to the national development fund. Alternatively, investors can qualify by investing in government-approved real estate, with a minimum investment of USD 200,000. Property purchases must be made in certain developments to qualify for the program. Vanuatu recognizes dual citizenship, and its passport grants visa-free access to 148 countries.
20. Indonesia (Bali Golden Visa)
As of September 2023, Indonesia has announced the imminent launch of its own Golden Visa program, specifically targeting Bali. The Bali Golden Visa program will offer foreign investors five or ten-year residency permits in Bali. The minimum investment level for individuals starts at $350,000 for a five-year visa and $700,000 for a ten-year visa. Investors also have the option to set up a company, with $2.5 million for a five-year visa or $5 million for a ten-year visa.
The Bali Golden Visa offers multiple entries into Indonesia, minimal bureaucracy hassles, easy property purchase, and the opportunity to fast track an application for Indonesian citizenship. This program could be an attractive option for individuals seeking long-term residence in paradise.
Conclusion
If you’re an international investor looking to expand your horizons with a second residency or citizenship, Golden Visa programs offer a variety of options around the world. While some countries have shut down their programs or made them more restrictive, many Golden Visa countries are still open for business in 2024.
In Europe, Portugal remains a top choice, offering flexibility, potential tax benefits, affordability, and a fast timeline to citizenship. Malta, Spain, Greece, and Italy also offer their own unique advantages. Beyond Europe, countries like Canada, Singapore, and New Zealand provide attractive options for investors seeking a new home or business opportunities. The Caribbean nations of Antigua and Barbuda, St. Kitts and Nevis, and St. Lucia offer immediate citizenship through investment, while the UAE and the United States provide opportunities for long-term residency and potential pathways to citizenship.
When considering a Golden Visa program, it’s important to conduct thorough research and seek professional advice to ensure that the program aligns with your goals and meets your specific requirements. Each country has its own investment thresholds, residency requirements, and benefits, so carefully evaluate the options available to make an informed decision.
