The Best Golden Visa Programs

Once you amass a certain level of wealth, one of your primary objectives is to keep as much of it as possible and even make it work for you. Right? 

What’s one way to do that (as well as live a fabulous life abroad)? 

The Golden Visa.

What is a Golden Visa?

The Golden Visa is the name for visa programs some countries offer that allow high-net-worth individuals to get residency when they agree to invest in the local economy. Generally, the individuals would live in this country and start a business that creates new jobs there.

There may be certain requirements to qualify for a Golden Visa, such as:

• Being a resident of a certain country
• Making a specific investment over a period of time
• Residing in the country for a minimum amount of time per year
• Having a clean criminal record
• Paying a fee
• Providing certain documents

It’s important to carefully read the requirements a given country has for applying for the Golden Visa to make sure you qualify.

What are the Benefits of Having a Golden Visa?

So why consider applying for a Golden Visa? First of all, if you love to travel or dream of living in another country and are a high-net-worth individual, this may be a great option.

If your visa is in the EU, you can travel freely among all EU countries without needing a specific visa or additional passport.

In some cases, citizenship in the new country may be passed down through your family. If you plan to stay long-term and raise a family, this can smooth out the process of ensuring all your family members are legally allowed to remain there.

Your money can go further when you move to a country with a lower cost of living. Also, there may be exciting business opportunities in countries with lower costs. Many countries offer small business grants and other incentives to entice business owners to launch new endeavors.

Having a Golden Visa may offer protection against economic and political risk. While certainly there are no guarantees, diversifying where you earn revenues can mitigate against some economic decline.

The country you choose may offer affordable, world-class healthcare or education opportunities. This is a major boon for Americans who pay out of pocket for health insurance, especially in countries that provide free, stellar healthcare.

Having a Golden Visa and living in another country MAY help reduce some of your US tax obligations, but speak with a knowledgeable accountant to understand the specific tax implications for you with this move.

Golden Visa vs. Golden Passport

In your research on the Golden Visa, you may also come across another term: the Golden Passport. What’s the difference?

The Golden Passport allows high-net-worth individuals to get citizenship, not just residency.  The Golden Visa, on the other hand, just allows you to live and work in a country as a resident. Becoming a citizen would be an additional step.

There are critics of this program, particularly in the EU. Why? 

Recipients don’t need to live in the country where they invest and have a passport. For many countries, this defeats the purpose of attracting high-net-worth individuals if they aren’t living in the country and putting money back into the economy.

There is concern about individuals involved in money laundering, war crimes, terrorist financing, and tax evasion using the Golden Passport to operate under the radar. 

Countries like the UK and Ireland have stopped their Golden Passport programs. Others are making the requirements more stringent to get approved. 

And some countries are also ceasing the Golden Visa program for similar reasons. After much debate, Portugal also canceled its Golden Visa program, citing the housing shortage as a reason.

Top Golden Visa Programs

Let’s now look at a few of the Golden Visa programs you might want to consider.

Greece

Greece offers temperate weather and is home to 6,000 islands. Greece’s Golden Visa program could allow you to get a foothold in the EU in a country with a fairly low cost of living. And since the processing time is quick, at about six months, you won’t have to wait long to see if you’re approved.

• Investment: €250,000-€500,000, depending on the area (€500,000 for real estate investment in the Greater Area of Athens, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini)
• Processing Time: Six months
• Minimum Stay Requirement: None

Spain

Another affordable option, if you’re aiming to live in the European Union, is Spain. The Golden Visa program in Spain offers a variety of investment options, depending on your interests and experience.

• Investment: €500,000 for real estate / €2 million for public debt investment / New business: no minimum investment requirement
• Processing Time: one month
• Minimum Stay Requirement: None

Australia

If you’d prefer to start your new life and business elsewhere, Australia’s Golden Visa program is worth considering, though its investment requirements are high, currently at about $1.6 million U.S.

• Investment: AUD 2.5 million under the Investor Stream
• Processing Time: 12 months
• Minimum Stay Requirement:  2 years out of 5

Malta

One of the underestimated countries in Europe is Malta. Malta is a great country to start a business in because most people speak English, and there are low costs to start a business there. Malta’s Golden Visa program has low investment requirements.

• Investment: Rent a property valued at least €10,000 in the South of Malta or Gozo or €12,000 anywhere else in Malta / Purchase a property worth at least €300,000 in the South of Malta or Gozo or €350,000 anywhere else in Malta
• Processing Time: 4-6 months
• Minimum Stay Requirement: none

Hong Kong

If you’re interested in getting a foothold in the Asian market, Hong Kong is an excellent place to do so. Hong Kong’s Golden Visa program doesn’t specify the investment requirements, so you’ll have to submit a strong application with a business plan to see if you’ll be approved.

• Investment: Depends. Submit a 2-year business plan and see if you get approved.
• Processing Time: 4-8 months
• Minimum Stay Requirement:  unknown

Is the Golden Visa Right for You?

To make sure the Golden Visa is right for you, ask yourself the following questions.

Am I Interested in Launching a Business in Another Country?

You know from the first time around that launching a business is no easy feat. Doing so in another country where you may not speak the language or understand the culture or bureaucracy may be even more difficult. Consider whether you’re truly up to the challenge. It can help if you have a contact who is experienced in helping foreign companies set up in the local country.

What is the Business Climate Like?

Some countries are more welcoming to new businesses than others. Do your research to find out how easy it is to launch and grow a business, as well as what kind of taxes you might have to pay as a resident of another country.

Do I Meet the Requirements?

As you saw from the list above, each country has its own requirements for investment and other criteria. Some countries may require you to live there full-time; others may not. Some may have requirements on how and where you spend the money. Make sure where you want to live and where you qualify for a Golden Visa align.

What are My Financing Options?

Naturally, you will need money to start a new business. As a foreigner, you may have challenges securing a loan in your new country, so find out whether you would be eligible for one or not. If not, consider what funding sources you have access to here in the U.S. that you could use to launch your new business abroad.

Does the Country Still Offer the Golden Visa?

As I mentioned, some countries are pulling back from offering the Golden Visa (or Golden Passport) because it’s disrupting the economy or people are taking advantage of it. Get the latest information about a country you’re interested in because the sands shift constantly.

Good Luck with Your New Life Abroad

You now have a taste of what a Golden Visa program looks like in other countries. These are only a handful of the countries that offer a Golden Visa. There are dozens more, some with low investment requirements, and some with higher requirements. The real question is: where do YOU want to live and start your new business endeavor?