Both popular since their rise in the 2000s and finally quite mysterious, the Golden Visas represent a very specific immigration channel that can be very opportune. Do you want to invest in a country and obtain a long-term permit there? Read on… and contact Oui Immigration, we’ll take care of the rest!
What is a Golden Visa?
In concrete terms, a Golden Visa, sometimes called a “Citizenship by Investment Program «, is a residence permit, usually of a fairly long duration, issued by a country in exchange for a substantial investment in the economy of that country: purchase of real estate, creation of a company, investment in a company of the country, etc.
Portugal was one of the first to implement it, followed by Spain, Greece, Malta – and then many other countries. Currently, about thirty countries in the world offer it: Spain, Greece, Malta, Italy, Austria, Bahrain, Antigua & Barbuda, Canada, New Zealand, the Cayman Islands, Turkey, Indonesia and the United Arab Emirates are part of the non-exhaustive list of countries offering a residence permit in exchange for a financial investment.
Some countries, such as Portugal, Australia, and Ireland, no longer offer these visas, or have significantly modified the conditions of access.
Why ?
It’s all in the name: for people holding a nationality that makes “classic” immigration complicated and with enough financial resources, the Golden Visa is the royal road to residency in a country that generally offers advantages in terms of quality of life, security and stability.
European Golden Visas, in particular, are sought after because they allow access to the Schengen Area: if an American citizen, for example, decides to obtain a Golden Visa in Malta, the Maltese permit obtained will give him access to 90 days in all other countries of the Schengen Area.
Depending on the country, this permit can also lead to an application for citizenship after a certain number of years in the country.
In addition, living in the country is not always mandatory: a minimum presence is required, but having a Golden Visa for Vanuatu does not mean its holder has to spend his or her life there.
Golden Visa and Controversy
“Buying a visa with money” has been criticized for a variety of topics – including:
- For European Golden Visas, having access to the Schengen area can call into question the security of the Schengen area, and the facilitated (albeit temporary) access to countries that do not benefit from the initial investment;
- As has been the case in Portugal, the success of the Golden Visas has created an imbalance in real estate, with prices rising drastically and making it impossible for the country’s citizens to access them;
- Suspicions of money laundering and fraud
This is why the conditions for issuing Golden Visas are now much more regulated, the amounts required are bigger and the demand for transparency is much more present. The popularity of Golden Visas continues to grow and so do the number of countries offering them!
Conditions of obtention
The Golden Visa remains an immigration document – its requirements for obtaining it therefore vary from country to country.
Lately, in response to the controversies and problems caused by this program, countries have tightened security criteria and controls: the amounts to be invested are now larger, and the way in which the transaction is conducted is more rigidly regulated.
Initially created to revive the economy of countries, the Golden Visa is intended for people who can and wish to invest a relatively large sum. On average, and this depends a lot on the country concerned, a relatively large minimum investment is required (USD 600,000 in Turkey, USD 250,000 in St Kitts and Nevis, for example), and can take the form of buying real estate, investing in national capital, opening a business by recruiting local employees.
Timelines also vary by country, but if all conditions are met, the application can be validated within a few months.
Do not hesitate to contact us for more information about the country you are interested in!
What to think about
Beyond the “lifestyle choice” aspect, considerations around international taxation, social protection, banking/remittances, etc. should be taken into account if a Golden Visa is being considered. Otherwise it would be far too simple 😊
Contact us if you would like more information on the matter ! oui@oui-immigration.com
