Golden visas are not a new thing, but they have been a trending topic lately. Since the first was introduced by St. Kitts and Nevis in 1984, there have been many more nations hoping to attract investors. The golden visa program typically varies by country but has the same overarching concept. Basically, people with plenty of money to spare can buy their way into residency – but this is no ordinary monetary exchange. As one of the most unique routes to citizenship, people itching for a golden visa will need to shell out some serious cash. The necessary investment can range from tens of thousands of dollars to upwards of a million.
This route has become a bit more popular due to the introduction of a new United States golden visa. In true Trump fashion, there have been major changes within the country in just a short time of him being back in office. Many of these shifts have led to disarray and in some people’s opinion, a surprising increase in aviation accidents. But Trump has just introduced a new golden visa, which he thinks will provide great economic value for the country. Although it is not the first investment visa of its kind, it will be among one of the most expensive visa programs in the world. For those who can afford it or would like to assess their options, here is what we know about different golden visa opportunities around the globe.
About the Gold Visa Application Process
The basic preparation steps for a golden visa are ensuring that you meet residency requirements, then basing your decision on investment opportunities and family inclusion policies. Although these are integral things to consider, the most important thing to secure is your finances. This will typically be either investing in government bonds, purchasing real estate above a distinct value or creating a lucrative business.
The easiest way to navigate obtaining a golden visa is consulting with a immigration lawyer. There are some that specialize in golden visas who can make the process that much easier. Once an investment is made, travelers should gather their relevant documents and submit their application. As usual, a biometric appointment is required and there may be an interview before a decision is made. Just as any other application process, it is possible that a golden visa hopeful can be rejected or denied. So, even if an applicant has paid the required investment amount, that does not mean it will automatically be approved. If a golden visa is granted, then people should ensure they understand the physical residency requirements to keep their visa.
Which Country Is Right for You?
Some of our favorite golden visas belong to some drastically different countries; around 30 nations currently have active programs. These investment programs allow affluent people to gain access to either residency or citizenship in a chosen country – all you have to do is take your pick. Of course, investors should be sure they really like the country they are trying to get a golden visa in (or at least it is beneficial for them in some way). That’s half the fun! Whether soaking in the sun or skiing the slopes sounds most appealing, there are plenty of enticing options.
Canada
For one, some citizens of North American countries may prefer Canada’s golden visa based on proximity alone. This visa is also known as the investment visa since technically it is different from other options. There are two types: the federal investor and provincial investor immigration programs. Within these, there are many options. The difference between the two is that the former is established on a national level and leads to permanent residency. While the latter is offered by individual Canadian provinces or territories. Foreign investors are nominated by the relevant location in Canada based on their specific needs.
Generally, you will need to submit a business plan, have entrepreneurial or business experience, have language proficiency in order to operate your business and show an intention to reside in Canada. The Canadian program allows investing individuals to obtain either permanent residency or citizenship by purchasing or investing in a business. So, you either have to expand your business operations to Canada or buy a successful business. This golden visa will cost investors an unspecified amount. Due to the nature of the visa, there is no minimum investment amount. Despite this, it is recommended that investors have at least CAD $250,000 to CAD $350,000 (which is around $173,000 USD to $242,000 USD) for their investment.
Malta
Malta’s golden visa is officially known as the Malta Permanent Residence Programme (MPRP). It is a pretty straight forward pathway to residency and potentially citizenship. There are many requirements that people should keep in mind before pursuing this visa. Applicants have to be over 18 years old and have to be a non-EU/EEA/Swiss national. You also have to have a clean criminal record, have good health insurance and one of the most important things, assets. To be more specific, you have to have capital assets of at least €500,000 (which is around $520,000).
Malta is definitely serious about golden visa holders giving back to the community. Some other requirements include submitting an application via a licensed agent and making substantial donations to local organizations. There is even a non-refundable administrative fee of €50,000. On top of that, applicants have to prove they have stable income or resources. So, in comparison to other golden visa countries this application process may be a bit taxing depending on the person.
Hungary
Hungary has a golden visa that was recently relaunched after a previous program ended in 2017. The current two options have been cause for a bit of excitement. In an effort to increase foreign investment, applicants can choose between investing in an investment fund or making a nonrefundable donation into a higher education institution. The investment must be more than EUR 250,000 (that is around $260,000) for a minimum of five years. A donation of EUR 1 million (around $1,040,000) can also be made to an institution. These programs can possibly grant applicants a residency permit of 10 years, which is quite significant for a golden visa. Another big perk for this program is that there is no minimum residency stay. In general, for these programs, it is likely best to contact a global immigration professional with expertise in the matter.
Vanuatu
Vanuatu may be a lesser known country for some, but it being an underrated destination makes it more enticing. It is a South Pacific Ocean nation with plenty to offer, including clear blue waters and welcoming locals. To get a golden visa here, applicants must apply to the Citizenship by Investment (CBI) program (which has a few different options). To be eligible, applicants should be between 18 and 65 years of age and have no criminal record. Also, they have a minimum savings amount of $250,000.
But unlike other golden visa country programs, Vanuatu has varying investment requirements depending on the person. For example, an individual applying may need to invest a minimum of $130,000 while for a couple that amount increases. It is also important to note that the price goes up for family members over four people. So, that would be an additional $15,000 per person as opposed to that being included in the initial investment sum.
Despite this high investment and savings amount (depending on the person applying) for the golden visa, there are good perks to getting it. One of the biggest benefits is that Vanuatu citizens are exempt from global income tax. But it is also important to note that in 2022 the European Commission the visa waiver agreement (so visa free travel) it had with Vanuatu due to security risks.
United States of America
One of the golden visas that are starting to catch people’s attention is from the US. This visa differs a bit from other ones due to the fact that it has an extremely high investment requirement. The biggest qualification for what people are calling the “Trump Gold Card” is that applicants must pay $5 million. This marks a significant increase from the previous EB-5 visa program, which it is replacing. The old program offered visas to foreigners who spent around $1 million on a company with at least 10 employees.
As for now, the new golden visa does not have employment generation requirements. So, this program is ideal for high net worth individuals that are not from any particular part of the world. Due to the newness of this program, there may be developments down the line to entice investors. According to the Trump Administration, the program will be available to the public in as soon as about two weeks.
