With over 100,000 Golden Visas issued in the UAE so far marking a 35 per cent increase according to reports by Arabian Business.
And a 40 per cent increase recorded in the number of investments made through the Golden Visa Program in Portugal as reported by Schengenvisainfo.
These staggering figures highlighting the massive demand for Golden Visas beg the question – are they worth the hype?
This article will provide the following information:
•What a golden visa is
•The requirements
•The upsides & downsides
•List of countries offering golden visas
•Our conclusion
•Golden visa investment opportunities
With this outline in mind, let’s proceed…
What is a golden visa?
A golden visa is a type of residency or citizenship program offered by some countries that allow foreign investors to obtain residency or citizenship in exchange for making a significant investment in the country’s economy. The term “golden visa” comes from the idea that it is a “golden opportunity” for foreign investors to obtain residency or citizenship.
The investment required for a golden visa can vary depending on the country and the specific program. In some cases, it may be a one-time investment in a real estate property, while in other cases it may be an investment in a business or a government bond. The investment required for a golden visa can range from tens of thousands of dollars to several million dollars.
In exchange for the investment, the investor and their family members are granted residency or citizenship in the country. This can provide them with certain benefits, such as the ability to live and work in the country, access to healthcare, education, social services and if the residency is in a European country, the ability to travel freely within the European Union if the country is a member state.
Golden visas have become increasingly popular in recent years, particularly among wealthy individuals looking for a way to obtain residency or citizenship in a foreign country.
One major advantage of a golden visa is that it can provide an efficient way for individuals to obtain residency or citizenship in a foreign country.
In some cases, the investment required for a golden visa may be less than what would be required through other immigration routes.
Disadvantages of golden visas
While golden visas may provide a path to residency or citizenship for foreign investors, there are also several disadvantages and potential drawbacks to consider:
1. High costs: The investment required for a golden visa can be quite substantial, ranging from tens of thousands of dollars to several million dollars, depending on the country and the specific program.
2. Limited options: The investment required for a golden visa is often restricted to certain sectors, such as real estate, business, or government bonds, which may limit the investor’s ability to diversify their portfolio.
3. Risk of fraud: There have been cases of fraudulent schemes and scams associated with golden visas, where investors are promised residency or citizenship in exchange for their investment, but the promised benefits do not materialise.
4. Limited mobility: While a golden visa may provide residency or citizenship in one country, it may not necessarily provide the ability to travel freely to other countries, particularly if the country is not a member of the European Union.
5. Political instability: Investing in a country that is politically unstable or experiencing economic difficulties can be risky, and there is no guarantee that the investment will be successful or that the promised benefits will be realised.
6. Public scrutiny: The use of golden visas by wealthy individuals has come under public scrutiny, as some argue that it can contribute to issues such as wealth inequality and the distortion of local housing markets.
Another disadvantage of the Golden Visa — this residency route does not guarantee citizenship in certain countries. You can renew the visa several times and try to apply for citizenship in a few years.
List of countries offering golden visas
Here is a list of some countries that offer golden visas:
United Arab Emirates: The United Arab Emirates (UAE) offers a Golden Visa program that grants long-term residency to investors, entrepreneurs, and specialised talent. The program requires a minimum investment of AED 2 million in real estate.
Qatar: Qatar’s Investor Residence Visa program requires a minimum investment of $200,000 in real estate.
Spain: Spain’s Golden Visa program requires a minimum investment of €500,000 in real estate.
Greece: Greece’s Golden Visa program requires a minimum investment of €250,000 in real estate.
United Kingdom: The United Kingdom’s Tier 1 Investor Visa program requires a minimum investment of £2 million in the UK economy.
United States: The United States EB-5 program requires a minimum investment of $800,000 in a business that creates at least 10 jobs for US citizens or residents.
Canada: Canada’s Immigrant Investor Program requires a minimum investment of CAD 1.2 million in Canada for five years.
Malta: Malta’s Citizenship by Investment Program requires a minimum investment of €600,000.
Australia: Australia’s Significant Investor Visa program requires a minimum investment of AUD 5 million in Australian assets.
Grenada: Grenada’s Citizenship by Investment program requires a minimum investment of $220,000 in a government-approved real estate project.
Bahrain: Bahrain’s Golden Residency Visa program requires an ownership of property worth a minimum of BHD 200,000.
Jordan: Jordan’s Investment Residency program requires a minimum investment of JOD 200,000 in real estate.
Turkey: Turkey’s Citizenship by Investment program requires a minimum investment of $400,000 in real estate or a business or a deposit of $500,000 in a Turkish bank for three years.
Mauritius: Mauritius’s permanent residency program requires a minimum investment of $375,000 in real estate.
Egypt: Egypt’s Citizenship by Investment program requires a minimum investment of $500,000 in a government-approved real estate project.
*This list isn’t made in a chronological order.
*This list doesn’t include every country offering the golden residence program.
*The requirements, regulations and availability of investment-related residency or citizenship programs can vary from country to country and are subject to change.
Our conclusion
Whether or not a golden visa is worth the hype depends on an individual’s specific circumstances and priorities. While they may offer an efficient way to obtain residency or citizenship in a new country you must carefully consider the potential risks and benefits before deciding to apply for a golden visa program.
Golden visa investment opportunities
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Moses Oyong is a luxury real estate advisor with a passion for arts and culture, music, fashion, and all things luxurious. With a keen eye for beauty and attention to detail. I strive to help my clients find their dream homes that reflect their unique sense of style and taste whilst providing them with the right information to ease the stress of the decision-making process.
