Golden Visa programs allow foreign nationals to secure permanent residency and even citizenship in exchange for significant investment in the host country. These investments have different forms, most often in real estate. However, some countries extend Golden Visa opportunities to private equity, venture capital funds, local businesses, cultural initiatives, scientific research and sovereign debt.
Despite this, investing in a Golden Visa often remains the fastest and most flexible route to obtaining a second passport and international safe haven. From 2023, Portugal occupies a prominent place in this area.
Portugal tops the list of the best countries with a golden visa program since 2023.
The 7 best countries with the Golden Visa program
In recent years, we have witnessed increased scrutiny of the Golden Visa concept, especially within the European Union (EU). As a result, several countries have decided to scrap their Golden Visa programs altogether, while others have imposed stricter regulations.
Here is a list of the top 7 countries with the Golden Visa program:
- Portugal
- Malta
- Spain
- Greece
- Italy
- Austria
- Switzerland
The list is derived from authoritative reports issued by countries that offer enhanced global opportunities. By providing High Net Worth Individuals (HNWI) and their families with access to new markets and a host of benefits spanning business, education, healthcare, taxation and lifestyle, Golden Visas serve both current and future generations.
The best countries with the Golden Visa program
1. Portugal
The Portuguese Golden Visa program stands out as one of the leading choices in the world. It remains fully operational under existing regulations from August 2023, despite recent government proposals for significant changes.
In addition to real estate, investors can explore other attractive options within the Portuguese Golden Visa scheme, such as the investment funds route (with a minimum threshold of €500,000) or investing in Portuguese film production (with a minimum threshold ranging from €200,000 to €250,000). The main advantage of the program lies in its extreme flexibility: once the residence permit is approved, investors are free to spend as much time as they want in Portugal, with a minimum of seven days per year. After five years, applicants acquire the right to permanent residence or Portuguese citizenship.
Portugal boasts one of the most powerful passports in the world, offering visa-free access to 187 countries and full freedom of movement within the EU. For entrepreneurial investors, the High Skilled Activity (HQA) visa is an intriguing option. It involves the establishment of a Portuguese company in collaboration with a local university, with different levels of involvement and a minimum investment of only €175,000. Namely, HQA requests have priority processing, which results in a faster deadline for obtaining a residence permit.
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2. Malta
Malta’s golden visa program is emerging as one of the most sought-after European Union (EU) options, primarily because of the fast track to EU citizenship. The program offers two paths: full citizenship within 12 months or citizenship within 36 months, depending on the amount of investment.
For the 12-month route, it is necessary to invest 750,000 euros, with an additional 50,000 euros for each family member. Alternatively, the 36-month route requires an investment of €600,000, also with an additional €50,000 per family member. Additionally, applicants must contribute at least €10,000 to a Maltese charity or non-governmental organization and purchase or rent a property.
Maltese citizenship provides comprehensive rights in the EU. Compared to other Golden Visa options, the Maltese program stands out for its fast track to citizenship, virtually guaranteeing approval unless applicants have a criminal record.
3. Spain
The Spanish Golden Visa program represents a compelling opportunity within the Eurozone. It offers residence rights through a minimum investment of €500,000 in real estate or the possibility of investing in a new business without a certain threshold.
However, the Spanish program has significant drawbacks, including a long ten-year deadline for citizenship and the absence of dual citizenship. Acquiring Spanish citizenship entails living in Spain for a decade, paying Spanish taxes and renouncing your original citizenship.
Compared to Spain, Portugal offers a more attractive package with a wider range of routes, lower investment requirements, tax breaks and a significantly faster path to citizenship, along with the flexibility to choose whether to relocate.
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4. Greece
Greece currently offers the most affordable Golden Real Estate Visa in Europe, requiring only €250,000. According to the report, the government plans to raise this threshold to 500,000 euros in 2023, focusing on the main areas of Athens and Thessaloniki.
The advantage of the Greek program is its ability to process applications entirely remotely, with many investors receiving permanent residence permits in as little as three months. Nevertheless, permanent residence in Greece does not confer Greek citizenship or the right to freedom of movement within the EU; gives the right to permanent residence in Greece and travel for up to 90 days within the Schengen area.
For those aspiring to Greek or EU citizenship, Portuguese Golden Visas or HQA visas offer a superior overall package with more attractive benefits.
5. Italy
Italy’s Golden Visa program offers a low minimum investment threshold of €250,000, but deviates from the real estate route. To reach that threshold, investors must invest in an ‘innovative startup’. Alternatively, they can choose to invest €500,000 in shares in an Italian limited liability company, donate €1 million to an Italian NGO, or invest €2 million in Italian government bonds.
The Italian program includes a long ten-year deadline for citizenship requirements and B1 language proficiency. Obtaining citizenship requires a decade of permanent residence in Italy, payment of Italian taxes and achievement of B1 knowledge of the demanding Italian language.
Although the Italian program offers the advantage of pre-investment application approval, it may be a more attractive choice for those seeking European residency instead of citizenship.
6. Austria
Austria stands out among the EU options in that it gives investors the freedom to choose the type of investment. Investments must be substantial and valuable to the Austrian government, with an annual quota of only 300 candidates.
Austrian citizenship by investment is not an official program, but is regulated by Article 10, Section 6 of the Austrian Citizenship Act. It allows the government to grant Austrian citizenship in exchange for contributions of ‘outstanding merit’, including economic, sporting, scientific and cultural contributions.
Unlike most Golden Visa countries, Austria does not accept passive investments such as government bonds or real estate for residence. Eligible forms of investment include significant contributions to the state fund, investments in joint ventures, venture capital and innovative or priority businesses according to state requirements.
Investment thresholds in Austria usually start at EUR 3 million and can reach as high as EUR 10 million. Acquiring Austrian citizenship through this program is faster than in many other Golden Visa countries, with an average time frame of approximately 36 months from initial investment.
However, applicants must possess knowledge of the German language and renounce their existing citizenship, as Austria does not allow dual citizenship. Although Austria offers a unique option within the EU, it may not be the most practical choice for those seeking multiple passports.
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7. Switzerland
Ensuring residence by investing in Switzerland is. The state lacks a real estate investment path and has no plans to introduce it. Instead, investors can obtain residence in Switzerland through two ways: through the Swiss Residence Program through flat-rate taxation or through the Swiss Business Investor program.
The Swiss passport is one of the most powerful in the world, but it is one of the most difficult to obtain. In order to gain full rights in the EU, individuals can find more viable routes through golden visas in Malta or Portugal, ultimately using them as pathways to EU citizenship.
As you explore these Golden Visa opportunities, it’s essential to do thorough research, consult with legal experts, and assess your long-term goals. The decision to obtain a Golden Visa is a significant one, and understanding the nuances of each program is key to making an informed choice.
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Categories: Trends
Source: HIS Education