- Golden visas allow foreign citizens to become residents or citizens of a country by investing large amounts of money.
- Several EU and Schengen countries offer a golden visa programme for wealthy foreign investors.
The Golden Visa for Europe is a special type of visa or residence permit for wealthy foreign citizens. To obtain it, it is necessary to invest significant capital in the country.
As a general rule, visitors to the European Union (EU) and the Schengen area must have an ETIAS visa exemption (from 2022) or a Schengen visa.
However, the rules are different for foreign nationals who plan to settle in a European country or even obtain citizenship.
Several EU and Schengen countries have a golden visa programme that allows foreign investors to become residents.
WHAT IS A GOLDEN VISA IN EUROPE?
A golden visa is a type of permit that paves the way for residence and even citizenship in a foreign country.
It is issued on the basis of investment, usually to wealthy individuals.
Golden visa programmes allow foreign citizens to become residents by purchasing property in the country or by making a large investment or donation.
The amount of money to be invested depends on the country or territory in question.
Several European countries have a golden visa programme, including several EU and Schengen member states.
BENEFITS OF THE EUROPEAN GOLDEN VISA
European golden visas have several advantages for foreign citizens.
Firstly, people who invest in an EU or Schengen country and apply for a golden visa become legal residents in that country.
Their spouses and children are also granted residence.
With a golden visa, they can :
- Live in the country
- Receive an education in the country
- Have access to the country’s health care system
- After a certain period of time under the residence status, the holder of the golden visa can apply for nationality.
The length of time required depends on the country in question.
One of the main advantages of a golden visa for an EU or Schengen country is the possibility for residents to move freely within the region.
They can travel within the 26 member states of the Schengen area without a visa.
Foreign citizens who are not resident in the Schengen area must have a visa or, from the end of 2022, apply for an ETIAS visa exemption online.
WHICH EU/SCHENGEN COUNTRIES OFFER A GOLDEN VISA?
Several EU and/or Schengen countries offer golden visas to third country investors.
These include the following countries, which are both EU and Schengen members
The following non-EU Schengen countries also have a golden visa programme
HOW TO OBTAIN RESIDENCE AND CITIZENSHIP IN THE EU
Wealthy individuals from non-EU and non-Schengen countries can obtain residency by investment.
The exact rules depend on the country, but the following options are the most common:
- Investing or setting up a business
- Buying government bonds
- Buying or investing in property
- Donating to projects and organisations in the country
In some cases, European citizenship can also be obtained through investment.
Other countries generally allow residents to apply for citizenship after a certain period of time in the country.
THE GOLDEN VISA AND CITIZENSHIP FOR AUSTRIA
Austria has one of the most popular investment-based residency programmes.
The Austrian Golden Visa is issued to any foreign citizen in exchange for the investment of a large sum of money.
- Minimum investment amount €40,000
- Waiting period of 1 to 3 months to apply for the golden visa and wait for approval.
- After 10 years of residence, he can apply for nationality.
or
- Obtaining citizenship by investment
- Investment of at least 10 million euro in a company or making a contribution of at least 3 million euro to a government development fund.
THE GOLDEN VISA AND NATIONALITY FOR BELGIUM
The Belgian Entrepreneur Residency Programme is essentially a golden visa. It allows entrepreneurs and investors to start a business in Belgium and obtain residency.
Citizens of any country can participate in this programme. It is not necessary to live in Belgium to have residency status.
- They must invest at least €350,000 to apply for residency.
- After living in Belgium for five years, it is possible to obtain Belgian nationality. The applicant will have to pass a language test in Dutch, French or German.
THE GOLDEN VISA FOR CYPRUS
The Republic of Cyprus had a popular golden visa programme that allowed foreign citizens and their families to obtain residency and nationality by investing in the country.
The programme in Cyprus is currently suspended. It is not known when the programme will resume.
THE GOLDEN VISA FOR SPAIN
The Spanish Residence by Investment Programme is very well known and is used by many foreign investors to become European residents.
Foreign citizens can make one of the following investments to obtain residence in Spain:
- Buy a property worth at least €500,000
- Create and develop a business project in Spain
- Invest in shares in a company or make bank deposits with Spanish institutions worth at least €1 million
- Buy government bonds worth at least €2 million.
The residence permit is usually approved about 20 days after the application. It has an initial validity of 2 years and can then be renewed for 5 years. The permit is issued to the investor, his/her spouse and any dependent children (and grandchildren).
The majority of foreign residents can apply for citizenship after 10 years.
The following can apply after 2 years:
- Sephardic Jews
- Citizens of Equatorial Guinea
- Citizens of Latin American countries
- Citizens of the Philippines.
GREEK GOLDEN VISA
The Golden Visa Programme in Greece allows citizens of non-European countries to obtain a residence permit.
To do so, these options are available
- Invest in a property worth at least €250,000 + taxes.
- Agreeing to rent accommodation in a hotel or tourist residence for 10 years.
- Agreeing to rent a condominium hotel for 10 years.
- Contribute at least €400,000 to a business in Greece.
- Buy Greek government bonds for an amount of at least €400,000.
- Purchase shares, corporate bonds and/or government bonds with a minimum acquisition value of €800,000
Deposit at least €400,000 in a domestic credit institution for a minimum period of one year.
Foreign investors can obtain a residence permit in Greece within 30 to 60 days. This permit can then be renewed every 5 years.
After being resident in Greece for 7 years, it is possible to apply for citizenship.
THE GOLDEN VISA FOR IRELAND
The Immigrant Investor Programme in Ireland allows non-EU citizens to obtain a Golden Visa, also known as the Resident Investor Visa for Ireland.
- 1 million in a company or investment fund.
- Alternatively, foreign citizens can donate €500,000 to a project in the field of arts, culture, education, health or sports in Ireland.
THE GOLDEN VISA FOR ITALY
Foreign nationals can access the Italian Residence by Investment Scheme in the following ways:
- Investing €500,000 in an Italian limited company
- Investing €250,000 in an innovative start-up company based in Italy
- Investing €2,000,000 in government bonds
- Make a philanthropic donation of €1,000,000
GOLDEN VISA AND CITIZENSHIP IN MALTA
Malta’s Golden Visa programme is very popular and one of the most frequently used methods of obtaining residence in the EU.
Foreign citizens must have at least €500,000 in capital (of which at least €150,000 must be in financial assets) to apply for residency. They must then make the following investments in Malta:
- Buy a property worth at least €350,000 (€300,000 for South Malta and Gozo) or rent a property for €12,000 per year (€10,000 per year for South Malta and Gozo)
- Donate €28,000 (if buying a property) or €58,000 (if renting a property) to the Maltese economy
- Donate €2,000 to a non-governmental organisation
- Pay a €40,000 administration fee (non-refundable)
Most third country nationals must be resident in Malta for 36 months before they can apply for citizenship.
To become a Maltese citizen and obtain citizenship, it is necessary to:
- Make an investment of at least €600,000 in the national fund for the development of the country.
- The applicant must also buy a residential property in Malta worth at least €700,000 and keep it for at least 5 years. Finally, he/she will have to make a donation of €10,000 to a non-governmental organisation.
THE GOLDEN VISA IN PORTUGAL
Portugal is the EU country where it is easiest to obtain nationality through the Golden Visa programme.
Foreign nationals can obtain residence in Portugal by making one of the following investments:
- Support for artistic creation or conservation of Portuguese cultural heritage (minimum €250,000).
- Scientific or technological research carried out by a public or private institution in Portugal (minimum €350,000).
- Purchase of shares in investment funds or venture capital funds (minimum €350,000).
- Transfer of at least €1 million to a Portuguese bank account
- Purchase of a property (minimum €500,000; minimum €350,000 for the renovation of old properties older than 30 years).
- Investing in a business, creating at least 10 new jobs.
After 5 years of residence in Portugal, investors can apply for Portuguese nationality.
They do not have to renounce their existing nationality(ies). In other words, they can have dual nationality.
THE GOLDEN VISA FOR SWITZERLAND
Switzerland is one of the main destinations for investors because of its business-oriented health system and economy.
Foreign citizens have 2 options to obtain a golden visa for Switzerland:
- Set up a business in Switzerland that provides jobs and opportunities for locals.
- Pay an annual tax of CHF 150,000 to 1,000,000 depending on the canton.
THE EU’S POSITION ON GOLDEN VISA PROGRAMMES
The European Union has frequently expressed its concerns about golden visa programmes.
Several allegations of corruption have been raised in the process of issuing permits, and even citizenship, in European countries.
In addition, the EU has also highlighted security concerns. Foreign nationals can obtain residence and/or citizenship of an EU or Schengen country easily, and can then move freely within the region without applying for a visa.
Therefore, they are only controlled by the country that granted them residence/citizenship.
The situation is similar for non-EU countries that are visa exempt for the EU.
The following non-EU countries also have a golden visa programme that allows foreign citizens to obtain citizenship by investment:
- Antigua and Barbuda
- Grenada
- Montenegro
- Saint Kitts and Nevis
- Saint Lucia
- Vanuatu
Citizens of these countries can enter the EU without a visa and stay for up to 90 days in the region.
However, Vanuatu could be removed from the visa-free list due to concerns about the speed of issuing citizenship to applicants.
The European Commission is reportedly investigating the issuance of golden visas in Member States due to growing pressure to end these programmes.
Jlsk Group is specialized in real estate investment consulting around the world, residence and expatriation consulting in Dubai, Mauritius and the European Union, but also in the marketing of new real estate projects and developments.
Our various departments are at your disposal for any questions related to your investment, your expatriation as well as all legal formalities.If you need more details, please consult our Experts.
