How to Apply for a Golden Visa: A Step-by-Step Guide

Golden visas are a type of visa available in approximately 28 countries to wealthy individuals who are able to make significant investments, often in real estate, in a host country. In return, they get residency, a path to citizenship, unrestricted travel to numerous other countries, business and education opportunities, and other benefits.

In addition to their investment, golden visa holders must undergo a complex application process that often requires professional guidance. Learn about that process here and which countries are the most popular for those planning to obtain golden visa status.

What Is a Golden Visa?

A golden visa is a type of residency-by-investment program in approximately 40 countries worldwide. Instead of merely traveling abroad, a golden visa allows foreign investors to obtain a temporary or permanent residency permit in exchange for a significant investment in the country. The term “golden” refers to the high value of the investment required.

A golden visa’s specific requirements and benefits vary by country, but they are often used to attract foreign investment and promote economic growth.

Countries Offering Golden Visa Programs

More than 28 countries offer golden visa programs, including Portugal, Malta, Greece, and Italy.

Eligibility and investment requirements vary by country, as do benefits. Here are the main guidelines for six popular golden visa programs.

Portugal

Portugal’s golden visa program allows qualified individuals and their families to live, work, and study in Portugal. To be eligible, you must:

• Be at least 18 years old
• Be a non-European Union (EU), non-Swiss, and non-European Economic Area (EEA) national
• Have no criminal record in your home country or Portugal
• Make a significant investment of €250,000 or more that benefits the Portuguese economy
• Invest in investment funds, create a company, or create jobs
• Own the money you seek to invest
• Commit to maintaining the investment for at least five years

 Benefits of the Portugal golden visa include:

• Fast processing
• Tax benefits
• A minimal residency requirement
• Affordable investments in rental properties
• The ability to visit 26 countries in the Schengen Area without a visa
• More legitimacy when applying for visas in other countries
• The ability to live, work, and study in Portugal
• The ability to apply for citizenship or permanent residency in Portugal after five years

Malta

The Malta golden visa program allows high-income individuals to receive a Maltese passport within one to three years. To be eligible, you must:

• Be at least 18 years of age
• Be a non-EU citizen
• Have no criminal record and no family members with criminal records in your application
• Agree to support family members who are included in your application
• Make a substantial investment in Malta
• Rent or buy property in Malta
• Have health insurance coverage
• Have assets or capital of at least €500,000 of which €150,000 is in financial assets
• Have a clean (noncriminal) source of funds

Benefits of the Malta golden visa include:

• Visa-free access to all Schengen countries for 90 out of 180 days
• The right to live, settle, and stay in Malta indefinitely
• Access to Malta’s high-quality healthcare system
• Access to Europe’s outstanding education system
• A highly advantageous taxation system

The residency requirement for citizenship is based on your investment. Here are the details:

• If you invest at least €750,000, you can get a Malta passport after one year.
• If you invest €600,000, you can get a Malta passport after three years.

With Malta citizenship:

• You and your family can live permanently in Malta or anywhere else in the EU.
• You and your family can work and study in Malta or anywhere in the EU.
• You can travel visa-free or obtain a visa on arrival to over 180 countries worldwide.
• Everyone who is granted Malta citizenship will automatically pass on citizenship to any descendants.
• You can access the social, educational, and health benefits of Malta.

Greece

The Greece golden visa is a residence-by-investment program that allows non-EU citizens to obtain a five-year residence permit in Greece. The program is open to all nationalities and has no minimum-stay requirement.

To qualify for the Greece golden visa, you must:

• Purchase real estate property for a minimum of €250,000
• Purchase real estate property for a minimum of €500,000 in these selected areas: Attica Region (including Athens), Mykonos, Santorini, and Thessaloniki
• Invest a minimum of €400,000 in government bonds or capital shares
• Deposit a minimum of €400,000 in a Greek bank account
• Make an investment of at least €800,000 toward government or corporate bonds

The visa is valid for five years and can be renewed every five years.

Benefits of the Greece golden visa include:

• No residency requirement
• Visa-free travel
• Access to local healthcare and education
• Eligibility for your entire family
• Citizenship option
• Permanent residency in Greece
• Access to the wider EU
• A pathway to a valuable second passport
• All the benefits that a citizen would have

Cyprus

The Cyprus golden visa was a residency-by-investment program that allowed non-EU citizens to obtain permanent residence and eventually citizenship in Cyprus. The program was one of the fastest and simplest investor visa programs in Europe.

To qualify for the Cyprus golden visa, applicants had to meet the following requirements:

• Invest at least €300,000 ($328,000) into the country’s economy
• Purchase real estate property worth at least €300,000 ($328,000)
• Be over 18 years old
• Have an annual income of at least €50,000 ($55,000), plus €15,000 ($16,400) per spouse and €10,000 ($11,000) per child
• Have proof of no criminal record
• Purchase up to two new or used immovable non-residential properties (offices, shops, hotels, or other developments) of a total market value of at least €300,000 ($328,000) plus value-added tax (VAT)
• Submit evidence that you maintain the investment
• Submit a health insurance certificate for yourself and your family (in case you are not beneficiaries of the healthcare system, known as the GeSY)
• Applicants must also visit Cyprus within one year of the date of the permanent residency permit (PRP) to provide biometrics for issuance of a PR card. All family members are required to visit Cyprus once every two years.

Benefits of the Cyprus golden visa included:

• The right to live, work, study, and receive healthcare in Cyprus
• The option of physically relocating to Cyprus now or upon retirement

Spain

The Spanish golden visa, also known as the “property visa,” grants automatic residency in Spain when you invest at least €500,000 ($546,000) in property. The visa includes an implicit work permit.

To qualify for the Spanish golden visa, you must meet the following requirements:

• Be at least 18 years old
• Have public or private health insurance from a company authorized to operate in Spain
• Have sufficient financial means to cover personal and family living expenses
• Not have been refused entry into any of the Schengen countries
• Invest at least €500,000 in property
• Provide evidence of the purchase price of the property, the payment of taxes, or documentation of any investments held with a financial institution
• Pay the visa application fees, which include the initial government application fee and approval fee

Benefits of the Spanish golden visa include:

• The right to live in Spain and travel freely to and from Spain
• The ability to return investments after living in Spain for five years and obtaining permanent residence
• The ability to apply for citizenship after another five years of living in the country

Italy

The Italian golden visa, or Italian investor visa, which was introduced in 2017, allows non-EU citizens to obtain a residence permit by investing at least €250,000 in the country’s economy.

Benefits of the Italian golden visa include the ability to:

• Reside in Italy for a minimum of two years
• Travel across Schengen countries for up to 90 days every 180 days
• Apply for permanent residency after five years of residency
• Apply for Italian citizenship after 10 years of full-time residency
• Travel to more than 190 countries visa-free, or obtain a visa on arrival
• Benefit from a special tax regime that allows applicants to pay reduced income tax
• Include the family of the main applicant, including spouse, dependent children, and dependent parents

The minimum investment can be made in the following ways:

• €2,000,000 in Italian government bonds
• €500,000 in an Italian limited company
• €250,000 in an Italian innovative startup
• €1 million in philanthropic donations

How to Apply for a Golden Visa

The process for obtaining a golden visa can vary depending on the country that offers the program. However, some common steps include:

Step 1. Research Your Options

Start by researching the countries that offer golden visas and comparing their requirements and benefits. Choose the one that best fits your needs and budget.

Step 2. Meet the Requirements

Each country has its own set of requirements for obtaining a golden visa, such as minimum investment amounts, types of investments, and background checks. Make sure you meet all the requirements before applying.

Step 3. Prepare Your Application

Once you have chosen a program and met the requirements, you will need to prepare your application. This will typically include filling out forms, providing supporting documents, and paying fees.

Depending on the country offering the program, additional steps may be involved in obtaining a golden visa, such as language proficiency tests or interviews. Be sure to carefully review the requirements for your specific program to ensure a smooth application process.

Step 4. Submit Your Application

You can submit your application to the relevant authorities after preparing it. This may be done online or in person, depending on the country.

Step 5. Wait for a Decision

The processing time for a golden visa application varies by country, but it can take several months to receive a decision. Once your application is approved, you will need to follow the requirements of the program to maintain your residency status.

The application process can take weeks to months, depending on the country offering the program. Once your application has been reviewed and approved, you will receive your golden visa.

Step 6. Renew Your Visa

Golden visas typically need to be renewed periodically, so ensure that you know your specific program’s renewal requirements.

Costs Associated with Applying for a Golden Visa

As noted in the examples above, the cost of a golden visa varies by country and program. Each program has its own set of investment requirements and fees. Generally speaking, a golden visa can cost anywhere from a few hundred thousand dollars to several million dollars, depending on the country and the type of investment required.

To apply for a golden visa, you typically must purchase a property (real estate) in a foreign country. This is the most common route and is offered by most golden visa countries. The real estate costs range from $250,000 to over $2 million, which could include purchase, renovation, or construction.

There are other costs to consider when applying for a golden visa in addition to the investment. The process for obtaining an American EB-5 visa, for example, includes a petition fee of $3,675. The minimum investment is $1.05 million in a business or $800,000 in a targeted area. Additional costs include filing fees, administration expenses, and costs associated with business planning and formation. Many of these costs are variable and can add tens of thousands to the total expense.

Potential Pitfalls and Risks of a Golden Visa

 A golden visa or citizenship by investment has benefits when it comes to moving to the front of the immigration line in many countries. This does not mean that there are no risks or negative factors to consider.

High Cost and Investment Risk

The process of obtaining a golden visa can be quite costly. The investment required can range from hundreds of thousands to millions of dollars, depending on the country. This may not be feasible for everyone, and even if it is, foreign investments can be among the most risky.

Lack of Protection

Obtaining a golden visa may not guarantee the same level of protection as traditional citizenship. Some countries that offer golden visas have been criticized for their lack of transparency and due diligence in vetting potential citizens. This could lead to security risks and potential issues with law enforcement.

Negative Impact on Original Citizenship

Seeking a golden visa may also have a negative impact on your original citizenship. Some countries do not allow dual citizenship, which means that acquiring a golden visa could result in the loss of your original citizenship. This could impact your ability to travel, work, or access certain benefits in your home country.

Negative Impact on Host Country

Acquiring a golden visa may also have a negative impact on the economy of the country offering it. Critics argue that such programs encourage corruption, money laundering, and tax evasion. Additionally, it may lead to the exploitation of natural resources and the displacement of locals.

Geopolitical Risks

There may be geopolitical risks associated with acquiring a golden visa. Some countries that offer golden visas may be politically unstable or have strained relationships with other countries. This could impact your ability to travel or conduct business in certain regions.

The Bottom Line

Although the application process for a golden visa varies by host country, most countries follow a similar pattern. The variabilities typically have to do with length of residency, language proficiency, and the vetting process.

For most people able to afford the required investment, saving money isn’t a major concern, and their residential preferences likely tip toward luxurious rather than low-cost housing. In many cases, taking up residence in a foreign country may be driven by opportunities not available in the home country or tax savings that can be realized.

If you seek a golden visa, do your research, pay close attention to the application process, and make sure you follow all of the steps. Finally, seek the advice of an experienced professional to guide you through the sometimes complicated process.