A Golden Visa scheme can allow a person and their family to obtain a second passport or residency in another country. This type of visa has become increasingly popular in recent years, particularly in those European Union countries which are seen as conferring certain benefits to passport holders. These benefits can include Schengen freedom of movement or the ability to access the free market within the EU.
What Is a Golden Visa?
A Golden Visa specifically refers to a residence permit or citizenship that is granted by a country following the purchase of a house or the donation or investment of a relatively large amount of money. Different countries offer different options, which can start from $250,000 for the Golden Visa Greece and Turkey offer, to millions in the case of Singapore.
Once the requisite investment has been made, an application for a Golden Visa can begin which could allow the investor and their family members to become legal residents. This grants the freedom to live there, access school places and take advantage of healthcare. For an example of a relatively affordable Golden Visa Greece allows a visa to be granted for five years with a property purchase of 250,000 Euros or by signing a ten-year lease.
Although these schemes work well in many countries, according to the BBC News, the UK government scrapped the scheme in 2022 because of concerns that it gave an opportunity for corrupt members of the elite to obtain a UK visa.
Do all Golden Visas confer citizenship?
Although a residence permit is generally included straight away, a Golden Visa may eventually grant citizenship, for example after a long period of continuous residence or by demonstrating proficiency in the language of the country in question. It is vital that an applicant personally owns the money to be invested and can prove that it has been gained by legal means. They must also have a clear criminal record and be able to show that they have the financial resources to support themselves and their family, even if they are not planning to live there.
How the Greek scheme works
Greece runs one of the best known Golden Visa programmes in Europe. It was introduced in 2013 to attract foreign investment and support the property market, and it allows non EU citizens and their families to obtain a renewable five year residence permit in return for a qualifying investment. As well as the right to live in Greece, it offers a foothold in the European Union.
There are several routes to qualifying. Buying property is the most popular, either a single home or a combination of properties. Applicants can instead deposit money in a Greek bank account and keep it there for at least three years, invest in a new or existing Greek company, or buy Greek government bonds and hold them for at least three years.
The minimum amounts for each route are set by the Greek government and have changed over time, so check the current thresholds before committing. Specialist legal advice is also sensible, as it can make the application process much smoother.