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If you want the option to settle abroad but don’t qualify for a work visa and have a few hundred thousand extra dollars to spare, you may be able to buy your way there: “Golden visas” give you a relatively quick (if expensive) path to residency in dozens of countries around the world.
What is a golden visa?
Also known as residency by investment, a golden visa allows wealthy people to live and work in a foreign country in exchange for purchasing property, starting a company, or infusing cash into certain assets or industries. In addition to residency and employment, visa holders are able to travel freely and receive local benefits like healthcare coverage and access to education.
The minimum dollar amount required to obtain a golden visa varies widely, as do the types of investments that qualify and the requirements for time spent in the country once residency is granted. Visas may also have expiration dates and/or renewal requirements in order to maintain residency.
Some nations also have a path to citizenship by investment (also known as “golden passports”).
While the bulk of countries offering golden visas and golden passports are concentrated in Europe, there are a handful of nations in the Americas, Africa, and Asia that allow residency and citizenship by investment. The Council on Foreign Relations has a helpful map showing where these programs are currently available.
How much does a golden visa cost?
You can get a golden visa in some countries for around or under $200,000 USD. According to London-based Henley & Partners, a consulting firm that helps clients obtain residency and citizenship by investment, Costa Rica has a two-year temporary residency visa in exchange for a $150,000 USD investment, while Malta requires an investment of 175,000 euros split across a purchase of property, a donation to an NGO, and an admin fee. You must live in Malta for 12 months before applying, but there is no residency requirement once the visa is granted, and you can travel freely in the EU’s Schengen Area.
A handful of nations in the Caribbean have investment minimums ranging from $200,000 USD in Dominica to $250,000 USD in St. Kitts and Nevis (both of which grant citizenship). Vanuatu, an island nation east of Australia, offers golden passports for just $130,000 USD.
On the opposite end of the spectrum are countries like New Zealand, which requires nearly $3 million USD invested and at least 117 days in residence across a five-year period—after which you are eligible to apply for citizenship. Italy’s highly coveted golden visas cost anywhere from $250,000 euro to $2 million euro depending on the investment type, while the United Arab Emirates has a minimum of around $550,000 USD.
Finally, some countries—Canada and the United Kingdom, for example—forgo minimum investments in favor of requiring visa applicants to be entrepreneurs willing to start a business.
Note that there are also other costs associated with obtaining a golden visa, such as application and due diligence fees or travel required during the process.
How do I get a golden visa?
Unlike a regular tourist visa, the golden visa application is not DIY. You’ll need a lot of documentation and proof of your investment, which has potential tax implications, and you’ll want to make sure you understand the residency requirements and limitations. Many countries have recently enacted stricter rules for their golden visa programs or made changes like increasing the investment threshold and eliminating the option to invest in real estate.
You can work with a consultancy that specializes in residency and citizenship by investment or start by speaking with an attorney and/or financial advisor familiar with immigration and foreign investment.