Lately, there’s been much buzz in the market about something named the “Golden visa.” So many questions are being asked about this thing and how it affects the migration process.
Ultimately, venturing into a new land is always a daunting task, not to mention all the complicated technicalities and protocols.
But, there are only a handful of sources to help out the anxious you with a prompt and subtle answer.
This is why today we’re presenting our most asked blog post on everything you need to know about Golden Visa.
What is a Golden Visa?
Simply, it’s a premium tier of a regular visa program that allows you residency in any of the European Union member countries and others like Singapore.
This program provides the visa holder, his/ her spouse, and kids with an offer of permanent residency and citizenship in that specific country. A golden visa still needs renewal each and every year.
How to get this Golden Visa
Most of the countries in the European Union have the same policy, which says investment in that country or buying properties makes you eligible to apply for a Golden Visa.
Yes, this is only for those who can afford it. We agree things can go quite high up in the budget meter. However, many people still apply yearly because its facilities are unmatched, especially if you visit Europe frequently.
How is a Golden Visa different from citizenship?
These two may sound very similar but differ significantly in actual facilities.
A golden visa is a wild card entry into the Schengen area and EU, so you can travel freely without the headache of applying for a separate visa from the consular office of each country. But, of course, this has to be renewed every year with proper documentation.
But, citizenship, aka permanent residency, is the absolute right to stay for an indefinite period and enjoy the services of that country just as a native citizen does.
There are a few prerequisites, like at least 10 years of residence in that country. A golden visa gives some priority status and fastens the process.
Which Countries Offer Golden Visas?
Most of the European union members do. So here we glance through the 5 of them with the best facilities to offer:
Portugal offers the best and most lucrative packages. Having a rapidly growing economy, this country needs more foreign investments. This is probably why the Portuguese golden visa program asks foreign individuals to invest only €280,000 in real estate.
Also, Portuguese permanent citizenship can be obtained much more easily than in other countries, with a minimum 5 years’ stay in the country only, and you don’t have to really reside there full time.
The land of chocolates is another favorite destination for businessmen and migrants for its unbelievable policy. This is the only country that doesn’t even demand investment. Instead, you show a bank guarantee that you can pay CHF 150,000 – CHF 1 million tax annually, and that’s it; you get the Golden Visa.
For citizenship, unlike in Portugal, you must live for at least 10 years on Swiss soil.
- Bulgaria :
Bulgaria is one of the fastest doorways to the Schengen area.
To be eligible for a Bulgarian Golden Visa card, foreign nationals must buy bonds of a minimum of €5,12,000 as of 2022.
Even if that isn’t enough, the sweet cherry topping comes next. There’s no waiting period for Bulgarian citizenship. If you double the initial investment amount, the Bulgarian govt ensures a permanent residency within 18 months only!!
- Italy :
This country is slightly different as they ask you to buy partnerships in an Italian company or, most preferably, sponsor some philanthropic public interest like charitable trusts, scientific research, NGOs, art, cultural and heritage institutes, immigration management, etc.
The investment amount differs from €250,000 for funding start-ups to €500,000 for Industrial Corporations.
You will be eligible for permanent citizenship after only 5 years of residence in Italy, provided you’ve maintained your initial investment.
Last but not least on our list is Spain. The land of matadors requires you to invest a minimum of €500,000 into the real estate sector or contribute a minimum of € 2 million in Spanish public debt funds. Alternatively, buy at least € 1 million worth of shares in some Spanish company or public bank sector.
Whichever country you choose, a Golden visa is a matter of financial risk and immigration troubles.
Don’t forget to consult beforehand with professionals.