You could 'buy' European residency for about $500K: What to know about golden visas
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Golden visas, also known as residency by investment schemes, allow foreigners to live, work, and study in a country by making a significant financial investment.
These visas, while offering travel and residency benefits, have drawn criticism for potentially driving up housing costs and favoring the wealthy.
The cost of golden visas varies by country, often involving real estate purchases, government bonds, or donations starting from around €250,000.
As more Americans consider gaining residency overseas, golden visas can seem like an enticing option.
Between 2019 and 2023, the number of Americans seeking a second passport or alternative residence abroad due to "economic and political uncertainties" skyrocketed by 504%, according to Henley & Partners, a residence and citizenship by investment firm.
"Political turmoil is always a catalyst for our business because people are always looking for a safe haven," said Denis Kravchenko, business development director at immigration investment firm Astons. "The bottom line is that people want to safeguard their legacy, essentially in terms of assets. How can they protect it from taxes? How can they protect it from whatever mess will happen and so on?"
Golden visas are a desirable way for those with extra cash to "buy" residency in another country with a financial investment. Although they've been around for decades, these residency schemes are gaining steam among Americans, who now account for about half of applicants for Greece's golden visa this year, according to Astons.
Here's what to know about golden visas.
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What does a second passport do?It can be rigorous to get but offers something visas can't
What are golden visas?
Also known as residency by investment schemes, golden visas allow foreigners to legally live, work, and study in another country as long as they invest in the local economy.
"It sounds posh, it does, but in reality, it's a very straightforward thing," said Kravchenko. "It's a residency status, which is long; it's temporary, but can be at least five years."
Once a foreigner establishes residency in a country like the European Union, traveling freely across member states becomes much more convenient – and there's the option to renew.
Unlike digital nomad visas or other residency visas, golden visas don't require you to be present in the host country for a long period. In Portugal, you only need to be there seven days per year. They provide a good backup in case you want to move abroad. "If you don't have an immediate relocation plan – which is 99.9% of the cases – you would probably want to prepare yourself towards like you do it now, and if things go south, you make a decision of relocation," Kravchenko said.
However, the surge in golden visas has prompted some countries, like Spain, to discontinue their schemes following residents' pushback. The Mediterranean country's program – requiring the purchase of real estate costing at least €500,000 (about $518,192) – will officially end on April 3. Last year, the Spanish island of Mallorca saw a 12% increase in U.S. buyers, with locals saying the influx of foreigners drove home prices to become unaffordable.
How much do golden visas cost?
The required investment isn't cheap, and usually comes in the form of purchasing real estate, government stocks or a non-refundable donation. The minimum amount in some of the lower-cost popular schemes starts at €250,000 (about $259,000) in Greece and Portugal, according to Astons. In places like Greece, the real estate investment can be a "basic apartment," according to Kravchenko.
How can I get a golden visa?
If your paperwork is organized and with the assistance of an investment firm like Astons, it could take as little as four months for your application to be approved in Greece. However, many schemes are highly selective. "Because all of those options, they have extreme and tough compliance," Kravchenko said. "Obviously, the source of income, source of funds, making sure that there's no criminal record, and so on."
The timeline can take up to a year for destinations popular among expatriating Americans, like Portugal. Bloomberg reported that the European country is just now completing a backlog of nearly 50,000 golden visa applications.
Top countries for golden visas
Greece – Known for its sunshine and ancient history, Greece gives five-year residency to the entire family with a real estate investment of at least €250,000 (about $259,000) in select municipalities – the lowest cost entry for the E.U., according to Astons. Cyprus – A stunning island with gorgeous beaches, Cyprus offers residency for the entire family with a minimum investment of €300,000 (about $310,484) in real estate for as long as you maintain ownership. Malta – Residency in this Mediterranean island nation is granted to the entire family with a minimum investment starting at €182,000 (about $189,228) and proof of over €500,000 (about $518,192) in assets. Portugal – Offering a low cost of living and seaside towns, Portugal's golden visa grants an initial two-year residency to the entire family. The investment ranges from €250,000 (about $259,000) to €500,000 (about $518,192).
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