Latest news with #goldenpassports
Telegraph
11-08-2025
- Business
- Telegraph
The best golden visas
Are you leaving the UK to start a new life abroad? Share your story by emailing money@ The urge to escape the UK remains strong among many families, who are fleeing from punitive tax changes, high inflation and increases in school fees. Better employment opportunities, quality of life, EU access and tax perks are among the pull factors to Europe – or beyond. Golden visa programmes, which came about after the 2008 financial crisis, offer residency in exchange for investment. They provide a permit that can begin the pathway to citizenship after five to 10 years if required, and if certain conditions are met. And for many of them, tax residency is optional. They can be distinguished from so-called 'golden passports' that sell citizenship from the outset, notably offered by Malta and Grenada. Both golden visas and passports are opposed by the European Union, and some national governments have ended or limited their schemes, particularly those that incentivise real estate investment which they have caused property prices to soar. But of those that remain, which are best? It depends whether you want to claw back your EU status, relocate or save tax. The European golden visas offering Schengen access have an edge over those that don't – but note that these visas do not necessarily give the right for holders to live (or work) in other countries across the EU, only the country issuing the visa. Other considerations include level of investment required, convenience of location, pathway to citizenship and the number of days required to stay there per year. But not all golden visas are equal. Here, with input from immigration advisers, we examine the schemes which are among the five most favoured and useful schemes for British people. Best for... a quicker path to citizenship Portugal Portugal's golden visa remains a favourite. Last year, Portugal approved a record-breaking 4,987 golden visa applications from people of all nationalities, 72pc more than the previous year, according to the immigration agency AIMA. Many attribute this increase to the end of the Spanish golden visa, which ceased in April this year. But there are strong lifestyle drivers, too. Patricia Casaburi, of Global Citizen Solutions, says: 'Portugal is the top choice for many wanting to relocate in Europe. Lifestyle, and the huge influx of foreigners over the last few years, have made it increasingly easy to find a community to connect with. English is widely spoken.' The growth of international schools in Portugal is another pull, and you only have to spend seven days a year there to retain your visa. Often it is Schengen access that is the real clincher – the Greek golden visa also offers this, but a key difference is that in Portugal you are allowed to work locally on this visa, unlike golden visa holders in Greece. Schengen access gives the right to visa-free travel within the Schengen area, but not the right to reside or work in those other countries. This is especially sought after by Chinese and Indian applicants who make up a large proportion of golden visa holders. Casaburi adds that there is a straight-forward process to secure citizenship in Portugal, after only five years, although there are possible changes to the timescale in September. To qualify for the golden visa, you must either donate €250,000 (£217,000) to an accredited Portuguese foundation or invest €500,000 in private equity or capital funds, which is the more popular option. After five years you can apply for permanent residency or citizenship – and there's a tax-efficient way to get your money back, says Casaburi. 'Portuguese non-residents are generally exempt from paying taxes on dividends and capital gains from the venture capital fund, so those who maintain their tax residency in their home country pay no Portuguese taxes on fund distributions or capital gains.' If you opt to become a Portuguese tax resident, you'll pay 10pc tax deducted at source on distributions from golden visa-eligible investment funds, which is significantly lower than Portugal's standard capital gains tax rates. Biggest negative? The backlog of applications means waiting times of 18 to 24 months for this visa. However, the Portuguese government has promised to reduce this in 2025. Best for... access to flat-tax regimes Greece Greece's golden visa has been increasing in popularity: last year there were 9,100 applications, according to the Ministry of Migration and Asylum, which is double the amount in 2023. However, this can in part be explained by a rush to beat the changes to the scheme at the end of 2024. The raising of the property price threshold from €250,000 to €800,000 on popular islands such as Crete and in Athens has now put it beyond the means of many British homebuyers. The UK does not feature in the top 10 nationalities applying for it, which is headed by China, Russia and Turkey. Interest from the US has grown, says Eleni Acquarone, of Elxis – a Home in Greece. 'In six months we've already reached the total number of American citizen applications we had for 2024.' She is seeing a broader spread of locations now, shifting across the Greek mainland where the €400,000 threshold applies – to the Ionian Coast and the Peloponnese, especially around Kalamata. The Greek golden visa offers Schengen access and has no stay requirement per year. There are options to get the visa by spending only €250,000 (on either an historic property to restore or the conversion of a commercial building into a residential one). But much of Greece is less easily accessed from the UK than Portugal and the path to citizenship is seven years, not five. While it can be used in tandem with Greece's two flat-tax regimes (€100,000 lump sum per year, or 7pc income tax for retirees), it offers no access to the labour market – you can work for a foreign company remotely in Greece but you cannot get a job in Greece. You are also not allowed to rent out the property for short-term lets. Biggest negative? The new €800,000 threshold has priced out lower and mid-market buyers. Best for... zero income tax United Arab Emirates Despite increases in the cost of living, especially housing costs, the UAE remains the hotspot for British people relocating to the Middle East for tax perks and lifestyle benefits. Those moving are attracted by the UAE's political stability, economic growth, pro-business environment and regulatory certainty as key drivers. Of course, the zero personal income tax on salaries, investments or rental income earned within the country is another. There is no capital gains tax, inheritance tax, wealth tax or annual tax on worldwide assets. Entry points are relatively low, compared to other countries: a 10-year golden visa requires at least AED 2m (£405,000) of investment into a business or property purchase, while the five-year 'silver visa' for those over 55 requires the purchase of a property of AED1m (£202,000) or to invest half that sum in a pension account. Real estate purchases for golden visas are usually required to be unmortgaged, but the UAE scheme was altered this year to make eligible those with a 20pc deposit. Some off-plan properties are eligible, if 50pc of the cost is paid off. A separate work visa is not required. Biggest negative? No Schengen access, though there is the right to live in seven emirates. Best for... EU access at a lower price Latvia Latvia's low entry point of €60,000 (£52,000), and the fact it offers Schengen access, have made this Baltic state's golden visa scheme very popular. You can move around the EU with this golden visa, though it doesn't give you the right to live and work there. Russians dominated applications until they were banned in 2022, but after a drop in popularity the scheme recorded notable growth during 2024, according to relocation adviser Savory & Partners, which reports a shift in demand to Chinese and Turkish buyers. Of the options available, the €50,000 investment into a Latvian fund (plus €10,000 donation to the state) dominated demand, with the real estate investment option (more than €250,000) way behind, showing its appeal as a mobility tool rather than for relocation. It does, however, allow visa holders to work in Latvia. 'Schengen access is the real driver, but the annual in-person renewal requirement is a burden compared to other golden visa programmes,' says Artur Saraiva at Global Citizen permit is for five years, but requires the holder to confirm their status every year by travelling to Latvia to do this. There is also a long 10-year path to citizenship. For those moving there, the tax regime in Latvia is attractive; the top rate of income tax is 31pc. Biggest negative? Northern European climate and the lack of lifestyle appeal. Cyprus You need to invest a relatively low €300,000 to qualify for Cyprus's Residence by Investment visa. This can be into new-build real estate, shares in a Cypriot company employing at least five people, or units in a Cypriot Collective Investment Organisation. But it also requires proof of financial resources: €50,000 per annum, plus €15,000 for a spouse. The scheme is popular with wealthy non-EU citizens from Russia, Israel, Lebanon and increasingly Asia, who are drawn to Cyprus's stability, English-speaking environment and favourable tax regime, according to Global Citizen Solutions. For UK and US nationals, the distance to travel is less convenient than Portugal. Cyprus is not yet part of the Schengen area – it has applied to join – so this is a reason why it is less popular than other countries offering Schengen access. But the tax benefits do attract British people: the non-dom tax regime offers no tax on passive income such as dividends and interest for 17 years, while for retirees there's a 5pc flat tax on pensions. Although it is in a strategic position between Europe, the Middle East and Africa, small-island life is too restrictive for some, and it doesn't offer the right to work. Biggest negative? Lack of Schengen access
Japan Times
09-08-2025
- Business
- Japan Times
Pacific microstate sells first passports to fund climate action
A remote Pacific nation selling passports to fund climate action has approved just six applicants since early this year, but officials said interest in joining the low-lying, largely barren island is increasing. Pacific microstate Nauru has said it hopes to drum up more than $5 million in the "climate resilience citizenship" program's first year, which would equate to 66 "golden passports" sold at $105,000 each. Almost six months after the program opened in February, Nauru has so far approved six applications — covering two families and four individuals. But Edward Clark, who runs the country's passport program, said Thursday that the number of approvals to date does not reflect interest levels. "We commenced receiving credible inquiries from the start but were not in a position immediately to commence the processing," he said. "We are very pleased with the progress of the program and are seeing increasing demand. "As with any large project, it takes time, and we have intentionally not rushed the process, but have been constantly reviewing progress and evaluating procedures." Nauru believes the passports could eventually generate $43 million — or about 500 successful applicants — which would account for almost 20% of projected government revenue. Among the first batch of climate passports approved was an unnamed German family of four living in Dubai, said Clark, touting the "major milestone." "They were looking for a second citizenship to provide them with a Plan B given the current global political volatility," he said. The Civic Center in Aiwo on the island of Nauru in September 2018. | AFP-jiji "We welcome our new citizens, whose investment will assist Nauru to secure a sustainable and prosperous future for generations to come," President David Adeang said. The Nauru passport provides visa-free entry into more than 80 countries or territories. More than 60 different nations offer some form of migration for investment programs, Australia's Lowy Institute has found. Pacific nations such as Vanuatu, Samoa and Tonga have all dabbled in selling passports. But there are concerns that these programs could be ripe for exploitation. A previous Nauru attempt to sell passports ended in disaster when, in 2003, officials sold citizenship to al-Qaida members who were later arrested in Asia. Clark said in designing the new passport program, officials adapted best practices from other countries. "We have also looked at other industries, such as the financial services sector, which is heavily regulated, and adopted certain practices which strengthen the integrity of the program," he said. "We will continue to review, refine and adapt the process to ensure we remain at the forefront of compliance in order to protect the reputation of Nauru and the integrity of the passport and the program." Clark added that one application had been withdrawn after officials flagged "adverse findings" during background checks. The island republic of Nauru sits on a small plateau of phosphate rock in the sparsely populated South Pacific. With a total landmass of just 21 square kilometers, it is one of the world's smallest nations. Unusually pure phosphate deposits — a key ingredient in fertilizer — once made Nauru one of the wealthiest places, per capita, on the planet. But these supplies have long since dried up, and researchers today estimate 80% of Nauru has been rendered uninhabitable by mining. What little land Nauru has left is threatened by encroaching tides. Scientists have measured sea levels rising 1.5 times faster than global averages.
ABC News
07-08-2025
- Business
- ABC News
Nauru sells first passports to help fund relocations as sea levels rise
Australia's Pacific neighbour, Nauru, has sold its first passports as part of a program raising funds for the relocation of residents affected by rising sea levels. The tiny island nation launched the scheme in February but it only approved its first six applicants this week, nearly half a year after it started. Selling for at least $US105,000 ($160,000), Nauru's "golden passports" offer citizenship by investment and the country claims it would enable visa-free entry into 89 countries. These are said to include the United Kingdom, Hong Kong, Singapore and the United Arab Emirates. Edward Clark, the head of Nauru's Economic and Climate Resilience Citizenship Program, told ABC Pacific Beat that a "relatively well-known" German family was among the successful applicants. He said, altogether, the family of four paid around $US250,000 ($380,000), with $US140,000 of these funds to go toward climate resilience projects in Nauru. "They had a long-standing family business in Germany, they sold it recently, and had relocated to Dubai," Mr Clark said. "Our understanding is that they're concerned about some of the volatility in Eastern Europe and the impact that might have on them as a family. Despite the slow start, Mr Clark said there were around 20 other applications being processed. "We are a new program so we are working to build credibility and awareness in the market," he said. "We are starting to build interest and work through the existing pipeline of applications ... and we have many others we know are coming." Nauru President David Adeang was upbeat about the latest milestone. "We welcome our new citizens whose investment will assist Nauru to secure a sustainable and prosperous future for generations to come," he told AFP on Thursday. Mr Clark said the target for the passport program is to generate $60 million a year. Nauru is particularly vulnerable to the impacts of climate change, with scientists measuring sea levels rising 1.5 times faster than global averages. Unusually pure phosphate deposits — a key ingredient in fertiliser — once made Nauru one of the wealthiest places, per capita, on the planet. But these supplies have long dried up and researchers estimate 80 per cent of Nauru has become uninhabitable due to mining. What little land Nauru has left is threatened by encroaching tides, which local authorities believe will force 90 per cent of its residents to relocate to higher ground. The first phase of this mass relocation is estimated to cost more than $US60 million. While the island has pinned its hopes on the new passport program to foot the bill, there are fears the scheme could be ripe for exploitation. Mr Clark told AFP one application has already been withdrawn after officials flagged "adverse findings" during background checks. "The application would have been rejected had it not been withdrawn," he said. Meanwhile, Mr Clark told the ABC the government conducts an "in-depth" due diligence process involving the financial intelligence unit, police, and third-party checks. "This is important to uphold and maintain the reputation for the country ... and for maintaining the integrity of the Nauru passport," he said. A previous Nauru attempt to sell passports ended in disaster. In 2003, Nauru officials sold citizenship to Al-Qaeda members who were later arrested in Asia. When asked how successful applicants could be sure their funds went toward economic and climate resilience projects, Mr Clark said it would appear in government records. "Because the program is at an early stage, the funds will just be co-mingled into the government treasury accounts and will be reported on through that mechanism," he said. "We are in discussions with Nauru government to set up a framework to make sure that those funds are allocated toward specific projects or initiatives if the program starts to generate revenue that is above the $10 million threshold." ABC/AFP
News.com.au
07-08-2025
- Business
- News.com.au
Pacific microstate sells first passports to fund climate action
A remote Pacific nation has started selling passports to fund climate action, but is so far struggling to attract new citizens to the low-lying, largely barren island. Pacific microstate Nauru, one of the world's smallest nations, has a novel plan to fund its fight against climate change by selling so-called "golden passports". Selling for US$105,000 each, Nauru plans to drum up more than US$5 million in the first year of the "climate resilience citizenship" programme. Almost six months after the scheme opened in February, Nauru has so far approved just six applications -- covering two families and four individuals. Despite the slow start -- Nauru eventually hopes to sell 66 passports in the scheme's first year -- President David Adeang remained upbeat. "We welcome our new citizens whose investment will assist Nauru to secure a sustainable and prosperous future for generations to come," he told AFP on Thursday. Nauru believes the passport programme could eventually generate $43 million -– or about 500 successful applicants -- which would account for almost 20 percent of total government revenue. But there are fears the scheme could be ripe for exploitation. Edward Clark, who runs Nauru's climate passport programme, said one application has already been withdrawn after officials flagged "adverse findings" during background checks. "The application would have been rejected had it not been withdrawn," he told AFP. A previous Nauru attempt to sell passports ended in disaster. In 2003, Nauru officials sold citizenship to Al-Qaeda members who were later arrested in Asia. Among the first batch of climate passports approved was an unnamed German family of four living in Dubai, said Clark touting the "major milestone". - 'Political volatility' - "They were looking for a second citizenship to provide them with a Plan B given the current global political volatility." The Nauru passport provides visa-free entry into 89 countries, including the United Kingdom, Ireland, United Arab Emirates and Hong Kong. More than 60 different nations offer some form of migration for investment schemes, Australia's Lowy Institute has found. Pacific nations such as Vanuatu, Samoa and Tonga have all dabbled in selling passports. The island republic of Nauru sits on a small plateau of phosphate rock in the sparsely populated South Pacific. With a total landmass of just 21 square kilometres (eight square miles), it is one of the world's smallest nations. Unusually pure phosphate deposits -- a key ingredient in fertiliser -- once made Nauru one of the wealthiest places, per capita, on the planet. But these supplies have long dried up, and researchers today estimate 80 percent of Nauru has been rendered uninhabitable by mining. What little land Nauru has left is threatened by encroaching tides. Scientists have measured sea levels rising 1.5 times faster than global averages. Nauru will eventually need to relocate 90 percent of its population as creeping seas start to eat away at its coastal fringe. The first phase of this mass relocation is estimated to cost more than $60 million.
Yahoo
07-08-2025
- Business
- Yahoo
Pacific microstate sells first passports to fund climate action
A remote Pacific nation has started selling passports to fund climate action, but is so far struggling to attract new citizens to the low-lying, largely barren island. Pacific microstate Nauru, one of the world's smallest nations, has a novel plan to fund its fight against climate change by selling so-called "golden passports". Selling for US$105,000 each, Nauru plans to drum up more than US$5 million in the first year of the "climate resilience citizenship" programme. Almost six months after the scheme opened in February, Nauru has so far approved just six applications -- covering two families and four individuals. Despite the slow start -- Nauru eventually hopes to sell 66 passports in the scheme's first year -- President David Adeang remained upbeat. "We welcome our new citizens whose investment will assist Nauru to secure a sustainable and prosperous future for generations to come," he told AFP on Thursday. Nauru believes the passport programme could eventually generate $43 million -– or about 500 successful applicants -- which would account for almost 20 percent of total government revenue. But there are fears the scheme could be ripe for exploitation. Edward Clark, who runs Nauru's climate passport programme, said one application has already been withdrawn after officials flagged "adverse findings" during background checks. "The application would have been rejected had it not been withdrawn," he told AFP. A previous Nauru attempt to sell passports ended in disaster. In 2003, Nauru officials sold citizenship to Al-Qaeda members who were later arrested in Asia. Among the first batch of climate passports approved was an unnamed German family of four living in Dubai, said Clark touting the "major milestone". - 'Political volatility' - "They were looking for a second citizenship to provide them with a Plan B given the current global political volatility." The Nauru passport provides visa-free entry into 89 countries, including the United Kingdom, Ireland, United Arab Emirates and Hong Kong. More than 60 different nations offer some form of migration for investment schemes, Australia's Lowy Institute has found. Pacific nations such as Vanuatu, Samoa and Tonga have all dabbled in selling passports. The island republic of Nauru sits on a small plateau of phosphate rock in the sparsely populated South Pacific. With a total landmass of just 21 square kilometres (eight square miles), it is one of the world's smallest nations. Unusually pure phosphate deposits -- a key ingredient in fertiliser -- once made Nauru one of the wealthiest places, per capita, on the planet. But these supplies have long dried up, and researchers today estimate 80 percent of Nauru has been rendered uninhabitable by mining. What little land Nauru has left is threatened by encroaching tides. Scientists have measured sea levels rising 1.5 times faster than global averages. Nauru will eventually need to relocate 90 percent of its population as creeping seas start to eat away at its coastal fringe. The first phase of this mass relocation is estimated to cost more than $60 million. lec/sft/tc
