Insights
Moving for business and leisure is increasingly becoming more within reach. Yet even as technology develops and nations make treaties, there may be other factors that affect your need to live in another country such as a crisis. Your passport may block you from living freely in your chosen destination.
In such cases, Golden Visas are an easy way to live in your dream destination. Although, they come at a cost and have requirements you must meet. So, you may wonder if these programs are a worthwhile option for you.
This article will explain these programs and showcase the best options. We will also inform you of the benefits and details you should keep in mind ― including citizenship programs across the world.
Otherwise known as a Residence by Investment, these are visa programs that facilitate a path to residency for investors. Through an economic contribution, you can reside in foreign countries and even move to Europe permanently. Depending on the country, this may even put you on the path of citizenship.
In exchange, your destination country gains foreign investment. They can use these funds to improve their country directly, such as with contributions that target research programs. Alternatively, they may opt for indirect improvements, such as business creation, which helps their economy by employing citizens and paying taxes.
When you invest in a residency in a foreign country, you are likely to access the following benefits:
Here are the best programs for you to invest in a residency:
With a timeline of 3 – 4 months, the Greece Residence by Investment program is one of the best programs. It also has one of the most convenient minimum investments: $270,100 (€250,000) for real estate in some regions. Alternatively, you could make a bank deposit or buy government bonds worth $444,000 (€400,000).
The Malta Residency by Investment or Permanent Residency Program requires a series of investments. It is a popular option because it offers a quick path to citizenship. Out of the main investments, you will only need to pay $66,600 (€60,000) to lease a home (in most areas) over the course of 5 years.
Another popular program is the Portugal Residence by Investment. This particular program closed its real estate option, which had just changed from $310,800 (€280,000) to $540,200 (€500,000). The minimum investment now is $540,200 (€500,000), which you can contribute to research and development, venture capitalist funds, or art and culture.
Lastly, there is also the Spain Residence by Investment. This program has a minimum investment option of $545,900 (€500,000) for a real estate purchase. In this country, this investment option was the object of criticism from government officials and will be cancelled. Therefore, you will need to apply quickly to benefit from this program.
While each program has its own set of rules, you can expect the following requirements:
To keep your visa, you will also need to maintain your investment. Depending on the country, you may need to live there for a minimum period of time. You should also note that if you come from a country banned by the government, your application will not succeed.
Now that you have an idea of what these programs entail, you should consider the following before you select one:
To begin with, though these programs offer a chance to invest and receive a residency across the globe, you should consider that they often change. Many of these visa programs have ended such as programs in the UK and Ireland. This is partly because of security issues, legal concerns, and their destabilising effect on real estate markets.
Meanwhile, reports indicate that other programs, such as the Spanish Residency by Investment, will soon no longer be in effect. Similarly, Greece has increased its real estate investment options from $277,500 (€250,000) to $535,000 (€500,000) in some areas. Therefore, you must know which programs are available and their current requirements.
Another consideration is the tax regime of your destination. You should hire a professional to examine your current and destination tax regimes to ensure your visa does not increase your tax burden.
With careful tax planning, you may even reduce your tax burden. For instance, you do not need to pay taxes if you live in Spain for less than 183 days a year and own no local property. Suppose you earn an income while in the country; you will have a 24.75% tax rate. Meanwhile, in Greece, you will be able to pay a 7% or flat €100,000 tax on foreign-sourced income.
Another important thing to consider when choosing a Golden Visa by investment is the timeline. If you are looking for an immediate solution, a shorter option, such as the Greek Residence by Investment, might suit you better.
Lastly, you should consider the citizenship you could access. For example, a Greek Residence by Investment could be a path to get a European Union citizenship. Alternatively you could opt for the more direct Malta Citizenship by Investment program.
However, the way you will go about your application and residence should be in line with your citizenship goal. Taking the Portugal program as an example, you would need to pass history, culture, and language tests and reside in the country for 5 years.
Each visa program has intricate details, and their rules can change from day to day. In this regard, Vancis Capital can help you select the right program with all the essential insights. With our 25 years of combined experience, we are the well-placed to help guide you through regulatory changes.
With the help of our team, you will discover which programs currently suit your goals. This will ensure that you only make the investment that will bring you the maximum benefits beyond residency.
Greece offers the easiest Golden Visa. This is because the country has a quick application process that can be as short as 3 months. Plus, you have the option of simply leasing a home for $13,300 (€12,000) a year for 5 years.
There are over 25 Golden Visas in total, although some of these programs go by different names, such as investor visas. Moreover, some countries have multiple visas that would qualify as a 'Golden Visa'. In Europe, there are 8 countries that offer this type of visa.
Iceland issues Schengen visas the fastest and has one of the lowest rejection rates in Europe. Switzerland and Italy also have quick Schengen visa application processes.
Now you know that Golden Visas are an option that you and your family can utilise to gain residency and citizenship worldwide. Through these visa programs, you will be able to invest in a foreign country and gain the rights of their residents. This opens the way to tax optimization, business opportunities, and a luxurious lifestyle.
However, applying to these programs can be difficult. Making mistakes due to the recent changes could even result in costly consequences. To ensure your application is successful, consult experts like Vancis Capital. We will explain different programs and show you the best path to maximise the return on your investments and minimise your wait time.
Get in touch to discuss how we can help you with your citizenship or residency by investment goals. One of our investment migration experts will contact you to discuss your case. With over 16 years of combined experience our team has helped hundreds of families achieve freedom.
