Although somewhat controversial, options exist for expats, business professionals, and retirees to gain legal residency in another country, for the right price. So-called ‘Golden Visas’ allow individuals to live, work, and study in a country in exchange for a significant investment in that nation's economy. These programs often provide a pathway to citizenship after a certain period of residency.
President Donald Trump’s latest plan — dubbed the “gold card” — offers foreigners a route to citizenship for the hefty price of $5m. It is reportedly being developed by Elon Musk's DOGE in conjunction with several government agencies. Some other nations offer Golden Visas, and some even grant full citizenship to foreigners via ‘golden passports.’ The price varies, with some visas accessible only to wealthy applicants.
Between 2019 and 2023, the number of Americans seeking a second passport or alternative residence abroad shot up by 504%, according to Henley & Partners, a global citizenship and residence advisory firm based in London. Dreaming of a new life in another country? A Golden Visa might get you there.
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What is a Golden Visa?
Golden Visas, sometimes known as ‘residence by investment,’ allow individuals to gain temporary or permanent residency in another country — for a price. After a time, these visas may even provide a pathway to citizenship. In some cases, individuals may not be required to reside full-time in the country, making a Golden Visa the ideal 'plan B' for retirees or anyone who wants to travel, live, work, or study abroad but may not intend to live there permanently.
“A Golden Visa is a special kind of visa that lets you live in a foreign country if you invest a significant amount of money in that country's economy, Adam Dayan, founder of Consumer Law Group, LLC, explains. “This can be through real estate, government bonds, or other investments. It's called "golden" because it offers some really valuable benefits, like residency and sometimes even citizenship.”
Golden Visa programs remain popular, but some countries have chosen to change or phase them out gradually. For example, Portugal removed real estate investment and capital transfers as a way to obtain residency in 2023, and the Netherlands ended its Golden Visa program entirely in January 2024.
How much does a Golden Visa cost?
That depends. The price of a Golden Visa varies, but ultimately is set by the country. The cost can range from $130,000 to several million dollars. For example, in Greece, you would need to invest about $273,000 in real estate to qualify for a Golden Visa. Permanent residency in Italy via a Golden Visa will set you back between $250,000 to EUR 2,000,000. In Spain, it's around $546,000. To become a citizen in Turkey, you’ll pay $400,000.
“And then you have countries like Malta, where its citizenship program requires an investment of over $6 million, which includes a hefty contribution to the country's economic development and real estate investments,” Dayan adds. “The cost also largely depends on what you get in return. Cheaper options might give you temporary residency with fewer benefits, while more expensive ones provide full citizenship and access to more countries.”
Alaattin Kiliç, Investor Migration Branding Expert at Visa Franchise, cautions that the sticker price is just the beginning. "There are also legal fees, taxes, and in some cases, property registration or VAT costs. A good rule of thumb is to budget at least 10%–20% above the official investment amount to cover all ancillary expenses."
Who are Golden Visas For?
Kiliç explains that Golden Visas are ideal for individuals who want a flexible, globally connected lifestyle. "Retirees are a major segment — especially those who want to reduce living expenses, access affordable healthcare, and enjoy a more relaxed pace of life. People who’ve spent years working and saving — and are now looking to stretch their retirement income, escape the rising cost of healthcare, or simply experience life in a different culture, may just have the greatest appreciation for Golden Visas."
However, critics of Golden Visa programs maintain that these pay-to-play programs are only for the ‘rich and famous’ and can lead to inflated house prices, absentee homeowners, and allegations of corruption, which some say outweigh the advantages. But Dayan contends that these programs can be a valuable option for anyone who wants to gain residency or citizenship in another country and has the funds to support that transition.
Generally, Golden Visas are designed for affluent individuals interested in moving to a different country for various reasons, like school, retirement, work, or a lifestyle change. Then again, some individuals may apply for a Golden Visa for business reasons. “Maybe they want better education or healthcare options, or they're looking for a safer place to live. It's also great for people who travel a lot and want more freedom to move around," Dayan points out.
What are the best countries to get a Golden Visa?
Some Golden Visa programs have existed for decades. Canada launched its visa program, called the Federal Immigrant Investor Program, in the 1980s. In 2013, Greece and Hungary began their own Golden Visa programs, offering residence permits in exchange for real estate investments. Yet in 2017, Hungary shut down its Golden Visa program amid allegations of corruption and restarted a new version in 2024.
Ireland, the UK, Greece, Malta, and the Netherlands have either ended or tightened the rules around their Golden Visa or equivalent policies. In 2024, Spain said it would also end its program as it tries to increase the number of affordable housing units available for locals.
Today, variations of these pay-to-play visa programs have been adopted across Europe and worldwide. Some of the best countries for getting a Golden Visa include:
- Portugal
- Spain
- Greece
- Malta
- Cyprus
- Italy
- Latvia
- Hungary
- Serbia
- Ireland
- New Zeland
- Dominica
Several other countries have similar programs, including Singapore, Australia, Austria, Thailand, Canada, Namibia, Luxembourg, Malaysia, Monaco, Panama, and the United Arab Emirates (UAE).
What are the advantages of Golden Visas?
There are many advantages a Golden Visa offers to high-net-worth individuals, professionals, business owners, and retirees looking for options in an uncertain world. Besides providing a way to live in a new country and potentially (but not always) a path to citizenship abroad, a Golden Visa comes with these additional perks:
- Golden Visas allow non-citizens to obtain citizenship in some countries by investing in the country’s economy.
- Foreign investors can obtain temporary or permanent residency and citizenship abroad through the visa program.
- They can provide a safe, stable life with the right to live, work, and study in another country long-term.
- Applicants have the option to send their children to high-ranking schools.
- Individuals and retirees can access advanced medical facilities, possibly with cheaper private health insurance than in the U.S.
- Golden Visas allow individuals to make significant real estate and business investments in another country.
- Golden Visas typically extend to immediate family members, including spouses and dependent children.
- These programs offer currency and market diversity for investors who typically hold all U.S.-based assets.
- Cross-border investments open the door to learning about different cultures, markets, and business and investment opportunities.
What Are the disadvantages of Golden Visas?
Although Golden Visas have many advantages, there are often less-discussed drawbacks that could affect your decision. They include:
- The high initial investment requirements make a Golden Visa out of reach for many people.
- Ongoing costs associated with owning property or managing investments in the host country can quickly add up.
- Some countries do not offer a straightforward path to citizenship, and sometimes, Golden Visa holders can only apply for citizenship after living in the country for a specific period of time.
- Some countries require visa holders to spend a certain number of days in the country each year to renew their visas or maintain eligibility for permanent residency.
- Some programs can change suddenly, with countries tightening their requirements, increasing investment terms, or even abolishing them altogether.
- Depending on the country, Visa holders may become liable for various taxes, including property and wealth taxes, and even income tax if they spend significant time in the country.
- If investing in real estate, the value of the investment could decline due to changes in the housing market, economic downturns, or shifts in local demand.
- Although these programs are designed to be fast and convenient, applicants often face delays, complicated paperwork, and inconsistent legal and language interpretations.
- Critics may argue that Golden Visa programs create inequality by allowing wealthy individuals to “buy” residency.
Bottom line
While Golden Visa programs offer an attractive route to residency and sometimes citizenship, they come with notable drawbacks. “The main reason for people to apply for such a visa is to be able to move to another country in exchange for a passive investment that does not require the applicant to work in a certain job or pursue a certain profession,” said Nuri Katz, founder of Apex Capital Partners.
If you think a Golden Visa is the best route for you, weigh the advantages against the disadvantages first to ensure that the benefits outweigh the costs. Kiliç adds, "A Golden Visa is more than just paperwork. It’s a gateway to a new lifestyle for many retirees: one that may be healthier, more affordable, and more meaningful."
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