As more individuals seek opportunities for international travel and business growth, Golden Visa programs are becoming increasingly popular.
These initiatives offer pathways to residency or citizenship in exchange for significant investments.
Available in around 28 countries, these visas allow investors to gain residency, citizenship options, and access to various opportunities.
Based on the recent insights from Business Insider Africa and Arton Capital, here are the top five Golden Visa programs currently attracting attention: Hungary, Greece, Italy, the United Arab Emirates (UAE), and Antigua and Barbuda. Each program offers unique features that appeal to potential investors.
Top 5 High-Demand Golden Visas
According to reports, these five Golden Visa programs are currently in high demand: those in Hungary, Greece, Italy, the United Arab Emirates (UAE), and Antigua and Barbuda. Each program has distinct features that appeal to investors.
1. Hungary Golden Visa Program
Dating back to 2013, Hungary started a program that offered citizenship for investing in government bonds, with repayment after five years. Now recent reports relay that this year, they decided to reopen the program, to include real estate investment.
According to Get Golden Visa, starting in 2024, there will be three new investment options for investors.
Investment Requirements:
The options are as follows:
- €250,000 for a Real Estate Investment Fund
- €500,000 for Real Estate Acquisition
- €1 million for a Non-refundable Public Trust Donation
Further reports tell that if you plan to apply for a Hungary Golden Visa in 2024, you will also need to
- Budget for a selection of legal, application, and processing fees. These will depend on the number of your family members applying and the investment avenue you choose.”
According to the Visa oriented site, “you can also include your spouse or children under 18 in your application. And if your children are over 18, you can still have the opportunity to include them. But in this case, your children must prove financial dependency, study, and be unmarried.”
“You can also include your parents when you apply for Hungary Golden Visa. The requirement is that your parents should be 65 years and over. And they do not need to prove dependency. If you want additional dependents in your application, know you will need to pay extra fees.”
Application Process
VisaGuide relates that to apply for a Hungary visa, you must follow these eight simple steps:
- Choose the visa type
- Schedule an appointment
- Fill in the application form
- Compile all documents
- Pay the visa fee
- Submit the application and documents
- Attend the interview
- Wait for a response
Reports inform that visa application approval by Hungarian authorities may take up to 90 days.
Residency in Hungary provides access to the Schengen Area, facilitating easy travel across Europe.
Reports state that the country has a growing economy that offers opportunities for investors and that the investment needed for Hungary’s Golden Visa is lower than in many other EU countries.
2. Greece Golden Visa Program
As informed earlier, while Hungary has recently relaunched its investment program, which is now generating interest; more people are investing in Greece.
Reports dictate that Greece requires a minimum investment of 250,000 euros in real estate, but this will rise to 400,000 euros starting in September.
According to Get Golden Visa, ‘many clients rushed to apply for visas in Greece before the price increase, and demand is expected to remain high due to the country’s attractions. Clients often buy properties to rent out for income.’
It is noted that the golden visa in Greece does not allow work but enables investors to start and own a business, providing job opportunities for Greek citizens.’
Like Hungary, Greece offers a flexible long-term residence option with access to the Schengen area, which includes 29 European countries. To gain citizenship, you must live in Greece for seven years and pass language and cultural tests.
Golden Visa Requirements
According to Get Golden Visa, as of September 1st, 2024, the Greek Golden Visa program has changed its minimum investment requirements. These are:
- €800,000 Investment Zone: This higher threshold applies to sought-after areas such as the entire Region of Attica (including Athens), Thessaloniki, the islands of Mykonos and Santorini, and 32 other islands,
- €400,000 Investment Zone: For properties located outside these prime areas, the minimum investment is set at €400,000.
- €250,000 Special Investment Category: Despite the new thresholds, certain types of investments like commercial-to-residential conversions and restoration of listed buildings can still qualify for the €250,000 threshold, provided the restoration is completed to renew the Golden Visa after five years.
These projects are extremely limited and those interested are advised to act fast.
Government, notary and legal fees for the property purchase and visa application will amount to around €15,000. In addition, there is VAT to pay in Greece on the property purchase.
In addition to making the necessary real estate investment there are other requirements that applicants must meet:
- A clean criminal record
- Sufficient funds and healthcare to cover their stay
- No previous Schengen visa refusals
- Applicants will need to be non–EU residents
Application Process
According to IvisaTravel, these are the steps interested candidates should follow when gearing to apply:
- Decide on your investment route.
- Obtain a Greek non-resident tax number and open a Greek bank account.
- Purchase property or make your investment as chosen.
- Prepare all documents needed to apply for the Golden Visa.
- Submit biometric information to the relevant authorities in Greece, by visiting the country.
“Upon approval, you’ll receive a Golden Visa residence permit. The Greek Golden Visa law now allows remote application, including the collection of the residence permits itself. Investors and their families will only need to visit Greece once, just to submit their biometrics,” IvisaTravel explains
The application process can take one to two months from submission to approval.
Reports inform that real estate investors in Greece must also account for additional taxes on real estate ranging from 3% to 24%. At €250,000 plus taxes and fees (totaling just over €300,000), this program provides one of the lower-cost residency options in Europe. La Vida offers real estate options in various locations in Greece. Athens is a popular choice for foreign investors due to its flight connections and return on investment.
3. Italy Golden Visa Program
Also known as the Investor Visa for Italy, this program allows foreign nationals to obtain residency through substantial investments across various sectors.
Italian residency grants access to the Schengen Zone, allowing free movement across 26 European countries.
Business Insider Africa reports that ‘Italy’s program has received little attention for a long time. That it requires investment directly into the economy, like the stock market, rather than real estate, which has made it less popular.’
‘However, since Brexit created uncertainty in Europe, Italy has gained interest from wealthy individuals already in Europe due to its tax benefits for new residents.
Reports inform that until August 2024, foreign income, with some exceptions, was taxed at a flat rate of 100,000 euros a year for 15 years for new tax residents.
This rate has now increased to 200,000 euros per year on worldwide foreign income.
Investment Options:
The program entails four different investment methods:
- €2 million investment in Italian government bonds
- €500,000 investment in an Italian limited company
- €250,000 investment in an Italian innovative startup
- €1 million donations to a philanthropic initiative in Italy
Application Process in Getting Italy Investor Visa
According to Get Golden Visa, The first step is to get a Nulla Osta (certificate of no impediment), through the official portal of the Italian investor visa. Once you get your approval, you can go to the Italian embassy in your home country to submit an application for a two-year investment visa.
- Create your personal account on the Italian investor visa platform
- Fill in the required forms and upload the forms
- Verify the final declaration with an electronic signature before downloading and submitting it
Requirements:
For your Italy Golden Visa application, you need to present certain documents at different stages. According to Get Golden Visa, these are the list of documents for your Nulla Osta application:
- A copy of your passport with your name, photo, and number visible
- Your CV outlining your education and work history
- Bank statements showing you will use your own funds for the investment
- A letter from your bank confirming the source and transferability of your funds
- A clean criminal record
- A letter of up to 1,000 words detailing your donation or investment and your previous experience
- Proof of consent from the recipient of the investment or donation
- A Declaration of Commitment stating the amount you plan to invest and where you will stay in Italy
The Italian residency grants access to the Schengen Zone, allowing free movement across 26 European countries.
4. United Arab Emirates Golden Visa Program
Business Insider Africa reports further that the UAE has developed into a country that attracts wealthy individuals and investors.
“To obtain a golden visa in the UAE, one can invest at least AED 2 million in a bank, investment fund, or property,” Reports state. Business Insider Africa also informs that the government can also nominate applicants for a golden visa.
Citizenship-by-investment in the UAE is not an official program available to everyone, which increases its appeal. One is informed that fewer than a hundred passports have been issued as the UAE Golden Visa Program targets high-net-worth individuals and skilled professionals.
This visa allows foreigners to live, work, and study in the UAE without needing a national sponsor.
Requirements for Golden Visa UAE
According to reports, the chosen property must be free of legal issues and valued at at least AED 2 million.
One property can be used by both spouses. Only one spouse can apply for the golden visa and sponsor the other if their combined property is valued at AED 2 million.
- The investor must submit a title deed issued by the UAE authority that includes the landlord’s ID, property details, and a purchase price of at least AED 2 million.
- According to GodenVisaUAE, applicants from other countries must provide their national ID cards.
- For GDRFA, health insurance is required from any UAE insurance company.
GDRFA stands for the “General Directorate of Residency and Foreigners Affairs.” It is the government authority in the UAE responsible for managing residency and immigration matters, including visas and permits for foreign nationals.
- Clear copy of the UAE resident visa (if applicable)
- Clear copy of the UAE tourist visa with an entry stamp (if no resident visa)
- Clear digital passport-size photo with a white background
- Passport copy (valid for 6 months)
- IBAN number (if applicable)
- Email address
- UAE mobile number
GoldenVisaUAE reports that this particular visa allows you and your family to live, work, travel, and invest in the UAE with long-term security.
You will receive a long-term renewable visa that is valid for 10 years. You can sponsor your spouse, children, and parents, as well as an unlimited number of household helpers and drivers.
You can spend more than six months outside the UAE without concerns about your visa status.
As residents of the UAE, you will have access to healthcare facilities and education in leading institutions.
You will have multiple entries and can obtain residency permits.
With a Golden Visa, you can also open a bank account in any UAE bank.
5. Antigua and Barbuda Golden Visa Program
Business Insider reports that “among the Caribbean Islands, Antigua and Barbuda, an independent state within the commonwealth of nations, has attracted many investors.”
Stating that ultra-high-net-worth clients prefer a program that is less common, hence the heightened appeal for the program that has in turn drawn people here.
Further reports inform that Antigua is experiencing economic growth and attracting brands and tourism, with a focus on hotel developments.
Although it was affected by hurricanes Irma and Maria in 2017, it is becoming a destination for billionaires.
This program is also offering a route to citizenship for foreign investors, making it one of the most popular options in the Caribbean.
Steps to Obtain Citizenship by Investment in Antigua and Barbuda
Get Golden Visa reports that Antigua and Barbuda offers Citizenship by this investment program through real estate, allowing individuals to obtain citizenship while making a valuable investment. First:
1. Select Your Property and Make the Reservation:
Choose a property from the government-approved projects. Then pay a deposit to secure your investment and receive your sale and purchase agreement.
2. Submit Your Citizenship Application:
Complete and submit your citizenship application.
3. Get Your Principle Letter and Make the Payment:
Receive your principle letter and complete the payment.
4. Approval of Citizenship:
Wait for the approval of your citizenship application.
According to TravelBiz, investment Options Include:
- Minimum $100,000 contribution to the National Development Fund
- Real estate investment starting from $400,000
- Visa-Free Access: Citizenship provides access to over 140 countries without a visa.
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