Golden Visas are becoming very popular as more people look to travel and grow their businesses abroad. These special visas let people live or even become citizens in a new country if they make a big investment. They are available in about 28 countries.
These visas offer investors a chance to stay or become citizens and explore many opportunities. Based on recent news from Business Insider Africa and Arton Capital, here are the top five Golden Visa programs: Hungary, Greece, Italy, the United Arab Emirates (UAE), and Antigua and Barbuda. Each country has unique features that attract investors.
Top 5 Golden Visa Programs
According to reports, the five most popular Golden Visa programs right now are from Hungary, Greece, Italy, the UAE, and Antigua and Barbuda. Each of these places offers different benefits for investors.
1. Hungary Golden Visa Program
Hungary started offering citizenship for investing in government bonds back in 2013, and now they include real estate investments too. Starting in 2024, there will be three new ways to invest:
- €250,000 for a Real Estate Investment Fund
- €500,000 for Real Estate Purchase
- €1 million for a Non-refundable Public Trust Donation
If you want a Hungary Golden Visa in 2024, you will also need to budget for legal and application fees, depending on how many family members are applying and your chosen investment avenue.
You can include your spouse or children under 18 in your application. If your children are over 18, they must prove they are financially dependent, studying, and not married. You can also include your parents if they are 65 years or older without proving dependency, but you’ll need to pay extra fees for them.
Application Process
To apply for a Hungary visa, follow these eight 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
It may take up to 90 days for your visa application to be approved by Hungarian authorities. Living in Hungary gives you access to the Schengen Area for easy travel across Europe, and their growing economy offers many opportunities for investors.
2. Greece Golden Visa Program
Greece is another popular country for Golden Visas. Investors must spend at least €250,000 on real estate, but this will increase to €400,000 starting in September. Many people are rushing to apply before this price hike, and demand remains high because investors often buy properties to rent out for income.
The Greek Golden Visa does not allow work, but you can start and own a business providing jobs for locals. You can also stay long-term and travel freely in the Schengen area, which includes 29 European countries. However, to gain citizenship, you must live in Greece for seven years and pass language and cultural tests.
Golden Visa Requirements
Starting September 1st, 2024, Greece’s minimum investment requirements are:
- €800,000 for properties in popular areas like Athens, Thessaloniki, Mykonos, Santorini, and 32 other islands.
- €400,000 for properties outside these prime areas.
- €250,000 for special investments like renovating historic buildings.
These special projects are limited, so act fast if you’re interested. Application fees, legal costs, and VAT on property purchases will add about €15,000, plus around 3% to 24% extra for real estate taxes.
Other requirements include:
- A clean criminal record
- Sufficient funds and healthcare for your stay
- No previous Schengen visa refusals
- Applicants must be non-EU residents
Application Process
To apply for a Greek Golden Visa, follow these steps:
- Decide on your investment
- Get a Greek non-resident tax number and open a Greek bank account
- Purchase the property or make your chosen investment
- Prepare all required documents
- Submit biometric data during a visit to Greece
Your application process takes 1 to 2 months for approval. Real estate investors need to account for property taxes, which range from 3% to 24%. This program is still one of the most cost-effective ways to secure European residency.
3. Italy Golden Visa Program
Also known as the Investor Visa for Italy, this program allows foreign nationals to obtain residency through significant investments in various sectors. Italy’s program hasn’t been very popular because it requires investing in the economy, like the stock market, rather than real estate.
But since Brexit, it has become more attractive due to tax benefits. New tax residents had foreign income taxed at a flat rate of €100,000 per year for 15 years, which has now increased to €200,000 per year.
Investment Options
- €2 million in Italian government bonds
- €500,000 in an Italian limited company
- €250,000 in an Italian innovative startup
- €1 million philanthropic donation
The application process starts with getting a Nulla Osta (certificate of no impediment) via the Italian investor visa portal. After approval, go to the Italian embassy in your home country to apply for a two-year investment visa.
Application Process
- Create an account on the Italian investor visa platform
- Fill in and upload required forms
- Verify the final declaration with an electronic signature
Requirements
You’ll need to provide these documents for the Nulla Osta application:
- Passport copy
- CV
- Bank statements proving your own funds for investment
- A letter from your bank confirming the source and transferability of your funds
- Clean criminal record
- A letter detailing your donation or investment and experience
- Proof of consent from the recipient of the investment or donation
- Declaration of commitment
Italian residency allows free movement within the 26 Schengen Zone countries.
4. United Arab Emirates Golden Visa Program
The UAE has become a hotspot for wealthy individuals and investors. To get a Golden Visa in the UAE, one must invest at least AED 2 million in a bank, investment fund, or property. The government can also nominate applicants for the visa.
Requirements for Golden Visa UAE
The chosen property must be worth at least AED 2 million and free of legal issues. One property can be used by both spouses, with one applying for the visa and sponsoring the other.
- Submit a title deed with details of the property and purchase price
- Provide national ID and health insurance
- Additional documents include a resident or tourist visa, passport copy, digital photo, IBAN number, email address, and UAE mobile number
This visa allows long-term security to live, work, travel, and invest in the UAE. It is valid for 10 years and can be renewed. You can sponsor family members and household helpers, spend more than six months outside the UAE, and open a bank account in any UAE bank.
5. Antigua and Barbuda Golden Visa Program
Antigua and Barbuda’s Golden Visa Program is popular in the Caribbean, attracting ultra-high-net-worth individuals who prefer less common programs. This leads to higher appeal and investment in the region. Antigua is experiencing economic growth and becoming a destination for billionaires, focusing on tourism and hotel development.
Steps to Obtain Citizenship by Investment in Antigua and Barbuda
1. Choose your Property and Make a Reservation:
Select an approved property, pay a deposit to secure your investment, and get your sale and purchase agreement.
2. Submit your Citizenship Application:
Complete and submit your citizenship application.
3. Get your Approval Letter and Make the Payment:
Receive your approval letter and complete your payment.
4. Approval of Citizenship:
Wait for your citizenship application to be approved.
Investment Options Include:
- Minimum $100,000 contribution to the National Development Fund
- Real estate investment starting from $400,000
Citizenship provides visa-free access to over 140 countries.