More people than ever before moving around the world to make new countries their home. While many move for work, relationships, or schooling, there are also many people who make the decision based on economic factors. No matter what your reasons are for moving to a different part of the world, the process can be daunting. 

In some cases, people move as economic immigrants so they can access better jobs and a better quality of life. However, some people who already have a high net worth, make the decision for different reasons. Those people may choose to speed up the process of immigration by using what is known as a golden visa. 

Let’s take a closer look at what golden visas are, we can get one, and what the cost of living might be in each of the countries on our list.

What Is a Golden Visa?

The first thing we need to describe is what a golden visa actually is. The so-called golden visa program of any country is simply immigration by investment. Governments in these countries allow high net worth that individuals to purchase property or make investments in return for residency or citizenship. Programs differ from country to country, including requirements for investments, the process, and whether permanent residency is required before you can become a citizen.

Golden Visa Countries

there are many golden visa countries in the world. Just in Europe there are several countries like Spain, Greece, and Portugal, as well as less known places like Turkey and Latvia. There are also golden visa programs an island nation like Grenada, Saint Kitts and Nevis and others. All of these programs differ from each other in terms of what the process itself is like and how much you need to invest to take advantage.

Some of the golden visa programs out there also provide additional benefits like a high value passport, or tax benefits.

For the purpose of this article, we’re going to be looking at some of the most popular countries in Europe that have golden visa programs.

Why people invest in golden visa?

The primary reason why people choose to invest in a golden visa program is that it speeds up the process significantly and remove some other requirements from the process.

For instance, if you were to become a permanent resident in a country under normal circumstances you might first need to work in the country on a work permit for several years. then you would have to go through the time and expense of converting your residency to a permanent resident permit. Even later you would have to take another step to become a citizen.

Some people also choose to become permanent residents of countries after they have been students in that country. Again, the process is lengthy and there are many steps involved.

When you choose citizenship by investment, you remove a lot of the unknowns from the equation. For instance, if you were to apply as a worker you would need to have a qualifying job. if you wanted to apply by becoming a student first you would first need to apply for a student visa, be accepted to an educational institution, and pay your own way for several years before you might be become a permanent resident.

Economic immigration programs like the golden visa programs in many countries, put you to the front of the line and cut out many steps of the process. very often these kinds of programs are also given preferential processing which means you might get results back in a shorter time. in short you are paying for speed and convenience, and for the benefit of not having to prove your educational or employment background.

Cost of living comparison

The cost of living in any country can vary greatly based on where you choose to make your home. In most cases big cities and popular destinations will cost more than smaller towns there are more out of the way. however, there are benefits to living in big cities that you might not get in smaller locations. 

All of the cost-of-living information in this chart is general and based on the country and not on a particular city.

Spain

Spain is located on the Iberian Peninsula and has been a major centre for trade and commerce in Europe for centuries. It is well known for flamenco dancing, spicy delicious food, unique and interesting architecture, and a long and fascinating history.

Greece

Greece is known as the birthplace of democracy and has been a powerhouse in Europe since ancient times. The Greek people are friendly, the weather is generally fantastic, and the food and culture can't be beat. Greece also has the advantage of having several items that you can choose to make your home.

Portugal

Portugal shares the Iberian Peninsula with Spain. it is also a country with a long history and was also part of the European ocean faring exploring. During the Middle Ages and beyond. Portugal is known for its fantastic food, wine, and culture, and the country has a fascinating mix of rocky mountainous areas and beautiful beaches to explore.

Malta

Malta is an island nation that is generally considered to be quite wealthy. In fact, for some time, it was home to Queen Elizabeth, and she still feels strongly about the island. like most parts of Europe Malta also has a long and fascinating history, which can be seen and explored on every part of the island.

FAQ

Can anyone apply for a golden visa?

Yes. In theory anyone who meets the requirements and has the money to invest can apply for a golden visa. your application will still be reviewed the same way that others are, but as long as you meet government standards you should be successful.

How long does it take to get a golden visa?

The processing time for golden visas varies dramatically between different countries. In general, however you can expect the process to take at least a few months.

Do I get citizenship from a golden visa application?

No most countries in Europe don't give you citizenship straight from the visa process. they all some that do outside of Europe, but if you're applying on the continent you will need to go through permanent residence before you can apply to become a citizen.

Can I take my family with me?

Yes. Most countries allow you to apply as a single person, or as a family. The application and processing fees are usually calculated based on the amount of applicants, and the required investment will increase based on how many people are applying. 

Do I need to pay tax in these countries?

Yes. If you're a resident in any of the countries mentioned here, you will need to apply for tax resident status. You may be taxed on any income you earn within the country and depending on the tax treaties the country has with your own country you may pay tax on international income too.

Relevant Readings

The following resources may help you to understand the golden visa process in these and other countries a little more.

Our guide to Turkish citizenship and golden visa programs can be found here: https://smartcitizenship.com/ultimate-guide-to-the-turkish-citizenship/

Our guide to Portugal citizenship and the visa program can be found here:https://smartcitizenship.com/smart-citizenship-portuguese-golden-visa-guide/

If you are interested in a golden visa for Greece, please look at our guide here: https://smartcitizenship.com/ultimate-guide-to-the-greek-golden-visa/

Contact Us

Smart Citizenship has been helping people around the world to navigate the golden visa process and find their new home. if you are considering moving to any of the countries mentioned here or interested in any other golden visa processes around the world, we would like to hear from you.

Please contact our team to find out more about how we can help with your golden visa application, or just to find out more about the specifics for any of these programs.