A New Start is Possible: Top 5 Countries for Golden Visa
“If your world doesn’t allow you to dream, move to one where you can.” – Billy Idol
Living in a world so connected and communed makes us want to give Marshall McLuhan credit for his foretelling. McLuhan, a Canadian writer, came up with the notion of a “Global Village in the 1960s. Back then, what he implied with the idea was mainly the advancements in the mass media and communication technologies enabling people worldwide to keep in touch any time they like. In other words, any person would be able to intercommunicate with whomever they wish whenever they want, no matter where they are in the world. As you also know, this dream has already been fulfilled. What’s further is that nowadays people not only want to communicate with others from other regions of the earth, they want to be all around the world!
Adventurous or Visionary?
Of course, it has been over half a century since Mr McLuhan made that prognosis. Shifting abroad might have seemed an adventurous and challenging decision to push back then. Yet, in our time, it is perceived as a relatively wise, visionary, and good prospect as more and more people explore and uncover possibilities of investing in another country and getting a Golden Visa or residence.
What is in it for you?
Golden Visa and Citizenship by Investment Programs mainly propose investors get residence permits in the target country in exchange for their acquisitions. Although mentioned investments can vary accordingly, the most typical method is to purchase a property in the target country. By obtaining a Golden Visa, investors will have some further concessions again up to the country they invested in. For instance, investors and, in some cases, their family members can tour Visa-free in the Schengen zone; they can initiate new enterprises and take advantage of the education and health facilities. Some people may see that as a new source of revenue, some as an auxiliary hometown. Ultimately, it is entirely up to your background and expectations.
Where to invest?
Despite their sensation recently, surprisingly, Golden Visa and Citizenship by Investment Programs date back to the 1980s. During the 21st century, the agenda has speeded up and become even more common. According to the IMF Working Paper, %25 of the countries had already released their own Golden Visa and Citizenship terms by 2015. As the parameters like terms and conditions, additional rights and amount of investment that the investor should cover differ from one country to another, here are some options that you can go through and choose.
Greece
- Minimum Investment Amount: 250.000 Euros
- Application Process: 6+ Months
- Residence: Residence Permit
- Residence requirements: None
With its unique ancient history, prominent monuments, relics, and historical background, Greece is always regarded as the cradle of civilisation. Life is comfy and lovely; people are friendly, hospitable and thoughtful. It is world-famous for its sunny and warm weather, which makes outdoor activities a breeze and maximises the season. Greek cuisine is also promising and tasteful. Education is well-supported, with many options of international schools that Golden Visa holders are welcomed with the same benefits as citizens. In addition, healthcare facilities are available to foreign investors as well as to locals.
You have seven diverse investment alternatives for the Greek Golden Visa, six of which are related to the purchase or rental of real estate. These are;
- Real estate purchase
- Renting a hotel or tourist residence for 10 years
- Acquisition of land plots for construction or agriculture
- Timeshare for 10 years
- Inheriting real estate or receiving it as a gift
- Purchase of securities or opening a bank deposit
Malta
- Minimum Investment Amount: 150.000 Euros
- Application Process: 6-8 Months
- Residence: Permanent Residence
- Residence requirements: None
Malta, located in the middle of the Mediterranean, in the south of the island of Sicily, is almost a large open-air museum with a prosperous architectural and cultural heritage of 7000 years. Like every Mediterranean country, hospitality and the welcoming manner of local people is a national ritual. English is the second official language in Malta; hence you may not have communication tribulations. On the other hand, the international financial credit authorities consider Malta stable and steadfast in terms of investment. The Maltese Government accepts dual citizenship, so you can keep your current one if you apply for the program.
Additionally, the Maltese passport is one of the most respected passports worldwide. The holders can travel to 185 countries without applying for a Visa. This is a significant advantage when we think of exhausting visa procedures. Malta suggests two options for the Golden Visa program, each followed by rigid due diligence. You can either go with the rental option or choose to buy a property.
Spain
- Minimum Investment Amount: 500.000 Euros
- Application Process: 2-3 Months
- Residence: Residence Permit
- Residence requirements: None
Spain is an attractive alternative for those who love art and culture with its creative and historical background. The country is known for its relatively flexible tradition of working environment, which they call “siesta”. Nonetheless, the standard of living is really high, accepted as the 2nd after New Zealand. Spain is more affordable than most Western European countries due to its low cost of residency. Investors can live somewhere other than Spain to get the status. Still, they and their families have free access to the facilities like Visa-free travel to EU countries, Europe-style education and comprehensive healthcare. If you decide to reside in Spain for five years, you can also apply for permanent residence. Spain presents residence permits for investors and purchasing property, stocks, bonds, etc., and business investment options for Golden Visa applications.
Türkiye
- Minimum Investment Amount: 400.000 USD
- Application Process: 6-8 Months
- Residence: Residence Permit
- Residence requirements: None
Having one of the world’s most cosmopolitan and kaleidoscope countries with impressive beliefs and prosperous historical heritage, Turkiye has been a trendy country for people all around the globe for centuries. Living expenses are relatively inexpensive in comparison to EU countries.
Turkiye also has a safe haven policy which means you don’t have to reside in the country, but you can visit anytime you like, even if the borders are closed. Another benefit of the Turkish Citizenship program is the prospect of investment. After three years, the investor can return the amount by selling the property. In contrast to other countries in my list, there is no sales restraint. Turks present five options for those who want a Turkish Golden Visa; purchase of real estate, government bonds or units in an investment fund, business investments and bank deposit.
Portugal
- Minimum Investment Amount: 280.000 Euros
- Application Process: 3-6 Months
- Residence: Residence Permit
- Residence requirements: 7 days/year
Portugal is one of the oldest nation-states near the Atlantic Ocean. The country is warm and secure with its exquisite beaches and friendly, open-minded citizens. It ranks 4th on the Global Quality of Life scale. Financially speaking, living costs are lower compared to central European countries. Moreover, legal arrangements have been constructed in the last ten years about taxes, urban transformation and rentals to make the environment suitable for foreign investors. With a Golden Visa, holders can visit the country anytime, even if the borders are closed due to a pandemic. They can also relish journeying within EU countries without extra Visas.
Another great plus of the Portuguese Golden Visa is tax optimisation. After getting temporary residence status, you may apply for permanent residence or citizenship once your five years are completed. Portugal delivers seven alternatives; purchasing real estate or investment fund units, funding arts and restoring cultural heritage, investments in research activities or business, capital transfer or opening a company.
All in all, deep inside, we are still those fearless and curious nomads like our forerunners. The blessing of modern life brings a magnetic proposal we cannot withstand. Free from where we were born, we have the fantastic chance to carry our nest to another country. The land you were born in is not your destiny anymore. Moreover, these new destinations come with a plethora of advantages, from health services to investment options. The cherry on top!
“Never too old, never too bad, never too late, never too sick to start from scratch once again.”
Bikram Choudhury
So, look into yourself, what you desire for yourself, what makes you “You”, and living where would make you more satisfied, more peaceful and feel more protected. What about the future of your children? Choose wisely by listening to your inner “You”. I wish the very best for you in your new hometown!