What is the Golden Visa?

The golden visa is a ‘residence by investment’ scheme that allows buyers of international real estate to benefit from a residence permit in exchange for economic contribution to the country. The scheme allows individuals with high net-worth’s to relocate somewhere – either now or when they retire – and become a resident of the state with full legal rights to live, work, study and receive healthcare in that country.

Benefits of the Golden Visa

There are huge benefits to the Golden Visa scheme. The first being that you are permitted to legally live somewhere besides your home state by just buying a home. It’s worth noting that each country has a minimum investment amount that you need to abide by.

Under the scheme, if in the EU, you will benefit from freedom of movement in the Schengen zone, which you wouldn’t ordinarily as a non-EU citizen. Therefore, there are travel and cultural benefits to the scheme.

Should you wish to, one day, apply for foreign citizenship, some states allow the scheme to be used as a path to citizenship. It’s worth confirming this with a legal advisor as not all countries allow this.

IF moving to provide your family with a better quality of life, the scheme is perfect. Not only can they immerse themselves in local culture, it opens doors to dependents who might wish to attend top educational institutions which they might not have had access to in their home state.

Where can you get one?

There are many countries across the world that offer the Golden Visa or a similar residency by investment visa scheme. Today, we’ll be focusing on the top European countries where Rightmove Overseas has properties. They are:

• Greece
• Germany
• Ireland
• New Zealand
• Portugal (ending summer 2023)
• Spain
• Turkey
• United Kingdom

Golden visa requirements

There are specific application requirements depending on the country you’re applying to, so it’s worth checking with the relevant authorities or speaking to a legal advisor. However, there are several requirements that are standard for all golden visa-offering countries.

1. You must maintain the investment for at least, the minimally required time (specified by country)
2. You must be able to prove your ownership of the money that you wish to invest
3. Have a clear criminal background
4. You must be over 18
5. You have to prove you have enough funds to sustainably live in the chosen country and support any family members moving with you, even if they won’t be living with you
6. You must purchase a property in the foreign country. The minimum required cost starts at €200,000

How to apply

Once you have invested in foreign real estate, you can apply for a Golden Visa at the Embassy in your country, or at the relevant government office abroad. In most cases, your first point of reference should be the Embassy.

Example: Golden visa in Spain

If you wish to purchase a property in Spain and benefit from the Golden Visa ‘residency by investment’ pathway, you can become a permanent resident in Spain five years after your initial investment.

To apply for the Golden Visa in Spain, you must have €500,000 in real estate assets and you will have to renew your permit every two years until you become a permanent resident. Read more about Spain’s Golden Visa on Schengen Visa Info.

Can my family join me?

In most cases, yes. The family members permitted for inclusion on the Golden Visa application include:

• Your spouse
• Children or dependents under the age of 18
• Any children who are not minors, but are dependent due to health or mental conditions.
• Dependent elderly parents

To be put in touch with a trusted legal advisor re. your Golden Visa application, enquire with Your Overseas Home today

Written by PropertyGuides for Rightmove

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