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.
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:
Further reports tell that if you plan to apply for a Hungary Golden Visa in 2024, you will also need to
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.”
VisaGuide relates that to apply for a Hungary visa, you must follow these eight simple steps:
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.
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.
According to Get Golden Visa, as of September 1st, 2024, the Greek Golden Visa program has changed its minimum investment requirements. These are:
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:
According to IvisaTravel, these are the steps interested candidates should follow when gearing to apply:
“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: