What Are the Cheapest Golden Visa Programs Worldwide?

A Golden Visa program is residency by investment government initiative offered by various countries. A Golden Passport program is similar, but it allows one to obtain a passport rather than a residence permit. The main requirement for securing a Golden Visa or Golden Passport is to invest in the chosen country’s economy.

Golden Visas and Golden Passports offer advantages such as the following:

• increased travel freedom;

• business opportunities;

• tax benefits;

• a path to residency or citizenship.

In most cases, applicants must invest in specific sectors such as real estate, government bonds, or businesses, or contribute to job creation within the country.

Golden Visa and Golden Passport programs have witnessed a remarkable surge in popularity, especially in recent years. To put things into perspective, these programs brought an impressive €5.5 billion across Europe in 2023 alone.

The main driving force behind this increasing interest is their potential benefits to foreign investors.

1. Moving freely across borders. A status in another country allows individuals to move freely between countries without worrying about obtaining visas.

For example, holders of European Golden Visas can travel freely across the Schengen Area, which includes 29 European countries.

Caribbean Golden Passport holders enjoy visa-free access to numerous countries, including the Schengen Area, China, and others. The specific countries they can access depend on the agreements made by the issuing country.

Frequent international mobility is especially valuable for individuals with business commitments or those who prefer a travel-rich lifestyle.

2. Business expansion. Investors can use their residency and citizenship to explore business opportunities in the host country and expand their business operations to new markets.

For example, a real estate developer with a Greece Golden Visa can expand their property investments and operations across Greece. This also provides access to the broader EU market for further opportunities.

3. Access to education and healthcare. Investors and their families can benefit from the host country’s education and healthcare systems. For example, in Portugal and Greece, Golden Visa holders and their families can use the National Health Service and enroll in public or private schools.

4. Tax optimisation. Some countries offer favourable tax regimes for resident or citizen investors, which can help optimise their tax liabilities. For instance, in Hungary, investors can benefit from its flat income tax rate of 15%, which is one of the lowest in the EU.

5. Path to citizenship. An appealing feature of many Golden Visas is the potential to obtain citizenship in the future. This is possible once specific requirements are met, such as a minimum stay period and, in some cases, passing a local language test. For instance, after five years of residency in Portugal, Golden Visa holders can apply for citizenship. Investors with a Greece Golden Visa can apply for citizenship after residing in the country for at least 183 days a year over a period of 7 years.

Caribbean Golden Passports allow one to obtain second citizenship in just a few months without the need to reside in the chosen country.

6. Family benefits. Golden Visas and Golden Passports cover family members, enabling spouses, children, and in some cases, parents and siblings to obtain residency or citizenship together with the investor. Relatives also enjoy the benefits associated with the visa, such as access to healthcare and education.

7. Boosting economies through foreign investment. Beyond personal benefits for investors, Golden Visas and Golden Passports are powerful economic tools. Governments use them to attract essential foreign investment to their economies.

These funds are usually directed toward sectors that need financial support, such as growth stimulation, real estate development, and infrastructure projects.

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Cost is often a key factor when evaluating Golden Visa and Golden Passport programs. It’s essential to understand the minimum investment requirements of each program and compare them to the benefits they offer.

To qualify, applicants must make a substantial financial commitment. This can be through real estate purchases, investments in government bonds with set maturity periods, starting businesses, or other significant contributions.

One of the most affordable Golden Passport programs is offered by Vanuatu, with a minimum investment of $130,000. The Maltese Golden Visa, with a minimum investment of €182,000, is the most affordable option among Golden Visas.

Several Caribbean countries also offer Golden Passport programs at competitive investment levels. Below is an overview of the cheapest programmes in the world.

The Vanuatu citizenship by investment is one of the fastest and most affordable Golden Passports, requiring a contribution to the government fund, along with additional fees.

Requirements. The donation amount varies depending on the number of applicants, starting at $130,000. In addition to the investment, investors must pay a $5,500 Due Diligence fee.

Refundability of investments. The contribution to the Vanuatu state fund is non-refundable.

Inclusion of family members. Vanuatu allows investors to include their spouse, children under 25, and parents over 50 in their application.

Maintaining and renewal of the status. The Vanuatu citizenship status is granted for life. The passport itself must be renewed every 10 years.

Malta Permanent Residency by Investment is a program that allows wealthy individuals to become permanent residents in the country.

Requirements. An applicant must fulfil several mandatory investment requirements:

1. Rent real estate for at least €14,000 per annum or buy a property for at least €375,000.

2. Pay €50,000 as an administration fee, regardless of whether they choose to buy or rent property.

3. Make a one-time, non-refundable contribution of €30,000 to the government if purchasing property or €60,000 if renting.

4. Donate €2,000 to a local NGO, contributing to social projects in Malta.

5. Demonstrate assets worth at least €500,000 with €150,000 in liquid financial assets, or show a portfolio of €650,000 with at least €75,000 in financial assets.

Refundability of investments. The chosen property must be held for at least five years and cannot be rented out or sublet during this time​​. After 5 years, investors who purchased property can sell it to return the money.

Inclusion of family members. Malta permits investors to include their spouse, children under 29, as well as parents and grandparents in the application.

Maintaining and renewal of the status. The Malta permanent residence permit is valid for life. Permanent residence cards for adults are valid for five years. Minors must renew their cards one month after turning 14 and 18.

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The Dominica citizenship by investment is one of the most affordable globally, and is the cheapest Citizenship by Investment program among the Caribbean countries.

Requirements. To obtain a Dominica passport applicants invest at least $200,000 as a government donation or a real estate purchase.

Refundability of investments. The donation to the government is non-refundable. Real estate can be sold after 3 or 5 years.

Inclusion of family members. Investors can extend citizenship benefits to their spouse, children over 30, and parents and grandparents over 65, all under one application.

Maintaining and renewal of the status. Dominica citizenship is granted for life. The passport must be renewed every 10 years for citizens over the age of 16, and every 5 years for those under 16.

Antigua and Barbuda citizenship by investment allows wealthy individuals to obtain the country’s citizenship in 6 months.

Requirements. There are several investment options:

1. National Development Fund donation — a minimum contribution of $230,000.

2. Real estate investment — a minimum of $300,000 in government-approved properties.

3. Business investment — a minimum investment of $1.5 million in a business, or a joint investment of $5 million with a $400,000 contribution from each investor.

4. Donation to a higher education institution — a $260,000 donation, available for families of six or more.

Refundability of investments. Applicants must maintain the investment for at least 5 years. After that, it is allowed to sell the property and return the money.

Inclusion of family members. The Antigua Golden Passport allows investors to include their spouse, children under 30, parents and grandparents over 55, and unmarried siblings.

Maintaining and renewal of the status. Antigua and Barbuda citizenship is granted for life. The first passport is valid for 5 years. Subsequent passports are valid for 10 years.

The Grenada citizenship by investment offers a well-established pathway to second citizenship. This program is popular for its flexibility and fast processing time. A passport can be acquired in 8+ months.

Requirements. The investment options include a $235,000 donation to the National Transformation Fund or a $270,000 real estate purchase.

Refundability of investments. Contribution to the fund is non-refundable, while real estate can be sold after 5 years.

Inclusion of family members. The Grenada Golden Passport allows applicants to include their spouse, children under 30, parents, grandparents, and siblings over 18.

Maintaining and renewal of the status. Grenadian citizenship is granted for life. The passport must be renewed every 10 years for citizens over the age of 18, and every 5 years for those under 18.

The St Lucia citizenship by investment was launched in 2015 and offers multiple investment options. The passport can be obtained in 6+ months.

Requirements. Investors can choose between five investment options:

1. Economic fund contribution — $240,000.

2. Government bonds — $300,000, with zero interest paid on the bonds.

3. Real estate investment — $300,000.

4. Enterprise investment — $1 million, and investors can combine their efforts in a joint project.

5. Infrastructure-project investment — $250,000 in government-approved projects that enhance the country’s infrastructure of St Lucia.

Refundability of investments. Redeeming government bonds or selling a property is possible 5 years after obtaining citizenship.

Inclusion of family members. St Lucia Golden Passport allows investors to include dependents such as spouses, children under 30, parents over 55, and siblings under 18.

Maintaining and renewal of the status. St Lucia citizenship is granted for life, while the passport must be renewed every 5 years.

The St Kitts and Nevis citizenship by investment has been operational since 1984, making it one of the longest-running programs in the world. The process of obtaining citizenship takes 6+ months.

Requirements. There are three primary routes to obtaining St Kitts and Nevis citizenship by investment:

1. Contribution to the Sustainable Growth Fund — $250,000 for a single applicant.

2. Real estate investment — $325,000. Applicants can invest in government-approved real estate projects.

3. Public Benefit Option — $250,000. Investors contribute to St Kitts and Nevis by supporting national infrastructure and development projects.

Refundability of investments. A contribution to the state fund or infrastructure and development projects is non-refundable. Real estate can be sold 7 years after obtaining citizenship.

Inclusion of family members. Investors can include their spouse, children under 25, and parents over 55 in their application.

Maintaining and renewal of the status. St Kitts and Nevis citizenship is granted for life, but the passport must be renewed every 10 years for citizens over the age of 16, and every 5 years for those under 16.

The Portugal Golden Visa has become a beacon for foreign investors seeking European residency. Investors can apply for permanent residence or citizenship after 5 years of residency. They are not required to live in the country, as long as they meet the program conditions and renew their residence permits to maintain their status.

Requirements. Under the Golden Visa, non-EU citizens are eligible for Portuguese residency if they undertake certain types of investment in the country, including:

1. Support for cultural projects — €250,000 in preserving Portugal’s cultural heritage.

2. Purchase of investment fund units — €500,000 in a qualifying investment fund, which may focus on sectors like technology or renewable energy.

3. Investment in research activities — €500,000 to scientific or technological research conducted by public or private institutions in Portugal.

4. Business investment — €500,000 in an existing Portuguese company or a new business that creates or sustains at least five jobs for Portuguese residents.

5. Opening a company and creating at least 10 jobs for Portuguese residents, with no minimum investment amount specified.

Refundability of investments. If the investment is made through a fund, the investor must hold the units for at least 5 years. However, the invested capital is typically returned within 6 to 10 years. The generated profit is distributed among investors, minus the fund’s commission.

Inclusion of family members. In Portugal, investors can include their spouse, children under 26, and parents in their application.

Maintaining and renewal of the status. The residence permit must be renewed every 2 years. The investor and their family must spend at least 7 days per year in Portugal to maintain residency.

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The Greece Golden Visa allows investors to acquire property, which is often not possible under other European Golden Visas.

Requirements. Greece offers several options for investors to obtain a residence by investment visa:

• real estate purchase — €250,000+;

• hotel or tourist residence rent — €400,000+;

• timeshare of a tourist residence for 10 years — €400,000+;

• acquiring property through inheritance or donation — €400,000+;

• investment in mutual and alternative investment funds — €350,000+;

• opening a fixed-term deposit — €500,000+;

• investment in government bonds — €500,000+;

• investment in the share capital of Greek companies — €500,000+;

• investment in company shares and government bonds — €800,000+.

Refundability of investment. The property can be sold after the permit expires or once citizenship is obtained, which is possible after seven years.

Inclusion of family members. Greece allows investors to include their spouse, children under 24, and parents in the application.

Maintaining and renewal of the status. The Greek Golden Visa is valid for 5 years and can be renewed for 5-year periods indefinitely. Living in the country is not required.

The Italy Golden Visa targets high-net-worth individuals willing to make significant contributions. After living in Italy for 10 years, individuals may apply for Italian citizenship. They must meet language proficiency and integration requirements. Italy permits dual citizenship, allowing new citizens to retain their original nationality.

Requirements. Investors can choose one of the following options:

• €2 million in government bonds;

• €500,000 in an Italian limited company;

• €250,000 in an innovative startup;

• €1 million as a philanthropic donation in areas such as culture, education, or immigration management.

Refundability of investments. The investor must keep the investment for as long as the residence permit is valid.

Inclusion of family members. In Italy, investors can include their spouse, children, and parents as part of the application.

Maintaining and renewal of the status. An investor receives a residence permit valid for 2 years, which can then be extended for another 3 years. It is not required to live in Italy to maintain or renew the Golden Visa.

The Hungary Golden Visa offers non-EU and non-EEA citizens a pathway to obtain a 10-year residence permit. Investors can obtain permanent residence after living in the country for at least 3 years. After an additional 8 years, they become eligible to apply for citizenship.

Requirements. Investors can choose between two options:

1. Invest a minimum of €250,000 in a local real estate investment fund accredited by the Hungarian government.

2. Make a donation of €1,000,000 to a public trust supporting Hungarian universities and colleges.

Refundability of investments. The investor must retain the fund investment for a minimum of 5 years. The donation to higher education is non-refundable.

Inclusion of family members. Hungary permits investors to include their spouse, children under 25, as well as parents.

Maintaining and renewal of the status. The initial residence permit card is valid for 10 years and can be renewed for an additional 10 years. The Hungary Golden Visa does not mandate a minimum stay in Hungary.

The main applicant must be 18 or older to apply for a Golden Visa or Golden Passport. This is a standard eligibility requirement across most countries.

Sufficient income or ass

ets availability. This may involve submitting documents such as tax returns, bank statements, payslips, investment records, or audited financial reports.

The goal is to prove that the applicant can support themselves and any dependents without burdening the host country’s social systems.

Clean personal and legal record. Maintaining impeccable records is essential. Any red flags, such as a criminal record, history of financial fraud, sanctions, or undisclosed legal issues, can seriously jeopardize the chances of approval. This holds true even if all other criteria are met.

Due Diligence. All applicants are subject to Due Diligence carried out by government authorities or independent third-party agencies. This process involves an in-depth review of the applicant’s criminal history, source of wealth, financial transactions, and public records.

Golden Visa holders who have obtained residence permits might be eligible for citizenship by naturalisation.

Applicants for citizenship must meet several requirements set by the country’s immigration laws. These typically include physical presence, residency requirements, and proof of language proficiency and cultural integration.

Physical presence. Golden Visas usually require applicants to spend a minimum amount of time in the country during their residency period. For example, Portugal’s Golden Visa mandates that applicants spend at least 7 days per year in the country to qualify for permanent residency or citizenship. In Greece, Golden Visa holders must spend at least 183 days per year in the country.

Residency requirement. Applicants must hold their Golden Visa for a specified period, usually ranging from 5 to 10 years, depending on the country. For example, in Portugal, applicants can apply for citizenship after 5 years of residency, with the residency period starting from the application date.

In Hungary, Golden Visa holders become eligible to apply for citizenship after a total of 11 years of legal residence in the country.

Language and cultural integration. Some countries require applicants to show proficiency in the local language and an understanding of the country’s culture and history. This could involve taking a language test or passing a cultural integration exam.

Once the necessary requirements are fulfilled, applicants can submit their citizenship application. This process involves providing various documents, such as proof of residency, tax records, and language proficiency certificates.

Significant financial requirements. Minimum investment requirements can range from hundreds of thousands of euros to millions, depending on the specific program.

Some programs offer returnable investment options, such as purchase of government bonds or real estate. It allows investors to recover their capital after a set period. However, government fees and processing charges, often substantial, are non-refundable.

Policy changes and uncertainty can negatively affect prospective Golden Visa and Golden Passports holders. Governments have the authority to modify regulations at any time, which can impact the process.

For example, a country might increase the minimum investment threshold. Also, new requirements, such as mandatory interviews or biometric data collection, could be introduced, adding complexity and delays to the application process. However, such changes typically do not affect investors who have already obtained their status.

Navigating unfamiliar legal systems. Investing abroad offers exciting opportunities for economic, social, and cultural growth. However, stepping out of one’s comfort zone and navigating unfamiliar legal systems, customs, and procedures can be challenging.

To make the process easier and avoid costly mistakes, it’s important to work with trusted and experienced experts.

1. Golden Visa and Golden Passport programs offer attractive investment opportunities. They allow individuals to invest in thriving real estate markets or promising business ventures, which could yield substantial growth over time.

2. Portugal, Greece, and Hungary offer some of the most accessible routes to Golden Visas, ensuring European residency with investment options starting at €250,000.

3. Some of the most affordable Golden Passports include Vanuatu, with a contribution starting at $130,000. Caribbean pathways have a minimum investment threshold of $200,000.

4. Golden Visas and Golden Passports often offer extensive travel perks, such as visa-free access to numerous countries. This simplifies international travel and creates new opportunities for business abroad.

5. Obtaining a Golden Visa can pave the way to citizenship if certain conditions are met.