Golden Visa vs. Golden Passport: Understanding Key Differences

Golden Visa and Golden Passport programs are initiatives introduced by various countries to attract foreign investment by offering residency or citizenship in return. These programs stimulate economic growth and provide investors with greater global mobility and security.

Golden Visas are issued under residency by investment programs, allowing applicants and their families to live in a host country in exchange for a significant economic investment. Typical investment options include real estate, business ventures, or government bonds.

Golden Visa holders become residents of the country and gain access to local amenities, business opportunities, and travel within designated regions. These visas do not automatically lead to citizenship. However, they can serve as a pathway to permanent residency. Investors may apply for citizenship after a continuous residence period of 5 to 10 years, depending on the country’s regulations.

Golden Passports, or citizenship by investment, grant full citizenship and a second passport through qualifying investments. This status offers the same rights as those of other citizens, including the right to live, work, and study in the country, the right to vote, and consular protection abroad.

Golden Passports typically provide greater freedom of movement, expanded access to global markets, and enhanced financial security for investors and their families.

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Golden Visa and Golden Passport programs offer unique benefits tailored to investors' needs, whether for residency or full citizenship. Understanding the advantages of each can help investors choose a program that aligns with their goals for international mobility, lifestyle, and financial planning.

1. Residency requirements. Both Golden Visas and Golden Passports grant the right to live in the country that issues them. However, the residency obligations differ significantly.

Golden Visa holders are usually not required to live in the country full-time to maintain their residency status. For example, Portugal requires just seven days per year, while Greece has no residency requirements at all. However, those seeking citizenship after a Golden Visa must typically meet strict residency requirements, such as living in the country permanently for several years.

Citizenship by investment does not require continuous residency. Investors obtain citizenship immediately upon completing the process and are not obligated to live in the country to retain their status.

2. Work and business opportunities. Golden Visa holders usually have the right to work, open businesses, and invest in the issuing country. However, opportunities may be limited to the local market, and some restrictions might apply, depending on the program.

Citizens with a Golden Passport enjoy unrestricted access to work and conduct business in the country. Additionally, citizenship in an EU country allows free access to the European single market, significantly expanding opportunities across member states.

3. Rights inside the country. Golden Visa holders can access essential services like education and healthcare in the issuing country. However, they do not have rights to vote or run for public office.

Golden Passport holders enjoy full rights, including the ability to vote, run for office, and access consular protection abroad. They also have lifelong rights to healthcare and education, similar to any other citizen.

4. Freedom of movement. With the Golden Visa, freedom of movement is typically limited to the issuing region. For example, a Golden Visa in a European country allows travel within the Schengen Area but not to other visa-free destinations worldwide.

Citizenship by investment offers significantly broader visa-free travel. For instance, an Antigua and Barbuda passport allows access to over 150 countries, including the Schengen Area, the UK, and Singapore, far exceeding the reach of most Golden Visas.

5. Family inclusion. Both Golden Visa and Golden Passport programs generally allow investors to include family members, such as spouses and children, but there are key differences.

Family members of Golden Visa holders receive residence permits that are tied to the main applicant’s status and must meet renewal requirements. Citizenship by investment is granted to family members, providing them with the same rights as the main applicant, and it is usually permanent and sometimes can be inherited by future generations.

6. Tax optimisation. Residency by investment does not automatically make an investor a tax resident unless they spend more than 183 days per year in the country. Some programs offer favourable tax regimes, such as Greece’s alternative taxation scheme for foreign investors, which allows them to pay a flat annual tax of €100,000 on global income, regardless of its actual amount.

Citizenship alone also does not make an investor a tax resident. However, some countries with citizenship by investment programs, such as St Kitts and Nevis, have no taxes on income, inheritance and capital gains, providing potential tax advantages.

7. Inheritance of the status. Residency status is not inherited by future generations. Children born in the country might be eligible for citizenship based on local laws, but the investor’s descendants would need to apply for residency independently.

Citizenship is permanent and can usually be inherited by future generations, ensuring a lasting legacy for the investor’s family. However, inheritance rules may vary depending on the country’s regulations.

Both Golden Visa and Golden Passport programs are designed to attract foreign investors and their families by offering residency or citizenship in exchange for substantial economic contributions. While specific criteria vary by country, common general requirements include:

• be over 18 years old;

• have clean criminal record;

• have proof of sufficient funds to make the required investment;

• have documentation verifying that the investment capital is obtained through legal means;

• have valid health insurance coverage for the applicant and dependents.

Family members, such as spouses, children, parents, and siblings, are often eligible to be included in the application, though specific definitions of dependents can vary.

Golden Visa and Golden Passport programs provide multiple investment options, each with specific minimum financial requirements. Investors can select the option that aligns with their financial capacity and goals for residency or citizenship.

Real estate investment is the most common option for Golden Visa programs. Applicants can typically purchase residential or commercial properties, but specific requirements depend on the country.

For instance, to get a Greece Golden Visa, investors can buy residential properties with the minimum investment depending on the property location and ranging between €250,000 and €800,000. In the UAE, applicants can purchase real estate for at least $204,000 in the Freehold Zones, the areas where foreigners may own real estate.

Similar to Golden Visa programs, Golden Passport programs often allow for real estate investments to qualify for citizenship. For example, applicants for Dominica citizenship by investment must invest at least $200,000 in government-approved real estate projects.

Business investments. Many Golden Visa programs allow investors to qualify by establishing or investing in a business that benefits the local economy. Portugal Golden Visa requires an investment of at least €500,000 in a business that creates at least 5 jobs. Italy Golden Visa offers a pathway through an investment of at least €500,000 in shares of a company incorporated and operating in Italy.

Golden Passport programs also permit business investments to obtain citizenship. For example, Antigua and Barbuda requires a minimum investment of $1.5 million in a company. Alternatively, applicants can participate in a group investment with a total value of $5 million, where each investor contributes at least $400,000.

Similarly, St Lucia offers group investment options with a total project value of at least $6 million, where each participant must contribute a minimum of $1 million. For sole investments, the minimum threshold is $3.5 million.

Investments in securities. Investments in securities, such as government bonds, stocks, or investment funds, are an option under certain Golden Visa and Golden Passport programs.

For instance, Cyprus offers residency to investors purchasing units of Cypriot investment funds in the form of AIF, AIFLNP, and RAIF for at least €300,000.

Portugal requires an investment of at least €500,000 in qualified investment funds. These funds typically raise money and invest in commercial real estate, Portuguese companies, industrial facilities, or the European stock market. Italy offers residency for those who invest a minimum of €2 million in Italian government bonds in the form of in CCT, CCTeu, CTZ, BTP, and BTP ITALIA.

In Turkey, citizenship can be obtained by investing at least $500,000 in government bonds, provided the bonds are held for at least three years. Vanuatu also offers citizenship by investment in government bonds of at least $100,000.

Non-refundable contributions. Both Golden Visa and Golden Passport programs often include non-refundable contributions as an option for investors. However, the purpose and allocation of the funds differ between the two types of programs.

In Golden Passport programs, non-refundable contributions are typically directed to a government fund supporting national development. For example, St Kitts and Nevis requires a minimum donation of $250,000 to the Federal Consolidated Fund, which finances infrastructure, healthcare, and education projects.

In Golden Visa programs, contributions are often allocated to specific sectors such as culture, research, or education. For instance, Italy offers a pathway for applicants to donate at least €1 million to a philanthropic organisation involved in cultural, educational, or scientific projects.

The Portugal Golden Visa program includes options to support the arts or restore cultural heritage with a minimum contribution of €250,000 or to invest at least €500,000 in scientific research activities.

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The specific documentation for Golden Visa or Golden Passport applications required can vary, but generally includes:

• an international passport or an ID;

• completed application forms;

• passport-sized photographs of each applicant.

• proof of investment, such as property deeds or business incorporation papers;

• proof of address, such as utility bills or bank statements to verify residency;

• proof of income and financial statements, often for the last 6—12 months, showing legitimate sources of funds;

• health insurance in the host country for the applicant and dependents;

• police clearance certificates from the applicant’s country of residence.

These requirements help host countries ensure that applicants are financially qualified, law-abiding, and capable of supporting themselves and their families during their residency or citizenship in the new country.

Golden Passport applications often require more detailed financial disclosures and additional documentation, such as affidavits or proof of business activity, given that citizenship grants a broader set of rights. Golden Visa applications tend to have less complex documentation demands but still require proof of funds and a clean criminal record.

Golden Visa programs are particularly popular in Europe and other regions that appeal to high-net-worth individuals seeking residency flexibility and long-term investment opportunities. Below is a summary of some of the most sought-after Golden Visa destinations and what they offer.

The Portugal Golden Visa program offers several investment routes, with the most common being a purchase of investment fund units for €500,000. Alternative options include investing €500,000+ in business and creating jobs or spending €250,000 supporting arts and restoring cultural heritage.

Portugal Golden Visa holders are required to spend at least seven days per year in the country. After five years of maintaining residency, they can apply for Portuguese citizenship. The five-years naturalisation period begins from the date of payment of the state fee for the Golden Visa application.

The Greece Golden Visa program is among the most affordable in Europe, requiring a minimum real estate investment of €250,000. There is no mandatory stay requirement, making Greece ideal for investors who do not plan to live in the country full-time.

Greek citizenship is possible after seven years of residency; however, applicants must have spent at least 183 days per year in the country. They also have to pass a written exam on the Greek language, culture, history, geography, and governance.

The Italy Golden Visa program allows investors to obtain residency through various investment routes, including a €500,000 investment in an Italian company, €250,000 in an innovative startup, or €2 million in government bonds. Italian citizenship is available after ten years of residence, with language and integration requirements.

The UAE Golden Visa is accessible through investments in real estate in one of the Freehold Areas, with a minimum threshold of AED 2 million, or about $545,000, for a 10-year visa, or AED 750,000, or about $204,000, for a 2-year visa.

The UAE also offers options for entrepreneurs, specialised talent, and skilled professionals. Golden Visa holders may apply for UAE citizenship by naturalization after living in the country for 30 years.

The Hungary Golden Visa program primarily focuses on purchasing real estate fund units for the minimum of €250,000. There is also an option for applicants to make a €1,000,000+ donation to an institution of higher learning that supports education, scientific research, and artistic or creative activities.

After three years of living in Hungary, Golden Visa holders can obtain Hungary permanent residence. To qualify, they have to spend at least 183 days in the country. After eight years of permanent residency, Hungary allows for citizenship applications, with the requirement to pass an exam on the country’s history and law which is conducted in the Hungarian language.

The Cyprus Golden Visa allows investors to obtain permanent residency by purchasing residential or commercial real estate for at least €300,000. Alternatively, applicants can invest €300,000 in a Cyprus-based business or €300,000 in shares of a Cyprus-registered investment fund.

Cyprus Golden Visa holders are not required to live in the country but must visit it at least once every two years to maintain their status. After 8 years of living in the country, they may apply for citizenship with requirements to confirm knowledge of the language and culture of Cyprus, as well as pass an interview at the migration service.

Golden Passports, or citizenship by investment, or CBI programs, allow individuals to obtain citizenship through significant financial contributions. These programs are offered by several countries. Below is an overview of some of the most prominent CBI programs and what they offer.

Malta offers a Citizenship by Naturalisation for Exceptional Services by Direct Investment. Applicants must:

• contribute at least €600,000 to the National Development and Social Fund to apply for citizenship after 3 years, or €750,000 to apply after 1 year of residency;

• purchase real estate worth a minimum of €700,000 or rent a property with an annual lease of at least €16,000 for five years;

• donate at least €10,000 to an approved Maltese charitable organisation.

Residency in Malta for at least 12 months, or 36 months for the lower contribution option, is required before applying for citizenship. Applications for this program can only be submitted through licensed agents authorised by the Maltese government.

Maltese citizenship grants numerous benefits, including visa-free access to over 160 countries, such the Schengen Area, the UK, and Canada. Citizens also gain the right to live, work, and study in Malta or any other EU country.

Caribbean countries. CBI programs are available in Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia. These programs typically require a non-refundable contribution to a national fund or an investment in government-approved real estate. The minimum investment amount is $200,000 in Dominica. Benefits include visa-free access to over 140 countries and favorable tax regimes.

Vanuatu's Development Support Program allows individuals to obtain citizenship through a contribution of at least $130,000 to the country’s development fund. The program is known for its fast processing times, often granting citizenship within 1—4 months.

Turkey requires a real estate investment of at least $400,000 or a deposit of $500,000 in Turkish banks or government bonds. Turkish citizenship offers visa-free access to over 120 countries. Although it doesn’t include the EU, Turkey’s strategic location bridging Europe and Asia appeals to those seeking a second passport with options to work or establish businesses in the dynamic region.

Egypt’s program offers multiple pathways, including a $250,000 non-refundable donation, a $300,000 real estate investment, or a $500,000 deposit in an Egyptian bank. Egyptian CBI program appeals to investors interested in Egypt’s regional influence in North Africa and cultural richness.

1. Golden Visa programs offer residency rights in exchange for significant investments, often including pathway to citizenship after meeting requirements on residing in the country.

2. Golden Passport programs grant immediate citizenship and a second passport through financial contributions, typically with no residency obligations.

3. Both programs offer benefits such as family inclusion, enhanced visa-free travel, tax optimisation, and access to new investment and business opportunities.

4. Investors should consider factors like investment options, residency obligations, and long-term benefits to choose the program that best aligns with their personal and financial goals.

5. Consulting with licensed experts ensures compliance with program eligibility and documentation requirements and helps identify the best option for achieving personal and financial objectives.