EU Golden Visa - What Is The Purpose Of The European Golden Visa Program?

Attracting investment money from high-net-worth individuals is a common policy throughout European economies. Investors can choose programs that grant citizenship, freedom of movement between countries, or allow conversion to citizenship, becoming a European citizen when eligible, depending on their purpose and future intentions. Individual investors can get permanent residency or European citizenship swiftly and simply through the EU Golden Visa Program with an investment of only 300,000 EUR.

What is the EU Golden Visa? 

The European Golden Visa is a program that permits high-net-worth individuals to move to Europe by purchasing property, establishing businesses, and investing in stocks and bonds. Investors with this European Golden Visa are permitted to stay, live, study, and work in visa-issuing countries for the term of each program.

Each program has various criteria and incentives for investors. So, depending on your goals and capacity to achieve the criteria, you may want to consider more if you want to invest in obtaining an EU Golden Passport.

>> Read more: Beautiful Places in Europe – What to Prepare?

5 Benefits of European Golden Visa

Travelling Inside The Schengen Area Is Allowed

Residents of numerous European nations in the Schengen region will be allowed to freely travel within the bloc's 26 member states. The Schengen visa provides a plethora of benefits to its holders and is now one of the world's most powerful and handy visas.

The Schengen region was founded with the signing of the Schengen Convention in Luxembourg in 1990, with 22 member nations and four EFTA member countries. The Schengen visa permits the holder to freely travel within the Schengen area's 26 nations.

Excellent Medical System 

Europe has a world-class medical system, with several of its member nations ranking among the top in terms of medical quality. Switzerland, Sweden, Australia, the Netherlands, Germany, and other nations with a highly regarded medical system, according to the World Health Organisation, are some of the examples.

 

Photo by Christian Lue on Unsplash

Peaceful Environment

Europe has a tranquil, antique beauty, as well as a quiet, polite, and aristocratic way of life. Joining a EU Golden Visa Program will allow you to move across Europe and experience the tranquility of all its country members. 

The Best Quality Of Education In Europe

European countries have an outstanding education and are well-known around the world. The special thing is that if you settle in Europe and your children study in public schools, you will be funded by the government for their expenses from primary school to the end of high school.

For most Irish nationals and permanent residents, undergraduate (Bachelor’s) degrees are free - with only minimal expenses for facility maintenance.

After long-term residency meets the requirements for permanent residency, children can receive an education in the state or private education system in that country.

Easy Tourism

Depending on the nation you apply for, the EU Golden Passport Program grants permits that allow you to travel visa-free to more than 188 countries. You can travel freely between Schengen nations if you have a European Golden Visa.

Many of the nations that provide EU Golden Visas, such as Portugal, Spain, Cyprus, and Greece, are located around the Mediterranean, which is an interesting location for making your stay more convenient.

At the same time, beautiful towns like Madrid, Barcelona, and Lisbon will be great for shopping and cultural activities.

Many cities are easily accessible by conventional flights. Lisbon, Madrid, and Barcelona are all only 1-2 hours by plane from London, Berlin, Paris, Rome, and most other European cities.

Who Can Apply for a Golden Visa in Europe?

Most EU nations require you to have lived in the country for at least five years, pay taxes, know the local language, and be able to integrate into the culture. It will be easy to apply for a European Golden Visa at this time.

You must also make investments as well as job contributions. You must personally own the money you intend to invest, and you must keep the investment for at least a specific amount of time.

You will very certainly have to demonstrate that you have earned the money and lawfully held the property. You must show that you have the financial resources to support yourself and any family members coming with you.

Anyone who satisfies the basic qualifications outlined above is eligible to apply for a EU Golden Visa.

What EU Countries Offer Golden Visas?

Austria, Belgium, Bulgaria, Latvia, Lithuania, Malta, Monaco, Portugal, Switzerland, Cyprus, Greece, and the United Kingdom are among the 12 European nations that have officially accepted using Golden Visa rules.

Especially with the EU Golden Visa issued by a Schengen country, the holder can freely move across all 26 Schengen countries.

Austria

Austria is one of the wealthiest countries in Europe, has a very high standard of living, and is one of the most livable places in the world. To be eligible for a European Golden Visa in Austria, you must demonstrate that you are actively investing in the economy in order to gain Austrian residency and citizenship.

In exchange for Austrian citizenship and a golden European passport, you must make a significant investment in the Austrian economy. 

You should be able to demonstrate that you have consistent employment and a respectable income to sustain yourself. The minimum investment allowed is ten euros if you engage in a business or three million euros if you invest in the government.

The Austrian Citizenship Law normally requires you to relinquish your present nationality in order to get Austrian citizenship. However, under certain conditions, you will be able to keep your original citizenship.

The Austrian passport allows you to visa-free travel to 188 countries worldwide, including the United States and the United Kingdom. Austrian citizenship by investment permits you to live, work, travel, and study anywhere in the European Schengen region.

Once you have obtained citizenship through nationality, you and your family have full citizenship for life, which may be passed down through the generations.

Belgium

Belgium is a tiny country located in northwest Europe. It is bounded to the north by the Netherlands, Germany, and Luxembourg. Belgium is a tiny country located in northwest Europe. It is bounded to the north by the Netherlands, to the east by Germany and Luxembourg, to the south by France, and the west by the North Sea. 

The country is divided into three major regions: Brussels (the capital), Flanders, and Wallonia. Belgium is an industrial country with a small land area, limited resources, and a dense population. Belgium's economy is developed and heavily reliant on international commerce.

As a member of the European Union, Belgium sees itself as a powerful country. And Belgium has a reasonable standard of living compared to other countries in Europe. Furthermore, compared to many of the EU's neighbours, Belgium is more affordable.

Belgium is providing the EU Golden Visa to create the opportunity to settle in Europe in the form of business investment for investors and entrepreneurs who want to invest and do business in Belgium. After 5 years of residency, you will be offered Belgian citizenship, according to the legislation. In most cases, permanent residency applications are accepted within 3-4 months.

Currently, Belgium does not offer a direct citizenship program for large investors. 

As a result, if you want to get a European golden visa through investment, you must first make a capital investment and generate more jobs in this nation. To be eligible to join the self-employment program in Belgium, you must first achieve the capital requirement, which is a minimum of 350,000 euros.

Cyprus

Cyprus is a Mediterranean island in the eastern Mediterranean. Cyprus is a very safe country with a lower crime rate than the rest of Europe. The people here are also quite nice, and they place a high value on their children's education. Cyprus, as a member of the European Union with a developed and stable economy, is rapidly becoming an economic and educational centre, attracting an increasing amount of investment money.

Cyprus provides two types of EU Golden Visas that can be used for citizenship and residency in the country. As Cyprus provides two golden visa programs through real estate investment, the two types of golden visas differ depending on how much you invest. However, Cyprus has stopped publishing golden visas as of November 1, 2020.

To get Cypriot citizenship by investment, you must purchase at least 2 million euros in real estate. For permanent residence, you must invest at least 300,000 euros.

Visas for permanent residence are awarded in two months and include family members. You can bring your parents, spouse, and children to Cyprus to settle (your children must be under 25 years old and unmarried). The Golden Visa is valid indefinitely and can be reissued for family members.

You must pay 100,000 euros to the Cyprus Government's Research and Development Fund and another 100,000 euros to the Cyprus Land Development Organization to qualify for the Cyprus golden visa investment form. The overall investment is expected to reach 2.2 million euros.

The European Golden Visa program in Cyprus allows for easy travel within the European Union and requires that all family members visit Cyprus every two years to qualify.

Greece

Greece is a peninsular and mountainous Balkan country. Because of its many islands, this country has the longest coastline in Europe. The official language of Greece is Greek, which is spoken by 98 per cent of the population. 

Macedonian is the most commonly spoken minority language, with 1.8 per cent of the population speaking it. Greece is a developed nation with a high human development index. The economy is mostly constituted of the service and manufacturing sectors, with agriculture accounting for 3.0 percent of national economic production.

Greece's golden visa scheme started in July 2013 and is valid for 5 years in exchange for real estate investment. You will be allowed permanent residency, but you must verify that you have always invested in Greece every five years.

You must consistently invest in real estate, and if you cannot prove you have assets or investments in Greece after 5 years, you will not be allowed to extend your EU golden visa.

The Greek golden visa program requires you to apply for, or through a legal company, property held in Greece worth at least 250,000 euros or leased for at least 10 years in the categories of hotels, apartments, or tourism facilities.

The Greek government has suggested extending the program to allow investments in both equities and bonds.

To summarize, you will need to invest an average of 2,000,000 euros, including the purchase of firm shares or shareholders in Greece. You will be granted permanent residency in Greece if you possess a property with a market worth of at least 500,000 euros and yearly maintenance expenditures of at least 50,000 euros.

>> Check out: Greece Travel Restrictions: What You Need to Know Before Travelling to Greece during COVID-19

Italy

Italy is located in the southernmost part of Europe, on a boot-shaped peninsula. Slovenia is to the northeast, Switzerland and Austria are to the north, and France is to the northwest. Italy has long been a romantic's dream, a grandeur with modern and traditional elements. Italy is the third most populous country in the European Union, with a population of more than 60 million people. 

The major religion is Catholicism, which is accepted by 96 percent of the population of Italy, with the Vatican in Rome. Along with the wave of immigration, numerous new religions, such as Islam, eventually came to Italy.

The golden visa program in Italy has not been implemented through real estate investment. Italy offers a distinct immigration policy known as the "Investment Visa for Italy." This program is accessible to non-EU citizens who want to invest in Italy. 

However, you can still access Italy for permanent residence and apply for a golden visa by proving your annual income of about 100,000 euros. This requirement is reduced to €35,000 if you make a large investment in the property. The sum is not disclosed, although it is estimated to be between 300,000 and 500,000 euros. 

If you obtain an Investment Visa for Italy, you will be able to travel without a visa to all other countries in the Schengen Area for up to 90 days during 180 days. If you have stayed in Italy for at least ten years, you can apply for Italian citizenship by naturalization.

Photo by Christian Lue on Unsplash

Malta

Malta is a tiny European island republic known for its strategic location in the heart of the Mediterranean Sea. The Maltese Islands are a member of the Schengen Area as well as the European Union (EU).

A Maltese Golden Passport and citizenship can be obtained through an investment scheme in which non-EU citizens can get Maltese citizenship and transfer their firm to a European country. Furthermore, if you have a Malta Golden Visa, you can stay permanently in Malta and have unlimited entry to the 26 Schengen countries.

To be eligible for the Malta golden visa, you must contribute about 30,000 euros to the government. You will also have to spend around 320,000 euros to buy or rent a property here to be eligible for the Malta Golden Passport. Furthermore, you must demonstrate that you have an annual income of at least 100,000 euros earned outside of Malta or a worldwide net worth of at least 500,000 euros.

Portugal

Portugal has the most ancient culture and people in Europe. Portugal attracts people from all over the world due to its location in the extreme southwest of Europe, just a few hours by car from major European capitals. Portugal is the ideal destination for those who appreciate natural and ancient beauty, thanks to its temperate climate, pleasant sunlight, and magnificent beaches on the Atlantic Ocean.

The Portuguese Golden Visa Scheme has proven to be Europe's most popular settlement program. The Portugal Golden Visa permits you to invest in or live in Portugal, as well as travel freely across the Schengen region. You can extend the Golden Visa for your family members as the primary applicant.

You simply need to spend a minimum of seven days in Portugal each year, and the visa requirements are basic. The Portuguese Golden Visa allows you to travel to Schengen countries without a visa, and you can become a full Portuguese citizen in 5 to 6 years. However, to be granted residency under the golden visa program, you must demonstrate integration with the nation as well as pass a few basic language examinations.

Spain

Spain is the second biggest country in Western Europe by area, located on the Iberian peninsula in southwestern Europe. Spain includes the majority of the Iberian peninsula, as well as the Balearic Islands in the Mediterranean and the Canary Islands in the Atlantic. Spain has a highly developed economy.

The country's economy is currently the ninth biggest in the world and the fifth-largest in Europe. Spain is a big country in southern Europe made up of many diverse regions and affected by several civilisations. The country boasts a living standard comparable to that of European countries, with high levels of education and healthcare.

The Golden Visa program in Spain was established on September 27, 2013, to encourage entrepreneurs to invest in the country. Non-EU nationals can apply for a residence permit through several types of investments under the law. You can gain citizenship in Spain for your family with just a 500,000 euros investment in real estate.

To be eligible for the Spain Golden Visa, you must purchase at least 500,000 euros in Spanish real estate. Real estate may consist of one or more units with a combined value of at least 500,000 euros. You can also acquire stock in a firm or deposit money in a Spanish bank for as little as 1,000,000 euros.

You can apply for permanent residency in Spain after 5 years of temporary stay. If you have been in the country for ten years and meet specific qualifications, you can apply for citizenship through the naturalisation process. You can bring your family to live in Spain, but your children must be under the age of 18 and you must demonstrate that your parents are financially reliant on you.

>> Read more: Entry Requirements to Spain - Everything You Need to Know

Frequently Asked Questions About European Golden Visa Requirements

How Much Time Needs To Be Spent In The Country For A Golden Visa?

Depending on the regulations on immigration laws in different countries, you will not know the exact required time to be spent in the country for a Golden Visa. One thing is for sure: you will have to spend weeks, if not years, proving that you routinely move and reside there because you invest or work there. 

Some nations will demand more cultural integration, community understanding, and language knowledge. You will not have any prior convictions since you will not be awarded a European golden visa if you do.

Which Golden Visa Europe Program Is the Best?

Portugal is considered to offer the best European Golden Visa as it has several advantages, including safety and stability, excellent quality of life, a reasonable price, high-quality health care and education services, and an easy approach to the airport. The climate is the most pleasant of any country on the Continent of Europe.

The Portugal Golden Visa Program is one of Europe's most popular immigration investment programs and is often considered the best immigration program in the world.

You can select the best investment from a large choice of investment possibilities at a low cost. You will also be granted permanent residency, and after 5-6 years in Portugal, you will be eligible to seek citizenship.

The most unique aspect of this sort of golden visa is that investors just need to stay in Portugal for a minimum of 7 days per year to preserve their residency permit status and enjoy all of the same privileges as a European resident (including the right to visa-free travel in all the countries of the Schengen area).

What Are the Taxation Consequences of Golden Visa Europe Programs?

If you own real estate in that nation but do not live there permanently, you must consult several taxes as required by law. However, some taxes only apply when the owner moves to rent or sell the property. Normally, you just need to pay minimal taxes in accordance with the laws of that country. You should be aware of the following fundamental taxes: rental/investment income tax; capital gains tax; property tax; and business tax (Income Tax)

It should be noted that various nations have different methods of tax payment as well as varied levies. You should conduct thorough research before deciding to apply for a EU golden visa card in that state.

The benefits and European Citizenship acquired through the Golden Visa will undoubtedly attract a big number of investors from outside the EU to participate. The basic information for investing under the European Golden Visa program is provided above, and we hope you can find the right place for you to live in Europe.

Vy Nguyen