Those who have heard of golden visa programs but do not find them very appealing are probably not aware of all of their benefits. Just imagine being able to obtain residency in a country that you’ve always been dreaming of, such as Portugal, Spain, Italy, Greece, and many others.
You would be able to start your life from scratch, and, simultaneously, offer your family a much better life. To achieve all of this, you would only need to invest in government bonds, real estate, or any other type of investment that’s been approved.
How did this program get its name? Namely, it’s perceived as golden because it allows investors to freely “roam around” the country and because it offers tax benefits. If all of this sounds good, and you would like to know more, then just keep reading and you will.
What Are The Biggest Advantages Of The Golden Visa?
One of the biggest perks of acquiring a golden visa is that, through it, you can receive citizenship or residency. That’s why investors who are in love with Portugal oftentimes obtain residency by investment in Portugal because they know that it is by far the fastest and simplest way to accomplish this. However, what needs to be said is the fact that there are some programs (luckily, not many of them) that do not give investors citizenship just because they invested money in their country.
Fortunately, that’s rarely the case, however, it would still be recommended to get your facts straight when it comes to this before you take any further steps. Speaking of the benefits, below you’ll get familiar with the most common ones:
- Citizenship or residency – This was already concluded, but it doesn’t hurt to remind you one more time. As previously stated with a golden visa, you and your family can normally work and live in the country that offers a golden visa. In some instances, you might even be able to apply for citizenship.
- Travel – Another major benefit of this is the fact that you’ll be allowed to travel freely within the European Union, which means that if you are doing business internationally, this will enable you to smoothly travel for business without needing to apply for additional visas.
- Healthcare – If you obtain this visa, then you will instantly become eligible for various, local healthcare benefits, depending on the country you opted for.
- Education – A lot of golden visa programs give you access to the local education system, as well as universities and public schools.
- Tax benefits – There are golden visa programs that provide tax incentives, like lower personal income tax rates, etc.
- Real estate investment – One of the surefire ways to acquire a golden visa is by investing in foreign real estate. By doing so, you will also get the chance to have a rental income and/or capital appreciation. Although these are definitely major benefits, keep in mind that there are countries that aren’t willing to provide investors with them.
Uncover All Your Options
The entire process that’s related to acquiring this visa depends on the country you are interested in, however, there are a couple of strategies that are commonly used in these instances, and they include the following:
For starters, you should get familiar with all your options. You should get as much useful information as possible concerning different visa programs. Once you get your facts straight, then you can determine which one is most suitable for you.
This isn’t a decision that you should take lightly. Bear in mind that every country comes with certain advantages and disadvantages, and that you should include various things into account (such as the cost of living, safety, and political and economic stability) before you make a final decision.
Moving On To Requirements
The number one rule when it comes to this is that you need to have a certain amount of money if you want to proceed with a golden visa. It doesn’t matter whether you invest in real estate, government bonds, or anything else, if you do not meet the financial demands and requirements, then you won’t be able to obtain this visa.
As mentioned above, every golden visa comes with different requirements, even when it comes to this, so it’s pivotal to understand everything perfectly.
What Are The Necessary Documents?
If you conclude that you can meet these requirements, then the next step is to collect documents that are necessary for submission. During this whole process, you’ll need to fill out various forms and set aside some money for the fees.
Depending on the country you applied for, there’s a chance you may be obligated to take some extra steps, like taking language tests or having an interview. Speaking of the necessary documents, what are the ones that are most commonly demanded? They usually include things like criminal background checks and evidence that will showcase that you’ve invested the required amount of money.
Waiting For Approval
Waiting to see if you’ve been approved for a golden visa or not, definitely requires some patience, meaning that sometimes, you may need to wait a couple of weeks, or even months in order to find out the outcome.
Just like most things that are related to this visa, all of it depends on the country you choose. As soon as you receive the news that you’ve been approved, you will receive your visa.
The Most Popular Golden Visa Countries
There are a lot of countries that are part of this program, however, those that are most popular include Portugal (which requires an investment of at least 250,000 euros), Italy (which is going to give a golden visa if you invest in limited companies, corporate shares, and/or philanthropic contributions), and Spain (you need to invest at least 500,000 euros in real estate if you want to be rewarded with residency).
As you can see, this whole process isn’t all that complicated and time-consuming, however, just like with anything else that requires a certain amount of paperwork, you need to get all your facts straight.
