Golden Visa has become one of the most popular means through which people hope to receive a residence or citizenship in another country by investment.
For investors, budding businessmen and highly qualified people the Golden Visa presents a chance to live and work in excellent places. But, what would be necessary to achieve this goal of receiving the given visa? So in this concise guide let me enlighten you on what you need to know when it comes to Golden Visa requirements.
What Is a Golden Visa?
Golden Visa is essentially a residence permit which is granted to anyone who makes a large investment in the country of residence. These investments can also be in the form of the Acquisition of property and other business of infrastructure projects as well as contributions to the government projects fund.
The first advantage of getting a Golden Visa is that the holder, and usually his or her close relatives, are granted the right to reside, work, and study in the country.
Besides, it may allow one to work within the particular territory that was issued, for example within the bounds of the Schengen area in Europe, and can provide a way to get a citizenship in the country if one has been working for some time in this country.
Eligibility Categories for Golden Visa
Investors: Any person involved in buying and owning properties, such as real estate, buying government bonds or coming up with employment through their business investment.
Entrepreneurs: A category of persons who invest directly in the host country by either starting up their own business firms or by increasing stakes in a host country.
Skilled Professionals: Some countries provide Golden Visa for those individuals who work in the professions that are in high demand such as IT, healthcare, construction and engineering.
Retirees: Sometimes other persons of appropriate age, which can be retirees for instance, having enough financial means, may also be eligible.
It is possible that each of these categories may have some requirements peculiar to the country but there is one thing in common: the candidate country is expected to have a big financial investment in the economy of the country.
Requirements for a Golden Visa
The specific requirements for obtaining a Golden Visa vary by country, but they generally include the following elements:
- Financial Investment: That comes as no surprise; the greatest necessity is capital investment. This could as much involve acquiring fixed assets such as real estate worth not less than a certain value (for instance over € 500 000 for Portugal) as it could involve investing in a business or in government securities. Similarly the amount and type of investment depends on the country’s norm.
- Proof of Funds: The applicants must show that he or she has adequate capital to make the prescribed investment. Some of the documents may include bank statements, tax returns, among others.
- Background Check: These include; absence of criminal records or; having a clean record throughout the duration of the course. Different police clearance certificates from the country of residence of the applicants are most often requested.
- Health Insurance: Some countries have set requisites that the applicants must avail health insurance when they are in the country.
- Minimum Stay Requirements: Sometimes, the people who acquire a Golden Visa are required to spend some time within the country of residence of the visa each year. For example, Portugal needs an average stay of one week per year.
Country Specific Variations For Golden Visa
It can be observed that Golden Visa programs may vary from one country to another. Here are a few examples of popular destinations and their specific criteria:
- Portugal: € 500,000 worth of real estate or a capital transfer of € 1,000,000 has to be invested. Being one of the most liberal golden visa programs in Europe, the Portuguese golden visa does not require minimum stays.
- Spain: Call for an investment of at least € 500, 000 in private immovable property or € 2, 000, 000 in Government bonds. Overall, Spain can be regarded as providing one of the most clear-cut models to acquire PR.
- UAE: The UAE has launched a new Golden Visa system for investors, businessmen and specializations. Specifications on necessary investments may be different; however, the program attracts people having high income and with skilled employment.
Application Process for Golden Visa
Applying for a Golden Visa typically involves several steps:
- Choose Your Investment: Therefore it is required to make a decision on the type of investment that will be appropriate for the country.
- Prepare Documentation: Ensure that you have copies of your documents including proof of funds, no criminal record and health insurance.
- Submit Application: Such applications are, as a rule, addressed to the immigration or investment authority of the country where a foreigner is going to invest.
- Await Approval: The time taken to process them depends on the specific social service, but applicants should prepare to wait up to several months for their application to be approved.
- Finalize Investment: Upon approval of the applicant, he should complete the investment process and present formal proofs to the authorities.
Common Mistakes to Avoid in Golden Visa
Obtaining a Golden Visa is never easy and it is an uphill task that even requires assistance and sometimes applicants make mistakes that make their visa application to be rejected.
Here are some common mistakes you should avoid:
- Incomplete Documentation: Make sure that every document needed has been properly filled and prepared.
- Ignoring Minimum Stay Requirements: According to the law it is possible to lose residency if the required amount of days stay in the country is not met.
- Overlooking Tax Implications: Learn about the tax liability that is associated with the status of a resident of the host country.
Conclusion
Golden Visas are beneficial to people that wish to invest in a country of their choice and get a chance at residency or citizenship. This way you can get to know the common and unique points of the process and therefore have the greatest chances for success.
Before applying for a Golden Visa it would be wise to consult an attorney who can guide you on all the requirements and what one needs to refrain from doing wrong.
Frequently Asked Questions About Golden Visa (FAQ)
How long does it take to get the Golden Visa?
The processing time varies from a few months to a year; nevertheless, it depends on the country.
Which Country is considered best for a Golden Visa?
Portugal, Malta, Greece, Cyprus, Spain, and Italy are considered best for golden visas.
How much does it cost for a Golden Visa?
It depends on the option or program which you choose with countries. Charges depend on the country.
Who is Eligible for a Golden Visa?
The first condition for acquiring EU Golden visas is that you are from outside the European Union, European Economic Area or Switzerland. Besides this, main applicants must be of 18 years and above, however, other persons included in the application may be of any age they are provided they are related to the main applicants.
