Have you recently encountered the word “Golden Visa” and wondered what is Golden Visa? You should know that it is a type of residence permit that allows a non-citizen to live in a foreign country in exchange for a hefty sum. It offers an opportunity to get citizenship or long-term residency in the country by investing in its economy.
The Golden Visa program attracts foreign capital to boost the country’s economy. Furthermore, you need international travel insurance to protect your losses in uncertain situations when traveling to a foreign land. But if you are on a Golden Visa, domestic travel insurance will be enough for you as a citizen of that country.
Which countries offer the Golden Visa Program?
Many countries offer the chance to get citizenship or long-term residency in their country. The cost of a Golden Visa varies from country to country. The minimum investment amount ranges from 200,000 Dollars to millions of Euros.
Have a look at the Golden Visa countries list.
Country
|
Program
|
Greece
|
Permanent residency
|
Italy
|
Permanent residency
|
Dominica
|
Citizenship
|
UAE/Dubai
|
Long-term residency visa for 5 and 10 years
|
Malta
|
Permanent residency
|
Cyprus
|
Permanent residency
|
Spain
|
Permanent residency
|
Turkey
|
Citizenship
|
Malaysia
|
Long-term residency for up to 10 years
|
Mauritius
|
Permanent residency
|
Canada
|
Permanent residency/ citizenship
|
Costa Rica
|
Permanent residency
|
Hungary
|
Permanent residency
|
Latvia
|
Permanent residency
|
Eligibility criteria for Golden Visa
To obtain a Golden Visa, you must have the required investment money and satisfy the Golden Visa eligibility criteria. Though the specific requirements depend on the country you are applying in, you should be prepared with the following basic criteria to apply for a Golden Visa:
- Investment amount: You must have the investment amount, the Golden Visa application fee, and other charges involved (if any).
- Proof of funds: You need to show the source of funds to prove that money comes from a legitimate source. So, keep bank statements, tax returns, and income proof handy.
- Clean criminal record: You must have a certificate of good conduct from your country to pass a criminal background check.
- Minimum stay requirement: Some countries need you to spend some time in their country before you obtain permanent residency or citizenship there. So, fulfill the minimum stay requirement for the country you are applying to.
- Language proficiency: Usually, you don’t need to have language proficiency for residency. But to obtain citizenship, you need to learn the language of that country.
How to apply for a Golden Visa?
The Golden Visa application process is simple if you satisfy the eligibility criteria. After verifying all your background checks, the application takes a couple of months to get approved.
Check out the following steps to understand how to get Golden Visa from any country:
1. Choose your country
If you have visited a particular country with a travel insurance plan, you learn about the country’s jurisdiction and social security at times of need. If you are satisfied with its localities and other factors, you can choose that country to invest in its economy to obtain residency or any long-term benefit.
2. Gather necessary documents
To apply for the Golden Visa program, the following essential documents are needed:
- Valid passport
- Birth certificate
- Proof of income
- Bank statement
- Medical certificate
- Character certificate
3. Make your investment
Many investment options are available to obtain a Golden Visa. You can buy property, make business investments, support the national development fund, or any other option to contribute to the country's economy.
4. Complete your application
Fill out the Golden Visa application form and pay its related fees.
5. Complete biometrics and interviews
Go for the scheduled biometric appointments and interviews for the screening process.
1. Receive your approval
Pay the final fees after approval notification, and collect your Golden Visa or resident permit.
Now that you know what is Golden Visa, it's time to make your decision; whether to invest in such a program or not. With a Golden Visa, you get the right to live, invest in a country's economy, and travel to any part of the country. However, to travel within the country, you must buy domestic travel insurance to protect against any losses. Furthermore, travel insurance is compulsory in many countries if you want to travel to different parts of the country. So, know about the rules and regulations of the country you are applying to.
FAQs
1. What are the benefits of a Golden Visa?
:Some of the key benefits of a Golden Visa are:
- Permanent residency for your family
- Path to citizenship
- Access to public healthcare and education infrastructure
- Visa-free travel equivalent to the country’s passport
2. Why invest in the Golden Visa program?
If you visit any country with international travel insurance, you learn about the country’s jurisdiction and localities' assistance in times of need. If you are satisfied with its surroundings and other elements, it is a gold mine opportunity for you to get a Golden Visa and get a chance to be a resident or citizen of that country.
3. What are the top Golden Visa countries?
Greece, Spain, Canada, Italy, UAE (Dubai), and Mauritius are some of the top countries that offer Golden Visas.
4. Is the Golden Visa expensive?
Yes, a Golden Visa is highly expensive, with a minimum investment requirement of 200,000 Dollars or 250,000 EUROs.
