How to Apply for a Golden Visa Program

A second residency can be a smart safety net, a lifestyle upgrade, or a strategic tax and business choice. Golden Visa programs are one of the more flexible ways to get there. They offer residency rights—sometimes leading to citizenship—in exchange for investment, job creation, or support of national priorities. I’ve helped clients structure applications across Europe, the Middle East, and North America. The biggest surprises aren’t legal; they’re practical: proving source of funds, getting banking done, choosing the right investment, and timing your moves so you don’t end up stuck with a costly asset that doesn’t fit your life. This guide walks you through how to apply—step-by-step—with clear examples, pitfalls to avoid, and the essentials for making a confident decision.

What is a Golden Visa?

A Golden Visa is a residency-by-investment program. You invest a qualifying amount—often in real estate, investment funds, government bonds, or a business—and in return receive a residence permit for you and your family. Some programs allow work; others don’t. Many are renewable and can lead to permanent residency or citizenship after a number of years, subject to language, integration, and physical presence rules.

Golden Visa vs. Citizenship-by-Investment (CBI):

• Golden Visa: residency first, citizenship later (if at all), usually lower upfront cost and less stringent due diligence than CBI. Often requires some residence time.

• CBI: direct citizenship for a contribution/investment; faster, more expensive, stricter due diligence. Fewer countries offer it.

Who Golden Visas Are Best For

• Globally mobile professionals and founders who want an EU foothold without uprooting their lives immediately.

• Families wanting better education, healthcare access, or safe long-term options.

• Investors looking for euro exposure or diversification into regulated funds rather than hard real estate.

• Remote workers who want the right to live in a warmer climate part of the year.

• Retirees seeking lifestyle and medical benefits with minimal stay requirements.

Less ideal for:

• Those who need a passport fast (consider CBI or other migration routes).

• People with complex tax profiles who don’t want to plan; golden visas can create unintended tax residency if you spend too much time in-country.

• Applicants with opaque or high-risk sources of funds; enhanced due diligence will likely result in refusal.

How Golden Visas Typically Work

Core components:

• Qualifying investment: fund subscription, property purchase or lease, government bonds, donations, or job creation.

• Clean criminal record and clear source of funds.

• Health insurance and adequate income or assets to support family.

• Fees: government fees, due diligence, legal fees, and taxes (transfer taxes on real estate, fund fees).

Timelines:

• Pre-approval: 1–6 months depending on country and route.

• Final approval and residence card: 1–9 months after biometrics, again country-dependent.

• Renewal cycles: commonly every 2 years initially, then every 5 years.

• Citizenship eligibility (if available): often 5–10 years with varying physical presence and language requirements.

Program Snapshots: What’s Popular and What’s Changing

The landscape moves. Always confirm current rules before committing funds.

Portugal (residency-by-investment)

Portugal overhauled its program in late 2023. Real estate and plain capital deposits no longer qualify. Viable routes include:

• €500,000 in qualifying investment funds (often private equity or venture funds regulated by the CMVM).

• €500,000 to research activities.

• €250,000 to cultural/artistic support (can be reduced in low-density areas).

• Incorporation or capital injection of €500,000 into a Portuguese company that creates or maintains jobs (or direct job creation without a minimum capital figure).

• Job creation route: typically 10 jobs with social security registration.

Key notes:

• Minimal stay: averages 7 days per year.

• Path to citizenship: typically 5 years of legal residency, plus A2 Portuguese language exam and ties to Portugal.

• Pros: low stay requirement, strong lifestyle and safety, EU access.

• Watchouts: choose regulated funds with transparent fees, audited financials, and a realistic exit in 6–8 years.

Greece (residency-by-investment)

Greece remains popular due to lifestyle and cost of living. Investment thresholds vary by region and asset type.

• Real estate investment typically €250,000 in many regions; higher thresholds (often €500,000) in prime urban areas and islands.

• Other routes (less used): strategic investment, business activities.

Key notes:

• Stay requirement: none for renewal.

• Path to citizenship: after 7 years of residency and demonstrated integration, plus Greek language exam; requires actual presence to qualify for citizenship.

• Pros: straightforward property process, Schengen access.

• Watchouts: regional thresholds, off-plan property delays, and property management. Use independent notary and lawyer; avoid developer-tied contracts without review.

Spain (residency-by-investment)

Spain historically offered several routes: €500,000 real estate, €1 million in shares/deposits, €2 million in government bonds, and entrepreneurship. As of 2024, authorities moved to end the real estate option; other investment routes and entrepreneur residence remain relevant but are evolving.

• Check current status before committing funds; processing and law changes have been active.

Key notes:

• Stay requirement: flexible for renewal; permanent residency and citizenship require meaningful presence and integration.

• Pros: strong lifestyle cities, education options.

• Watchouts: legal reforms, evolving criteria, and timing between consular and in-country processing.

Malta (permanent residency via MPRP)

Malta’s Permanent Residence Program (MPRP) is a residency-by-investment route with a structured contribution and property requirement:

• Non-refundable contributions and donations to a Maltese NGO.

• Property lease or purchase with minimum thresholds.

• Due diligence is stricter than most residency programs.

Key notes:

• Family-friendly, no language requirement.

• Not a work permit; separate permissions may be required.

• Distinct from Malta’s citizenship-by-exception program, which has higher costs and vetting.

Italy (Investor Visa for Italy)

The Investor Visa for Italy (IV4I) offers a 2-year renewable permit for:

• €2 million in government bonds,

• €500,000 in an Italian company,

• €250,000 in an innovative startup,

• €1 million philanthropic donation.

Key notes:

• No real estate route; investment chosen after a Nulla Osta (pre-approval).

• Attractive flat-tax regime for new residents (optional) may be relevant.

• Path to long-term residency and citizenship follows standard timelines; language and presence matter.

UAE (10-year Golden Visa)

The UAE grants long-term residency for investors, entrepreneurs, exceptional talents, and professionals. Investment and eligibility pathways include:

• Real estate investment (commonly AED 2 million threshold; off-plan options may qualify under specific conditions).

• Entrepreneurs with high-growth firms, approved incubators, or funding.

• Professionals in specific fields, often with recognized qualifications; criteria and salary thresholds vary by emirate and category.

• Exceptional talents (arts, culture, academia) endorsed by government bodies.

Key notes:

• No income tax; residence not a path to citizenship in practice.

• Family sponsorship is straightforward; domestic helpers can be sponsored.

• Make sure your route aligns with your emirate’s current implementation rules.

United States (EB-5 Immigrant Investor)

Not a “golden visa” by name, but functionally similar:

• Invest $1,050,000—or $800,000 in a Targeted Employment Area—into a commercial enterprise creating 10 full-time U.S. jobs.

• Two-year conditional green card, then removal of conditions if criteria met.

• Backlogs vary by country of birth; processing can be lengthy.

Key notes:

• Regulated regional centers and direct investment routes available.

• Strong path to citizenship through permanent residency.

Singapore (Global Investor Programme, GIP)

High threshold but stable:

• Invest S$10 million into a new or existing business (with job creation and spending targets), or

• Invest S$25 million into an approved fund, or

• Family office route under strict AUM and spending requirements.

Key notes:

• Best for substantial entrepreneurs and family offices.

• Genuine business engagement expected; passive options are limited.

Step-by-Step: How to Apply Without Wasting Time and Money

I use the same blueprint for nearly every successful application, regardless of country.

1) Define Objectives and Constraints

Be honest about:

• Primary goal: residency rights, eventual passport, lifestyle base, tax efficiency, or business expansion.

• Time horizon: how soon you need residency; whether you can satisfy presence for citizenship later.

• Budget: investment, taxes, fees, and a realistic exit plan.

• Family needs: schooling, dependent parents, special medical needs.

• Risk tolerance: real estate vs. regulated funds vs. job creation.

Outcome: choose 2–3 target countries and 1–2 investment routes per country.

2) Pre-Due-Diligence on Yourself

Before anyone scrutinizes you, scrutinize yourself:

• Criminal record: get police certificates (home country and where you lived >6–12 months depending on program).

• Source of funds: outline a clean trail showing how you earned the money (salary, business dividends, asset sales, inheritance).

• Sanctions/PEP status: if you’re a politically exposed person, prepare additional documentation and explanations.

• Tax compliance: have recent tax returns and proof of filings and payments where applicable.

If any red flags exist (e.g., cash-heavy business, complex crypto trades, disputed litigation), prepare proactive explanations and supporting documents.

3) Choose Advisors and Structure

You need:

• Licensed immigration lawyer in the destination country.

• Independent investment advisor (especially for fund or EB-5 style deals). They should disclose compensation.

• Real estate buyer’s agent and notary (if property route).

• Tax advisor in both your home and destination country; consider cross-border planning if you’ll spend significant time.

Vetting tip: ask for specific references, regulator registrations, and a written scope of work with fixed or capped fees. Avoid “free” guidance funded entirely by developer commissions.

4) Document Preparation

Typical documents:

• Passports for all applicants with long validity.

• Birth and marriage certificates (apostilled/legalized).

• Clean police clearance certificates.

• Proof of address.

• Proof of income/assets: tax returns, audited company accounts, bank statements, notarized sale agreements, inheritance papers.

• Health insurance quotes or policies.

• Photos, forms, and biometric appointments.

Make a document matrix by family member and jurisdiction. Expect translations into the destination country’s official language, done by certified translators.

5) Open Banking and Arrange Funds

This step often delays applications more than any other.

• Determine if you can apply before transferring funds. Some programs allow pre-approval before investing; others require the investment upfront or in escrow.

• Open accounts in the destination country or with an international bank already comfortable with your KYC profile.

• Understand capital controls in your home country, if any, and plan remittances legally.

Pro tip: for fund investments, get the fund’s KYC package early. For real estate, prefer escrow arrangements with refund protections tied to permit issuance where possible.

6) Make the Investment (or Secure the Commitment)

• Funds: review offering memorandum, fees, lockups, and exit strategy. Align the fund term with your residency timeline plus buffer.

• Real estate: conduct independent valuation, legal title check, and ensure property meets program minimums after taxes/fees. Avoid overpaying just to hit thresholds.

• Business: agree on a clear job creation plan, payroll, and social security registrations; pre-clear with authorities when possible.

Avoid paying commission-heavy intermediaries without transparent breakdowns. Use milestone payments.

7) Submit Application

• File through the official portal or via your legal representative. Pay government fees and due diligence charges.

• Attend biometrics and, if required, an interview.

• Track status online or via your lawyer’s access. Plan travel around biometrics windows.

8) Approval, Cards, and Registration

• Upon approval, complete remaining steps: finalize investment, provide insurance, register address, obtain tax number (NIF/AFM/CF).

• Pick up residence cards or receive them by mail.

• Enroll in local systems if relevant (municipal registration, healthcare eligibility, school places).

9) Renewals and Maintaining Status

• Diarize renewal deadlines 6–9 months ahead.

• Keep all invoices, bank confirmations, and proof that the investment remains eligible.

• Meet physical presence requirements (if any) and keep insurance active.

10) Path to Permanent Residence or Citizenship

• If aiming for citizenship, plan presence days each year, language study, and integration milestones (local bank accounts, community ties).

• Start language prep early; an A2 exam often requires 150–200 hours of study for an English speaker in Romance-language countries.

Documentation and Source-of-Funds: What Authorities Expect

A strong file is precise, not voluminous. Authorities want clarity and legitimacy, not a paper avalanche.

Source-of-funds examples:

• Salary savings: employment contracts, pay slips, tax returns, bank statements showing accumulation.

• Business profits: corporate financials, shareholder registers, dividend resolutions, bank flows.

• Asset sale: purchase deed, proof of ownership period, sale deed, tax paid on capital gains, inbound bank receipt.

• Inheritance/gifts: will or gift deed, relationship proof, tax/registration proofs.

• Crypto: exchange KYC, transaction history, wallet proofs, fiat off-ramp records, tax filings where applicable.

Common mistakes:

• Mixing personal and business accounts, making tracing difficult.

• Large cash deposits with no documented origin.

• Ignoring tax paperwork. Even if no tax was owed, file returns or get official certificates stating that.

Budget: All-In Cost Planning

Use conservative estimates; surprises usually lean higher.

Typical cost components:

• Investment principal (e.g., €500,000 in a fund, €250,000–€500,000 in Greek property).

• Government fees: €5,000–€15,000 for main applicant plus family in many programs; EB-5 is higher.

• Legal fees: €8,000–€25,000 depending on family size and complexity; EB-5 legal is often above $20,000.

• Due diligence/background checks: €2,000–€10,000.

• Taxes and transaction costs: real estate transfer taxes (4–10%+), notary fees, stamp duty; fund subscription fees (1–3%+), annual management and performance fees.

• Insurance: €400–€2,000 per person annually depending on coverage.

• Translation, apostille, courier: €500–€2,500.

Sanity check: if your spreadsheet shows “total cost = investment only,” you’re missing 8–15% in friction.

Timelines and What Actually Delays Files

Expect variability by consulate, region, and workload.

Frequent bottlenecks:

• Police certificates and apostilles taking 4–8 weeks.

• Bank onboarding, especially for clients with multiple jurisdictions or crypto wealth.

• Authorities requesting clarifications on source-of-funds.

• Program reforms pausing intake or changing thresholds.

Practical tip: parallel-process. While waiting for police certificates, finalize fund selection or property due diligence. Use a shared cloud folder with your lawyer so requests don’t sit in emails.

Taxes and Residency Planning

Residency permits do not automatically make you tax-resident—but your presence and ties might.

• Count days. Over 183 days per year in most EU countries equals tax residency. Some countries apply center-of-life tests even below 183 days.

• Remittance-based vs. worldwide taxation: Malta and some others have special regimes under conditions; Portugal’s former NHR has been replaced with narrower incentives focusing on high-added-value activities.

• Exit taxes: leaving your home country may trigger exit tax on unrealized gains (e.g., for certain jurisdictions).

• CRS and FATCA: accounts abroad will be reported to your tax authority.

Work with a cross-border tax planner before you spend prolonged time in your new country.

Real Estate vs. Funds vs. Business: Choosing the Right Route

Real estate:

• Pros: tangible asset, potential yield, inflation hedge.

• Cons: transaction taxes, management hassle, regional threshold traps, illiquidity during downturns.

• Best for: people who plan to use the property or have a trusted local manager.

Funds:

• Pros: diversified exposure, regulated oversight, clear exit timelines.

• Cons: fees, market risk, liquidity constrained by fund term.

• Best for: hands-off investors comfortable with PE/VC or credit strategies.

Business/job creation:

• Pros: aligns with entrepreneurial goals; potentially higher returns.

• Cons: operational risk, payroll obligations, ongoing compliance.

• Best for: founders expanding into new markets with genuine plans to hire locally.

Family Members and Dependents

Most programs allow:

• Spouse or long-term partner (marriage or recognized partnership).

• Children—usually up to 21–25 if dependent; older if disabled or in full-time education.

• Dependent parents, sometimes with proof of dependency and higher fees.

Prepare:

• Birth certificates for all children.

• Custody documents if divorced.

• Affidavits or proof of cohabitation for partners in non-marital unions, if allowed.

How to Vet Investments and Avoid Marketing Hype

What I look for in funds:

• Regulator authorization, audited financials, and third-party custodian/administrator.

• Clear investment mandate, not “we’ll do anything.”

• Realistic exit assumptions with historical examples from the same managers.

• Fee transparency and alignment (meaningful GP commitment).

For real estate:

• Independent appraisal not paid by the seller.

• Title search, debt check, and zoning compliance.

• Rental history and realistic yield assumptions (vacancy, maintenance).

• Market fundamentals: employment, population trends, supply pipeline.

Red flags:

• Guaranteed buybacks without proof of reserve or escrow.

• “Last units” pressure tactics.

• Advisor refuses to disclose commissions.

Working With Agents and Lawyers: Who Does What

• Immigration lawyer: eligibility assessment, file preparation, submissions, responses to queries, appeals.

• Real estate lawyer/notary: property due diligence, contracts, escrow, title.

• Investment advisor: suitability analysis, risk disclosures, selection support; not a substitute for independent legal.

• Tax advisor: pre-move planning, treaty interpretation, residency tie-breakers.

• Bank/private banker: KYC, account opening, remittances.

Coordinate them. I keep a shared timeline that shows who owes what by when, with a weekly 30-minute check-in during active stages.

Case Studies (Composite Examples)

1) Dual-Base Tech Founder

• Goal: EU access without relocating full-time; family of four.

• Route: Portugal fund investment of €500,000 into a regulated growth equity fund with 7–8-year term.

• Steps: pre-approval before funding, biometrics on a short trip, minimal presence maintained.

• Outcome: cards in hand after 8 months; planning for citizenship after 5 years with language prep.

2) Lifestyle Buyer in the Med

• Goal: Summer base with Schengen access; low paperwork.

• Route: Greek property at €300,000 in a non-prime zone.

• Steps: buyer’s agent and independent notary, conservative yield model, long-term tenant via reputable manager.

• Outcome: permit issuance in ~6 months; steady 3–4% net yield; accepts that citizenship would require actual residence later.

3) U.S. University Plan

• Goal: Children to study and work in the U.S., family eventually relocate.

• Route: EB-5 at $800,000 in a TEA regional center with strong job cushion.

• Steps: I-526E filed; child under 21 included as derivative; project with credible timeline.

• Outcome: conditional green card in queue; planning around visa bulletin and consular processing times.

Common Mistakes and How to Avoid Them

• Investing before pre-approval: if your profile is borderline, get a conditional green light or use escrow triggers.

• Underestimating source-of-funds scrutiny: assemble bank trails and contracts that connect every step; avoid unexplained hops.

• Choosing based on glossy brochures: perform independent due diligence—funds and properties both.

• Missing renewals: set automated reminders and keep your investment compliant through the entire term.

• Ignoring tax ties: track days, maintain home-country ties if needed for treaty tie-breakers, or plan a clean break.

• Overlooking language and presence rules for citizenship: residency is easy; citizenship is earned.

Practical Logistics You’ll Thank Yourself For

• Keep multiple notarized copies of civil documents; some offices retain originals temporarily.

• Get fingerprints done early if your police certificate requires them.

• Bring passport photos in the exact required dimensions; photo booths near immigration offices aren’t always reliable.

• Store everything in a secure cloud drive with clear folder names and file dates.

• For families, synchronize passport renewals so they don’t expire mid-process.

FAQs

• Do I need to live in the country full-time? Usually no for maintaining residency, but yes if you want citizenship in many jurisdictions.

• Can I finance the investment? Mortgages count differently by program; many require the minimum investment to be unencumbered by loans from local institutions.

• Can I work? Varies. Portugal permits work; some programs issue residence without automatic work rights.

• What about my business abroad? You can typically run a business remotely; just be mindful of tax residency and permanent establishment rules.

• How risky are funds? They carry market and manager risk; mitigate with reputable, regulated managers and transparent strategies.

• Will my kids keep rights as adults? Often yes, if they were dependents at grant; but as they age out, they may need to qualify independently or transition to student/work permits.

A Country-Selection Framework That Actually Works

Score each candidate country on:

• Residency goal fit: low stay, work rights, path to citizenship.

• Investment comfort: asset class, exit horizon, liquidity.

• Program stability: history of changes, backlog management, government signaling.

• Family factors: language, schools, healthcare, safety.

• Tax alignment: risk of becoming tax resident, available regimes.

• Travel convenience: direct flights, visa-free regions if citizenship is planned.

Shortlist two countries. Get written term sheets from your lawyer describing your chosen route, fees, and a step timeline. Sleep on it. Then proceed.

A Realistic 90-Day Action Plan

• Days 1–7: Clarify goals, shortlist countries and routes, engage lawyer and tax advisor.

• Days 8–21: Gather civil docs; order police certificates and apostilles; start bank onboarding.

• Days 22–45: Finalize investment choice; negotiate property or review fund documents; set escrow triggers.

• Days 46–60: Submit application; schedule biometrics; complete insurance.

• Days 61–90: Respond to any document requests; prepare for approval logistics (address registration, school inquiries, etc.).

Exit Strategy: Don’t Lock Yourself In

Before investing, write down how you get out:

• Property: realistic resale timeline, costs, who buys from you, and what happens if the market dips 10–20%.

• Fund: term, extension rights, distribution waterfall, and what the manager’s past exits look like.

• Business: succession or sale plan, and what happens to your permit if the business underperforms.

You’ll never regret planning exits early; you may regret not being able to.

Ethics, Compliance, and Reputation

Golden Visas are legitimate legal pathways, but authorities take abuse seriously. Don’t misstate residence days, conceal adverse history, or use nominee arrangements to mask ownership. Reputational damage spreads quickly across regulators, banks, and immigration bodies.

Final Checklist

• Goals and constraints documented.

• Two countries compared with a scoring framework.

• Licensed lawyer retained; fees and scope agreed in writing.

• Cross-border tax advice completed; day-count plan set.

• Civil documents obtained, translated, apostilled.

• Source-of-funds narrative with supporting documents traced bank-to-bank.

• Banking and escrow arrangements confirmed.

• Investment diligence complete; commissions and fees disclosed transparently.

• Application submitted; biometrics scheduled.

• Renewal and exit strategy diarized.

A Golden Visa can be a powerful tool when matched to your life plan, not the other way around. Take the time to align your objectives, money, and mobility. With the right structure and advisors, the process is more project management than mystery—and the payoff is flexibility for you and your family for years to come.