Get to know the authorWith the term golden visa increasingly appearing in the media, on social networks, and in everyday conversations, you may very well have already heard it before — and for a good reason. Golden visas are an excellent opportunity for investors looking to gain residence (and sometimes even citizenship) abroad.
But how exactly do you apply for a golden visa? We’ll go over the requirements, processes, and timelines for a few of the most popular options below. While submitting an application and navigating the tax implications of residence abroad often require the assistance of an immigration lawyer and tax professional, our guide below serves as a great jumping-off point.
Understanding the Golden Visa Landscape
Before we dive into detailed questions like “How much is the Dubai golden visa,” let’s start with a brief overview of golden visas: what they are, why they’re beneficial, and how they differ compared to other pathways to residency and citizenship.
The term “golden visa” is an unofficial one, used to refer to visas that offer residence in exchange for making a substantial investment in a given country. Governments that offer golden visa programs view them as a win-win: Investors bring in tax revenue, economic opportunities, and local spending to their countries, while investors receive visas that allow them to work and do business in them.
Immigration by investment is an attractive alternative to traditional visa options like work visas, which require job offers in a given country; reunification visas, which require family ties to a given country; or student visas, which often restrict holders’ ability to engage in professional activities in that country.
Benefits of Golden Visas
Some of the top benefits of holding a golden visa include the ability to:
- Expand your horizons: Living (or at least spending a significant amount of time) in another country allows you to immerse yourself in another culture, meet new people, and even learn a different language.
- Access social infrastructure: Golden visas often provide you with access to a country’s social benefits, like healthcare, public schools for children, and participation in the pension system.
- Travel with ease: Holding a residence permit in one country typically makes it easier to visit the countries with which they have a travel agreement. Being based out of a centrally-located country will also make it cheaper and easier to visit nearby countries — it’s a lot quicker and more affordable to fly to Paris when you live in Portugal vs. New York, for example.
- Open up new economic opportunities: With the ability to work and do business in a given country, you gain access to new investment opportunities, business ventures, client bases, etc.
- Bring family: Immediate family members of a golden visa holder — like spouses or partners, minor children, and sometimes parents — can often apply for their own visas as dependents.
- Golden residency & golden citizenship: Many countries with golden visas offer holders a pathway to citizenship through naturalization after living there for a certain number of years. Some countries, like Turkey, even offer direct citizenship by investment programs.
- Tax benefits: Some golden visas offer favorable tax treatment for holders, such as taxation at below-standard rates or excluding foreign income from taxation.
Golden Visa Eligibility & Requirements
Each country has its own rules for golden visa eligibility, but frequently, golden visas require that you:
- Be 18 years or older
- Be in good health
- Have a clean criminal record
- Make a minimum investment of a certain dollar amount, such as in the form of:
- Real estate
- Capital transfer
- Government bonds
- Capital injection into a business based out of that country
Detailed Look at Golden Visa Programs: Top 5 Countries
🇬🇷 Greece Golden Visa
Overview
Eligibility: Open to non-EU citizens 18 years or older in good health
Duration: 5 years
Path to naturalization: 5 years to apply for permanent residence, 7 years to apply for citizenship
Dependents: Spouses/partners, children under 21, & parents may apply as dependents
Qualifying investment requirements: As low as €250,000 (~$272,000) to as much as €800,000 (~$870,000) depending on investment type (e.g., real estate, bank deposit, capital contribution, shares & bonds)
Notable perks: No need to spend a minimum number of days in Greece in order to maintain a visa
A note:
Keep in mind that the US government typically taxes foreign mutual funds harshly.
Application Process & Timeline
To apply for Greece’s golden visa, you must:
- Secure an AFM (Greek tax number) & open a Greek bank account
- Make your investment
- Gather all required documents
- Valid passport & copy
- Application form
- 4 passport photos
- Private health insurance policy
- Fees:
- €2,000 (~$2,175) for application (plus €150 (~$163) for each dependent)
- €16 (~$17.5) for the residence permit
- Notarized proof of qualifying investment (specific required documents vary by investment)
- Schedule & attend an appointment to submit your application & have biometrics taken at an immigration office in Greece.
- Receive approval & collect your visa.
After submitting your application, you will typically hear back within three to five months.
🇵🇹 Portugal Golden Visa
Overview
Eligibility: Open to non-EU citizens 18 years or older with a clean criminal record
Duration: 2 years, with the ability to renew for another 3 years
Path to naturalization: 5 years to apply for permanent residence or citizenship
Dependents: Spouses/partners, children under 18 (or children under 26 enrolled as full-time students), & parents may apply as dependents
Qualifying investment requirements: As low as €200,000 (~$217,000) to as much as €500,000 (~$544,000) depending on the type of investment (e.g., donation to a cultural project, contribution toward scientific research, capital contribution)
Notable perks: Only have to spend 7 days per year in Portugal to maintain a visa; among the quickest paths to citizenship in Europe
Application Process & Timeline
To apply for Portugal’s golden visa, you must:
- Secure an NIF (Portuguese tax number) & open a Portuguese bank account
- Make your investment
- Gather all required documents
- Valid passport & copy
- Clean criminal background check from your home country
- Authorization for Portuguese immigration officials to perform a criminal background check
- Proof of insurance coverage (private or public)
- Good standing certificate from Portuguese tax and social security authorities
- Proof of qualifying investment (specific required documents vary by investment)
- Sworn statement that you will maintain qualifying investment for the entire duration of your visa
- Fees:
- Processing fee of €533 (~$580) (plus €84 (~$91) per dependent)
- Submit your application online
- Receive initial approval
- Schedule & attend an appointment to be interviewed & have biometrics taken at an immigration office in Portugal.
- Upon final approval, pay a fee of €5,325 (~$5,792)
- Receive your visa
It typically takes three to six months to receive initial approval on the online application, three weeks to three months to schedule and attend an in-person immigration appointment, and 10 days to receive final approval afterward.
🇨🇦 Canada Golden Visa
Overview
Eligibility: Open to investors with a clean criminal record
Duration: Up to 3 years
Path to naturalization: 1-2 years for permanent residence, 3 years for citizenship
Dependents: Spouses/partners and unmarried children under 22 may apply as dependents.
Qualifying investment requirements: $250,000 (~$187,000) to $350,000 CAD (~$224,000) for an Entrepreneur visa; at least $200,000 CAD (~$150,000) for the Start-Up Visa
Notable perks: Quick path to permanent residence and citizenship
B!T note: Canada has two visas that fall under the golden visa category: the Entrepreneur visa (C 11) and the Start-Up Visa (SUV), both of which are more hands-on than traditional golden visas in that they require you to start, own, or operate a business.
Application Process & Timeline
The process for the C 11 visa vs. the SUV may vary slightly, but generally, you must:
- Start a new business or buy and/or invest in an existing business in Canada
- Prepare a business plan
- Prepare an execution plan demonstrating intent to start or maintain operations (e.g., open a Canadian bank account, choose an office location, etc.)
- Gather all required documents:
- Valid passport & copy
- Passport-size photos
- Completed application form
- Medical exam certificate
- Copy of degree
- Proof of sufficient funds
- Documents related to business (e.g., resume, Labour Market Impact Assessment, proof of ownership/equity, letters of support from Canadian business organizations)
- Support documents from designated Canadian business organizations
- Fees (variable)
- Receive approval & collect your visa
After submitting your Canadian investment visa application, you will typically hear back within one to three months.
🇦🇪 UAE/Dubai Golden Visa
Overview
Eligibility: Open to investors with a clean criminal record
Duration: 5 to 10 years, depending on immigration category
Path to naturalization: 5-10 years for permanent residence, 30 years for citizenship
Dependents: Spouses, children of any age, parents, & other family members (on a case-by-case basis) may apply as dependents
Qualifying investment requirements: At least 2 million AED (~$545,000) toward a public investment or real estate property
Notable perks: No personal income taxes
Application Process & Timeline
To apply for the UAE’s golden visa, you must:
- Make a qualifying investment
- Submit application & required documents
- Valid passport & copy
- Passport photos
- Proof of qualifying investment (e.g., letter from investment fund, letter from land department confirming real estate purchase)
- Fees:
- 9,684.75 AED (~$2,637) for principal, 5,668.50 AED (~$1,543) for additional family members
- Undergo a medical exam in UAE.
- Receive approval & collect visa.
The UAE processes golden visa applications very quickly — typically within seven to 10 business days.
🇪🇸 Spain Golden Visa
Overview
Eligibility: Open to non-EU citizens 18 years or older with a clean criminal record
Duration: 1 year; renewable indefinitely every 2 years after
Path to naturalization: 5 years to permanent residence, 10 years to citizenship
Dependents: Spouses/partners, children under 18, & dependent parents may apply as dependents
Qualifying investment requirements: As little as €500,000 (~$544,000) to as much as €2 million (~$2,175,470), depending on investment type (e.g., real estate, public debt, shares, bank deposit)
Notable perks: Only have to visit Spain once a year to maintain the permit
Application Process & Timeline
To apply for Spain’s golden visa, you must:
- Obtain a NIE (Spanish tax number) & open a Spanish bank account.
- Make your investment
- Gather all required documents
- Valid passport & copy
- Application form
- Passport photo
- Proof of qualifying investment (e.g., declaration of investment, bank certificate, favorable report from Economic & Commercial Office)
- Proof of sufficient funds
- A clean criminal background check
- Private health insurance policy
- Fee of $190 (~$207)
- Submit the application in person at your nearest Consular Office (may require an appointment) or through an authorized legal representative.
- Receive approval & collect visa.
After submitting your application, the government will respond within 20 working days.
Role of tax experts in golden visa applications
While obtaining a golden visa brings many benefits, it can also complicate your taxes. All American citizens and permanent residents who meet the minimum income reporting requirements — no matter where in the world they live — must file a US tax return and may need to pay taxes as well. It may also trigger or alter US reporting requirements, such as for the FBAR or Form 8938.
If you hold a golden visa, and especially if you reside in another country, you may have to file and pay taxes to that government as well — which adds an additional layer of complexity to the matter. To avoid double taxation, ensure compliance, and minimize your tax liability, it’s best to consult a tax professional.
“Exceptional service. The IRS made a mistake with ‘finished’ returns from previous years, and Bright!Tax helped me fix the problem quickly, avoiding headaches and stress. The company is a Godsend for me, as an expat.”
– Katharine R, Portugal 🇵🇹
References:
- Greece Golden Visa: The Ultimate Guide 2024
- Golden Visa
- Portugal Golden Visa Application Process
- The 11 Documents You Need to Apply for Portugal’s Golden Visa
- Canada Investor Visa: Investment Immigration for PR and Citizenship in 2023
- Canada Residency By Investment Visas, Startup Visa, Golden Visa, & Investor Visa
- Work in Canada: Canadian Work Permit & Visa Process
- Entrepreneurs or self-employed individuals seeking only temporary residence
- Citizenship in Dubai (UAE)
- Golden Visa application – investor
- Investor visa
Disclosure: Some of the links on this website may be affiliate links. This means that we may earn a small commission at no additional cost to you if you take any action through those links. We only recommend products and services that we have personally used or thoroughly researched. Your support through these affiliate links helps us continue to provide valuable expat tax services. Thank you for your support!
