15 Best Golden Visa Programs in 2024
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In this article, we will take a look at 15 Best Golden Visa Programs in 2024. You can skip our detailed analysis and go directly to the 5 Best Golden Visa Programs in 2024.
Immigration, as a response to various economic and geopolitical challenges, has been on the rise in recent years. While these issues are indeed significant enough to prompt movement across countries, the contemporary pursuit of obtaining citizenship is also motivated, to some extent, by investment opportunities. Given that the world's wealthy possess the financial resources to invest, countries have a strong incentive to attract them. The influx of foreign direct investment into a country is bound to provide a boost to its economy. Therefore, it comes as no surprise that numerous programs offering either permanent residency or citizenship have emerged over the years, aptly dubbed as 'Golden Visas'.
To check out the best citizenship by investment programs, read our article 13 Countries with the Best Citizenship by Investment Program in the World.
Golden Visa Programs: A Source of Revenue
The significance of these programs is evident from the substantial revenue they have generated for host countries. According to the 2022 report by COMPAS (Center on Migration, Policy & Society), investments through residency-by-investment programs resulted in a €20 billion influx of funds through 2019. Prior to the onset of Covid-19, these 'Golden Visas' were generating €3 billion annually. Major recipients included the UK, Spain, Portugal, and Greece. Since then, the market for such programs has continued to expand. While conducting a macroeconomic analysis of these programs as a proportion of GDP may not yield meaningful results due to their relatively small scale compared to larger economies, examining their impact within the context of Foreign Direct Investment (FDI) can provide valuable insights. For instance, some residency-by-investment programs, like those in Portugal and Greece, have contributed 10% to 15% of their FDI over the years.
It is therefore not surprising that the Immigration Consulting Services Market has not only experienced growth in previous years but is also poised for further expansion. The market, valued at US $1.42 billion in 2022, is projected to reach $2.11 billion by 2029, with a forecasted Compound Annual Growth Rate (CAGR) of 5.73% over the period from 2023 to 2029. Consultancies are actively sought for various immigration pathways, including work, study, investment options, and more.
Investment Abroad
Investment abroad, whether through direct investment or via exchange-traded funds (ETFs) and stocks, has become increasingly common. Many US companies, attracted by tax incentives and lower labor and manufacturing costs, have expanded their investments overseas, particularly in Europe. This has resulted in a significant shift from $580 billion in investments in 1982 to an astonishing $6.4 trillion today. Similarly, individuals, particularly wealthy ones, are drawn to various tax advantages and are increasingly participating in Golden Visa programs. These programs not only provide access to lucrative markets but also offer pathways to permanent residency and, ultimately, citizenship. Their investments extend beyond real estate and donations to include stocks and ETFs.
Firms such as The Charles Schwab Corporation (NYSE: SCHW) and JPMorgan Chase & Co. (NYSE: JPM) play a crucial role in assisting individuals seeking investment management services abroad. For instance, The Charles Schwab Corporation (NYSE: SCHW) offers guidance on identifying international ETFs and mutual funds to diversify portfolios. According to The Charles Schwab Corporation's (NYSE: SCHW) 2023 ETFs and Beyond Study, which surveyed 2,200 investors, there is a growing preference for ETFs. The study revealed that 95% of current ETF investors are planning to increase their ETF holdings in the future.
Similarly, JPMorgan Chase & Co. (NYSE: JPM) is among the leading financial firms that consistently enhance their ETF offerings, providing investors with a competitive range of international investment options. This ensures the creation of diversified and profitable portfolios. Here’s what Carillon Eagle Growth & Income Fund had to say about the performance of JPMorgan Chase & Co. (NYSE:JPM) in its fourth quarter 2023 investor letter:
“PNC Financial and JPMorgan Chase & Co. (NYSE:JPM) performed well due to more benign inflation data, which the market likely interpreted as a sign that a recession is now less likely to occur. Recall that historically speaking, banks are hyper-cyclical stocks and typically will trade lower if investors foresee a recession, because recessions tend to trigger loan losses.”
Methodology
To compile our list of the 15 Best Golden Visa Programs in 2024, we extensively research various sources to identify available programs. We evaluate each program based on its minimum cost and time to permanent residency, ranking them according to the lowest cost and shortest time period. We assign a weighted average to these metrics, with a higher weight (0.6) given to cost and a lower weight (0.4) to time. The list is then presented in descending order of weighted-averaged rankings.
Note: We exclude programs that do not lead to permanent residency or citizenship.
The values in currency are subject to change depending on the current exchange rate.
By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Let us now take a look at the 15 Best Golden Visa Programs in 2024.
15. Hungary
Minimum Cost of Investment Rank: 17
Time Required to Permanent Residency Rank: 20
Insider Monkey Weighted Average: 18.2
Hungary’s Guest Investor Program is the Golden Visa, through which individuals can make a minimum investment of €250,000 in investment certificates issued by a real estate fund registered with the National Bank. De facto residence of three consecutive years would make the investors eligible for permanent residency, which can also be turned into citizenship in about 8 years. Other options include a direct €500,000 investment in Hungarian residential real estate, as well as a donation of €1 million to an institution of higher learning to support educational, scientific, artistic, or creative industries.
14. Taiwan
Minimum Cost of Investment Rank: 29
Time Required to Permanent Residency Rank: 1
Insider Monkey Weighted Average: 17.8
Taiwan’s Golden Visa Program is considered one of the best in 2024, offering individuals the opportunity to invest in either government bonds or local businesses. The minimum investment amount starts at NT$15 million (approximately $480,000) in local businesses, leading to the creation of five local jobs, and goes up to NT$30 million for government bonds. Permanent residency is granted immediately to those who make the investment, and citizenship can also be attained in 5 years. However, for citizenship, applicants must demonstrate proficiency in Mandarin Chinese and renounce their original citizenship.
13. Mauritius
Minimum Cost of Investment Rank: 26
Time Required to Permanent Residency Rank: 1
Insider Monkey Weighted Average: 16
Offering the right to live, work, and retire in the country, Mauritius's Golden Visa program (Permanent Residency Program) is among the best programs in 2024. Investing a minimum amount of US $375,000 in a variety of designated real estate projects would result in immediate permanent residency for the applicant. After seven years of continuous residency-- five for Commonwealth nation citizens and two for those who invest US $500,000--citizenship can also be obtained.
12. Greece
Minimum Cost of Investment Rank: 17
Time Required to Permanent Residency Rank: 14
Insider Monkey Weighted Average: 15.8
Greece’s Golden Visa Program, launched in 2013 for non-EU citizens and their families, stands out as one of the most popular European and best Golden Visa programs in 2024. This scheme provides an opportunity for investment in multifarious options, including real estate properties valued at a minimum of €250,000. Permanent residency is usually obtained in 2-4 months, with citizenship achievable in about 7 years. The application process also considers the applicant's spouse, children under 21 years, as well as the parents of the applicant and spouse.
11. Barbados
Minimum Cost of Investment Rank: 22
Time Required to Permanent Residency Rank: 1
Insider Monkey Weighted Average: 13.6
Barbados’s Special Entry and Residence Permit (SERP) is a type of Golden Visa that offers two forms of permanent residency. One is permanent residence indefinite, which calls for a hefty investment of US $2 million, along with proof of a net financial worth greater than $5 million. The other option is permanent residence in 5-year intervals, requiring a minimum investment of $300,000, as well as proof of sufficient funds to support themselves and their dependents. Dependents can include immediate family, including children under 18 and those older who are university students and financially dependent on the applicant. Time to permanent residency is immediate, and citizenship can also be achieved in 5 years.
10. Malta
Minimum Cost of Investment Rank: 12
Time Required to Permanent Residency Rank: 15
Insider Monkey Weighted Average: 13.2
The Permanent Residency Program offered by Malta provides a quick way to settle down in the country. The conditions for the scheme require applicants to possess at least €500,000 worth of assets, €150,000 of which should be invested in liquid financial assets. Furthermore, applicants must either purchase or rent residential property in the country. If the property is being purchased, it must be worth at least €350,000 (with €300,000 of it located in South Malta or Gozo), or if it is rented, it should cost €12,000 annually (€10,000 if it is in South Malta or Gozo). Additionally, the program mandates a €28,000 contribution to the Maltese economy for purchased residential properties and €58,000 for leased ones. A €2,000 donation to a non-governmental organization is also required. The non-refundable administration fee amounts to €40,000. Permanent residency can be attained immediately after the completion of the application process, which takes about 6-8 months. Citizenship can also be gained over a period of 5 years, provided the applicant resides in the country during that time.
9. Latvia
Minimum Cost of Investment Rank: 5
Time Required to Permanent Residency Rank: 25
Insider Monkey Weighted Average: 13
This, one of the best Golden Visa Programs available for investors since 2010, has attracted many investors, leading to a peak of 2,500 approved applicants in 2014. This trend is not surprising given the low-cost requirement of the program. The minimum investment of only €50,000 in a Latvian company that pays €40,000 annually is the lowest-cost route available. Other investments of €250,000 and €280,000 in real estate, interest-free bonds, and bank deposits are also available. Time to permanent residency takes 5 years, and citizenship is achieved even later, with 10 years of physical residency and knowledge of Latvian history and culture.
8. Costa Rica
Minimum Cost of Investment Rank: 8
Time Required to Permanent Residency Rank: 20
Insider Monkey Weighted Average: 12.8
Costa Rica’s Investor Visa program stands as yet another one of the best Golden Visa programs in 2024. Wishful applicants have the choice of investing in real estate, forestry projects, or a local business. The minimum investment option is available in the case of forestry projects, where the amount is only US $100,000. For the other two cases, a figure of $150,000 is required. The time for permanent residency is 3 years, and while citizenship can be attained after continuous residency in the country for 7 years, it is also contingent upon proficiency in Spanish and knowledge of the country’s history and culture.
7. Colombia
Minimum Cost of Investment Rank: 2
Time Required to Permanent Residency Rank: 25
Insider Monkey Weighted Average: 11.2
Colombia offers investors two visas, M-6 and M-10, which grant them renewable temporary residency for 3 years, and after 5 years, lead to permanent residency. Under these visas, investors can either invest in real estate or in a business. The lowest investment requirement corresponds to 100 times the Colombian monthly minimum wage for a new or old business under the M-6 visa. This figure approximates to $33,800 in 2024. The real estate investment requires an investment equal to 350 times the monthly minimum Colombian wage. Citizenship can be obtained within 10 years, provided the applicant has not been away from the country for more than 365 consecutive days and has a substantial command of Spanish.
6. Dominican Republic
Minimum Cost of Investment Rank: 13
Time Required to Permanent Residency Rank: 1
Insider Monkey Weighted Average: 8.2
Another great Golden Visa that can entice many investors due to its low cost and very quick permanent residency process (immediately upon approval of the application) is available, providing potential applicants with various participation routes. A US $200,000 investment in an already established business in the Dominican Republic, term deposits in the country’s banks, securities trades in the country, or real estate are the available options. Permanent residency is renewable after four years, and citizenship can be attained in 2 years.
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Disclosure: None. 15 Best Golden Visa Programs in 2024 is originally published on Insider Monkey.