Golden visas: Foreign residency & citizenship for sale

I’m back again this week with a timely look at foreign investment visas.

You may not be able to change a country’s status quo, but you can change the country you live in. And you don’t even need dual citizenship. Residency will do the trick, which you can get with a few different kinds of visas, including a golden visa, aka “residence by investment.”

While the re-election of Donald Trump has re-ignited interest in dual residencies, terms like “global citizen,” “digital nomad,” and “wage arbitrage” have been cooking for years.

Golden visas put an (expensive) price on something that many find priceless, especially post-pandemic: freedom to live and work somewhere else. They offer an alternative place to live, invest, and enjoy your life in countries more aligned with your values — both social and financial.

Today, I’ll explore the interesting history of golden visas, show you the requirements, benefits, and drawbacks for a few key places, and give you some real-world examples of Alts community members who have moved abroad.

Note: Since you have the All-Access Pass, you get a bonus section. ✅

Let’s go! 🛫

Chrissy Kapralos is a Toronto-based freelance writer who enjoys traveling, especially to Europe and the United States. Some of her recent Alts issues include ​Investing in Mineral Rights​ and ​The Business of Private Schools​ When she isn’t writing, she’s eating Greek food and hanging out with doggies.

What are golden visas?

Golden visas are a broad term for visas that offer residency status in exchange for direct investment in a country’s economy. They’re usually valid for 5-10 years, with options to renew.

Unlike traditional work visas, golden visas don’t expire if you lose your job or sponsorship. And unlike digital nomad visas, they usually lead to permanent residency (and sometimes a gradual path to citizenship).

But the main difference is that golden visas require a significant investment in the country you take residence in.

They’re accessible to anyone with money, regardless of their profession or heritage. In other words, it’s a way to buy residency or citizenship in another country.

The investor visa market is estimated to be worth ​$100 billion​, and as you may expect, interest is growing;

As seems to happen with every US Presidential election, there has been a spike in interest from Americans since the start of the year:

What do golden visa holders invest in?

It depends on the country — I’ll go into a few examples below. But it typically involves investment into:

• Real estate
• Government bonds
• Public or private funds
• New or existing businesses
• Cultural donations and heritage-related projects

Each country has their own minimum investment for the visa, ranging anywhere from $50k on the low end to $1m+ on the high end.

For example, ​Portugal’s Golden Visa​ requires a minimum investment of $250k. In return, you get a 5 or 10-year residency.

​Henley & Partners​ is an immigration and government advisory firm that helps prospective golden visa holders with their applications, and advises governments on creating residence by investment programs.

The firm says that the more expensive golden visa is often a ​faster route to residency​ than applying based on descent.

Interestingly, there is also a growing movement towards golden visa investment funds.

Golden visas date back to Ancient Rome

These days, golden visas can be a contentious topic.

Journalists Laure Brillaud and Maria Martini shed light on the perspective that citizenship shouldn’t be something for sale:

“Citizenship is an active duty and a critical building block in the development of a democratic community that should not be sold to the passive, footloose and mobile investor.” – ​European Gateway, Inside the Murky World of Golden Visas​

Yet, citizenship for sale has been around since the beginning of democracy itself!

Christian Kälin, Swiss citizenship law expert and chairman of Henley & Partners, wrote about citizenship for sale in Ancient Rome.

Julius Caesar granted citizenship to people based not just on their birthright, but on their ​contributions to Rome​.

For the Roman Commander who participated in the arrest of St. Paul, this contribution was “a large sum of money.”

In another example, foreigners lived in Great Britain for many years, and could obtain British citizenship by “​naturalization​.” But in the mid-1800s (before 1844’s Naturalization Act), this was a private government procedure — an expensive one.

So even during the Renaissance, you could become a British citizen if you could afford it.

Other historical examples:

• The Pacific island nation of Tonga sold passports to ​Chinese and Filipino royalty​ in 1983.
• In what is considered the world’s first official golden visa program, in 1984 the Caribbean nation Saint Kitts and Nevis launched ]their ​Citizenship by Investment Program​. Today, it requires a $250k investment.
• Other Caribbean countries soon followed suit, including ​Dominica​, Grenada, and ​Antigua​.

In the early 2000s and 2010s, a number of European countries launched golden visa programs, including Austria, Spain, Portugal, Greece, and Hungary.

There were even more direct citizenship by investment programs, but many of those have been ​terminated​ due to corruption, money laundering, and criminals obtaining residencies. One example is Cyprus, who ​stripped hundreds​ of their golden passports after an investigation uncovered severe criminal backgrounds.

Are Americans really leaving?

I’m Canadian, but I’ve heard a lot of buzz recently about Americans planning to emigrate due to Trump’s re-election. We heard the same sentiments after his first election as well, but I was curious if the data proves an actual increase in emigration or acquisition of golden visas.

​American emigration has steadily increased​ over the years, from 29.3 million Americans abroad in 2005 to 40 million in 2019. That’s a 30% increase in emigration — nearly 3x higher than America’s population growth during this time (295 million to 328 million).

Today, we can definitely see an increase in sentiment to leave. Search engine trends show an ​uptick in migration-related searches​ from Americans since the 2024 election, especially for New Zealand, Germany, Canada, the UK, and the Netherlands.

We can also see an increase in efforts to leave.

Henley & Partners saw a ​record increase in applications​ for residency-by-investment visas from Americans — more than from any other nationality.

Shockingly, the US government does not seem to have released any recent, official stats on US citizens emigrating (I looked hard, if you can find a good source of data let me know!)

But we can learn more about who is leaving if we look at residency visas awarded in other countries.

For example, Portugal’s Golden Visa Program saw a whopping $70 million in investments from the Golden Visa program in 2023, and the ​majority of investors were from the US​.

In 2024, ​Spain granted​ the highest number of golden visas to the following countries (in order of highest to lowest):

1. China
2. Iran
3. Phillipines
4. USA

Golden visas around the world

Portugal 🇵🇹

In terms of tourism and immigration, Portugal sort of lived in the shadows of France and Spain until recently.

But those days are long gone now. Portugal introduced their golden visa in 2012, and the rate of Americans living in Portugal ​increased by 239% between 2017 and 2022​.

“We were visiting Lisbon in 2022, and the conversations happening within earshot around us were mind-blowing… American accents everywhere. People loudly discussing apartment prices, the coolest neighborhoods, childcare, you name it. It was all just such a cliche. Yet, who was I to judge? There I was, just another tourist enjoying beautiful scenery and wine, thinking, ‘yep, I could live here.’ – Stefan von Imhof, Alts CEO

For many years, Portugal’s golden visa was accessible through an investment in real estate.

But in October 2023, significant changes were implemented in the Golden Visa program. Notably, real estate investments are no longer a qualifying option!

This decision is due to the fact that Portugese locals are being ​priced out of their own country​, as gentrification has significant lasting effects on affordability for the local population

The country also has tax treaties with 79 countries, including Canada, the UK, and the US.

Chantal Bélanger is a Canadian citizen who came to Portugal 10+ years ago through their Non-Habitual Resident (NHR) program with her British husband.

She shares:

“Employment income is taxed at 20%, and capital gains at 28%. Though Portugal has a tax treaty with Canada, so we’re not double taxed.”

Since they have British and Canadian backgrounds, the tax treaty helps being double taxed at the same rate.

But for Americans it’s another story…

The United States is one of the few countries in the world that taxes its citizens on their worldwide income, regardless of where they reside.

The IRS mentions ​foreign tax credits and exclusions​ you may be eligible for, but critically, you will always need to file a US return and pay taxes on income.

This policy is called citizenship-based taxation and applies to all US citizens, green card holders, and certain resident aliens, no matter where they live or earn income.

The only way to avoid this is to give up your US citizenship — which for many Americans is a bridge too far.

Investment requirements

With the real estate option gone, you have three options for avenues to the Portuguese Golden Visa:

1. Investment or VC fund: €500,000 into Portuguese incorporated companies (at least 60% with offices in Portugal)
2. Research and technology: €500,000 into public or private research into science and technology
3. Arts and Culture: €250,000 into “artistic production” projects, or cultural, social, or heritage-based donations (€200,000 for low-density areas)

The first two options must create 5 permanent jobs over the course of three years, or maintain 10 existing jobs.

Option 3 is cheaper, but you’ll have to get involved with Portugal’s arts scene or learn about social projects to find an applicable investment.

EU Residency knowledge source Digital Émigré points to ​film production​ as an idea for a cultural investment in Portugal​.

Benefits

• Visa-free access to EU countries: Portuguese residency lets you live, work, and travel across the EU.
• Gradual path to citizenship: You can apply for Portuguese citizenship after 5 years of residency, but you’ll need to pass a language test.
• 7 days per year: You only have to live in Portugal for 7+ days per year to still enjoy the benefits of residency.
• Solid innovation and tech: Portugal has over 2,500 startups and its ​Information and Communications sector​ makes up 10% of its GDP.

Drawbacks

• No qualification for real estate investment as of 2023: If property is your jam, you’re out of luck.
• Long wait times: Golden visa applicants have been “stuck in limbo” for 3+ years, with some even ​suing the Portuguese government​ for the delays​. Some have even been ​stuck in the country​ for months without a resident card, which prohibits their travel.

United Arab Emirates (UAE) 🇦🇪

​“Habibi, come to Dubai.”​

UK entrepreneur and Alts community member ​Matt Haycox​ arrived in Dubai on a 2-year investment visa. But he wanted to stay longer, and just a few weeks ago, he was approved for the UAE’s Golden Visa.

So, why did Haycox apply for the UAE’s visa over a European one?

“Work opportunities, tax-free, weather, network, safety…too many good things to mention!” – Matt Haycox

The UAE’s golden visa was launched in 2019, but it’s a lot more flexible than some others on this list.

Successful applicants can become residents for up to 10 years, and choose multiple investment avenues. There’s also an option to come as specialized talent, or as a high-performing university student.

Investment requirements

Haycox gained his Golden Visa with a $5 million investment in property. That’s much more than the minimum $544,000 required for the real estate route of UAE’s golden visa. But real estate is just one avenue.

Here are the rest of the ways you can obtain the UAE Golden Visa:

Public Investment (10-year visa):

• $544,000 in an investment fund that’s accredited in the UA
• Commercial or industrial license certifying your investment
• $67,000 annually paid to the government of UAE

Real estate investment (5-year visa):

• 1+ property investment of $544,000
• Purchased outright or with a UAE bank

Outstanding specialized talents (5-10 year visa):

• Letter of approval for respective emirate/government entities certifying your talent in the fields of medicine, engineering, athletics, arts and culture, investing, and a few others.

High-performing students (10-year visa):

• 3.5 – 3.8 GPA, depending on the class of university
• 95% average at a certified high school

Benefits

• No income tax: This is true ​unless you have a company in oil & gas​ or own a financial institution.
• Family-friendly: You can sponsor your entire family and unlimited domestic helpers to join you
• Quick approval: Haycox had his golden visa approved within a few weeks of applying.
• Diverse options for eligibility: Dubai is set to open golden visa eligibility to ​digital creators​

Drawbacks

• No path to citizenship: While the government website says specialized professions may be considered for citizenship ​after 10 years​ of residency, it’s rare for expats to achieve citizenship, often requiring 20+ years of residency and nominations from the government.
• Expat “bubble:” Dubai was built for foreign investment, and it’s notoriously hard for expats to genuinely connect with Emirati culture.
• Stark differences in law and culture: Western laws are more lenient when it comes to freedom of press and speech, criminal punishments, and even cultural norms regarding modesty
• High living costs: While the UAE is statistically 16% cheaper than the US, it’s still quite expensive to live there (especially in Dubai — so much so that Emirati business owners are opening up shop in ​nearby, cheaper countries like Russia​).

Latvia 🇱🇻

While Baltic tech hub Estonia gets more air time, Latvia is an attractive golden visa option for its recognition of dual citizenship, and affordable investment minimum.

Latvia’s population has steadily decreased since 1990, and kicked into high gear during its ​2007 crisis​. Maybe that’s why they offer one of the world’s cheapest golden visas, with a minimum investment of EUR 60,000 (€50,000 for the business you invest in, and a €10,000 “donation” to the government).

Immigration lawyer ​Farrukh Dahl​ specializes in Portuguese visas, but highlights the Latvian visa as “​unmatchable​.”

“While Greece asks for a whopping €800,000 and Portugal demands €500,000, Latvia opens its doors for just €50,000. That’s 60% cheaper than its European counterparts.”

Although Latvia’s neighbors Lithuania and Estonia have more startups, Latvia has a ​higher percentage of foreign investors​ backing their startups (71%)

Plus, it offers a far more affordable cost of living. Rent alone averages ​55% cheaper​ than in the US).

Investment requirements

Like the UAE, Latvia offers diverse avenues to its golden visas; albeit with more government palm-greasing.

• Real estate: Minimum investment of €250,000 held for five years
• Business equity: €50,000 into a Latvian company with under 50 employees that pays at least €40,000 in annual taxes, on top of a €10,000 payment to the government
• Government bonds: Invest €250,000 in government bonds for five years, and pay a fee of €38,000. (Note: these bonds don’t generate any interest, so this option is essentially an Uno-reverse where you pay to lend the Latvian government money.)
• Bank deposit: Deposit €280,000 into a Latvian bank account (this can generate interest for you), and pay a fee of €25,000 to the Latvian government.

The business investment feels like the best option, because you at least have the chance to recuperate a return if the business does well.

The government bond and bank deposit option locks so much more of your money away for a significant period of time, and you still have to pay a fee on top of it.

Benefits

• Quick approval: Applicants hear back within an average of ​3 months​.
• Affordable investment: You only need to invest about €60,000 for Latvia’s golden visa, which is significantly lower than the minimums required by Portugal, the US, UAE, and pretty much all other golden visa programs.
• Path to permanent residency and citizenship: Latvia visa holders can apply for permanent residency after 5 years, and citizenship after 10.

Drawbacks

• High residency requirements: The golden visa itself doesn’t require you to live in Latvia. But if you want to apply for permanent residency, you must reside there for 4 out of 5 years.

But in light of all the golden visa buzz, it’s easy to forget the country with the highest value of foreign investment…

United States 🇺🇸

Despite perceived doom and gloom amidst a new Presidency this year, the US is still the ​#1 destination for immigrants​, with over 50 million as of 2023.

It’s also the ​#1 spot for foreign investment​ — a spot it has held for 12 years.

Currently, the US does not offer a golden visa that grants investors with lasting residency. However, it does offer a path to permanent residency through investment with visas that offer renewable, 2-year validity periods.

Investment requirements

The US currently offers 2 investment visas.

EB-5 Immigrant Investor Program

First, the ​EB-5 Immigrant Investor Program​ requires a minimum investment of $800k to $1 million (depends on the location). This is one of the world’s highest investment minimums for a path to residency.

Low-employment areas and rural areas are eligible for the slightly cheaper $800,000 investment. About 30% of EB-5 visas are allocated to these.

(I thought maybe there would be a couple of Middle Eastern powerhouses like ​Saudi Arabia​ or ​Qatar​ with similar investment minimums, but nope —those minimums sit at roughly $200k.)

This visa awards you with a conditional, 2-year permanent residency that you must continue to renew, though you’re eligible for permanent residency after 5 years.

E-2 Treaty Investor Program

Second, the ​E-2 Treaty Investor Program​ is for residents of countries with tax treaties with the US (including Canada). It allows temporary residency in exchange for a “substantial capital investment into a commercial business.”

Interestingly, it doesn’t have a minimum investment threshold, though one firm estimates ​most are higher than $100,000​.

Unlike the EB-5 visa, the E-2 does not lead to permanent residency.

Benefits

• Business friendly: US News released the ​best countries for 2024​ based on entrepreneurship, quality of life, technological advancement, adventure, and a few other sub-rankings — the US is ranked #3. It also ranked #2 for entrepreneurship (​Germany​ ranked #1).
• More people = more opportunity: Its massive, diverse population translates into more work opportunities (I’ve experienced this firsthand as a freelancer; I’m Canadian, but most of my clients are from the US).
• Low denial rates: 2024 saw ​record approvals for EB-5 visas​, with the denial rate the lowest it’s ever been in 2023 and 2024, at 21%.

Drawbacks

• Expensive: $1m is a significantly higher investment than the minimums for Latvia, Portugal, and the UAE. It also comes with a higher risk, since you aren’t just investing in something like property.
• High COL: While you can still find reasonably priced real estate in smaller towns, America’s biggest cities all have high living expenses in terms of rent, property pricing, and groceries.
• Short validity period: Unlike other countries’ golden visas, the US’s EB-5 visa is only valid for two years and requires frequent renewals.
• No path to PR with E2: The E2 visa is eligible for renewal, but it’s not meant for people who want to live long-term in the US.

Getting a golden visa: Where to begin

Start with solo research

​A Way Abroad​ is a travel blog and consultancy run by Kathryn Smith, an American who now lives in Italy as a resident and helps people with the process.

Once you have a country or two in mind, get a feel for the different kinds of visas or investment routes they offer. ​VisaDB​ came up often my research. I loved how easy their platform is to use when comparing different kinds of visas.

VisaDB also helps you filter searches for immigration experts and tax professionals that can help in each country you select:

A solid way to begin research is to learn about other people’s experiences. Talk to friends or colleagues who have made a move to the place you’re considering. Connect with an expert in your home ountry. Scour Reddit for personal stories.

Of course, you should make a trip to check out the country for yourself. While a short vacation can get you an initial vibe, try to extend your time as much as possible to experience local life.

Portugal resident Chantal Bélanger and her husband lived in Portugal for a full year before deciding to make a more permanent move.

Immigration consultants

Anyone can submit an application to a country’s visa program. But it’s a lot less stressful if you have expert advice along the way, as Bélanger shares:

“Whether it’s a lawyer, HR for your employer, it’s just easier to have somebody help you. There are also agencies that will take care of everything for you, but of course, you have to pay.”

Finding the right agency takes some time.

A quick browse through Facebook groups shows many agency options, and posts inviting you to apply for golden visas through their firm. Avoid anything that looks overly spammy, and look for agencies with reviews and physical offices in your country so you can talk to someone in person.

Here are the firms that are the most highly recommended:

Henley & Partners

​Henley & Partners​ is a global leader in citizenship/residency by investment, with over 60 offices worldwide.

These are the world’s most extensive experts in visas and citizenship, with branches for each visa type and country you might be interested in.

You can reach them in person in Dallas, Chicago, Austin, Miami, San Francisco, New York, and Los Angeles.

The LCP Group

The ​LCP Group​ is based in New York, but has offices worldwide, including in China, South Africa, Turkey, India, and Russia.

If you’re looking to invest in the US through the EB-5 visa, this firm has a 100% success rate for its history of 1,100+ visa applications.

They’re experts in real estate and have connections with a number of US agencies like the Columbia Housing Authority, and private developers like ​Macklowe Properties​ and ​Lexington Realty Trust​.

Greenback Tax Services (for Americans already abroad)

Once you get your Golden Visa, you still need to stay on top of your US tax obligations.

Make sure your accountant has experience dealing with tax returns for Americans abroad. One example is ​Greenback Tax Services​, who has filed 61,000+ tax returns for 18,000+ American expats.

Global Citizen Solutions

​Global Citizen Solutions​ has offices across Europe, the UK, and the US. They specialize in immigration consultancy services for golden visas in Portugal, Malta, Cyprus, Greece, and Spain.

Customers rank their services 4.2 out of 5 stars on ​TrustPilot​.

Closing thoughts

It’s easy to get emotional and starry-eyed these days, so let’s be clear: golden visas are a costly endeavor — in both capital and time.

In my opinion, they make the most sense for people with a genuine affinity for the country they’re applying to. These aren’t just vehicles for alternative investments, they’re tickets to a brand new life.

Interestingly, I have a somewhat unique perspective here, as I’m a Canadian writing to a majority US audience.

The fact is, if the US had a more accessible and affordable visa that led to permanent residency, I’d apply in a heartbeat.

I say this because I have an appreciation for two things in the US.

First, the strength of its economy and sheer volume of investment opportunities. And second, the diversity in cultures, landscapes, people, and lifestyles across its 50 states.

I’ve driven through North Carolina’s breathtaking Blue Ridge Mountains, dreamy deserts in Arizona, and exciting chaos in New York City and (sunny) LA.

I’ve marveled at cultural richness and hospitality in Louisiana’s Creole-French-influenced Lafayette and New Orleans, and unparalleled friendliness and warmth in small-town New Mexico and Texas. I feel like the US just has a million different lifestyles to choose from, it’s hard for me to even look at it as just one country!

As a Canadian freelancer, most of my business comes from the US as a result of sheer numbers. The US is 8x the size of Canada in terms of population. There are more cities, more businesses, more people looking for writers than there are in Canada. I don’t have to charge them sales tax like I would for Canadian clients.

But if I wanted to live in the US and keep freelancing, the only American visa I’m eligible for (I’ve done my research, I’ve asked my lawyer) will cost me hefty legal fees to have a chance at approval (O-Visa — extraordinary talent in arts).

That’s the same visa foreign celebrities get when they go on tour. So, yeah. And unfortunately I don’t have $1 million to invest in American residency (yet).

Look, I know the US has issues, which drives people to look to other countries for changes. I know living costs are increasing, healthcare is expensive, and work-life balance is probably better in Europe. These, and other US issues, need more discourse than I could accurately offer in this article.

But when I hear of ​Americans denouncing their citizenship​, I cringe because I see it as such a voluntary loss of opportunity. There are reasons why the US has ranked #1 for 12 years as the top country for foreign investment.

Sure, Portugal has over ​450,000 businesses​, and the UAE has over ​1 million​. But the US had over ​5 million new businesses in 2023​. It also has the ​highest number of millionaires​, both natives and immigrants. It’s the strongest economy of the world, and makes up an entire ​quarter of the world’s GDP​.

None of this is meant to knock Golden Visas, by the way! I still think they’re a fabulous investment tool to live life the way you want to live it.

I just think if you’re an American citizen, you don’t have to go halfway across the world just to invest in businesses and real estate.

And lifestyle-wise, if you don’t like the culture, taxes, or weather in your state, you have 49 others to choose from.

Good luck in whichever path you choose! 🗺️

That’s it for today!

Thanks to everyone in the ​Alts community​ who reached out to help.

See you next time, Chrissy

Disclosures

• This issue was written and researched by Chrissy Kapralos and edited by Stefan von Imhof.
• This issue was sponsored by ​CapitalPad​ — invest in America’s “boring” but profitable small businesses.
• This is a paid issue. To read the full thing you need the ​All-Access Pass​ 🎟️​
• Neither Alts nor Altea has any current holdings in any companies mentioned in this issue