words Al Woods
Golden visas are a popular topic in the media at the moment. They seem to be mentioned more and more frequently, especially since 2013 when Portugal introduced its golden visa program. A lot of people have been wondering what this new type of residence permit is about and how it works exactly. This article will explain just that.
What Is a Golden Visa?
A golden visa is a special type of residence permit that some countries offer to foreigners willing to invest in their economical development. The main idea of these programs is, that by investing large sums of money into the economy of the particular country, you are entitled to permanent residency (and ultimately citizenship) there. The number of countries that offer golden visa programs is constantly growing and those now include, among others: Portugal, Spain, Greece, Hungary, and Montenegro.
The whole process of obtaining a golden visa doesn’t usually take much time and it can also be done without involving any third parties (i.e. lawyers or companies). You can contact the embassy or consulate of your country of choice and ask them about their golden visa program. If you meet all the requirements, apply and get one for yourself with these processes stated below.
Financial Requirements
The cost for obtaining a golden visa differs from country to country and can range anywhere from a few hundred euros up to a few thousand. The cost usually depends on the cost of living in the particular country, so don’t be surprised if it’s more expensive in, for example, the cost of golden visa Portugal is different from the one in Bulgaria or Hungary. In any case, you should always check this cost with the embassy or consulate of the country that you’re planning to obtain a golden visa for. The financial requirements are very simple.
All you have to do is deposit the desired amount of money (depending on the country in question) into your bank account and make sure that it stays there for three months before making an application. That’s it. After doing this, you should be able to obtain a golden visa in under 6 months, depending on the country where you apply for it.
Residence Permit
You need to already have a legal residence permit before making any applications for this type of visa. This can be either long-term or student residence permits. For those who don’t have a legal residence permit yet, the first step is to either apply for it or find a good lawyer that will help you with this matter. For all those who already have a legal residence permit, but not for investment, they still should be able to change their residence permit into a golden visa one. This particular type of visa is granted through individual application and doesn’t take much time (1-6 months).
Documentation
Make sure to check if your country of citizenship has a golden visa program before applying. If it does, you need to make sure that you have all the necessary documents for opening an investment account with some particular bank to facilitate the transfer of funds into the country. Usually, this isn’t a problem since most countries will supply their citizens with a list of banks that are obliged to do this. Sometimes, certain conditions need to be met as well. In the case of Portugal, for example, you have to invest a minimum amount of 500 000€ into the country within two years to obtain golden visa status.
All the necessary documentation for your golden visa application will depend on the embassy or consulate that you apply to. You should always check with them what kind of documents they need from you to decide on your case.
Language Requirement
A lot of countries have a language requirement when it comes to obtaining a golden visa, so beware! If this is the case in your home country, you need to check which language is required by the embassy or consulate of your desired country. Usually, it’s either English or Portuguese, but in some countries, French is enough as well. The cost for obtaining a golden visa differs from country to country and can range anywhere from a few hundred euros up to a few thousand.
The cost usually depends on the cost of living in the particular country, so don’t be surprised if it’s more expensive in for example Portugal than in Bulgaria or Hungary. In any case, you should always check this cost with the embassy or consulate of the country that you’re planning to obtain a golden visa for.
Golden visa programs are beneficial for many people that want to invest in a new country, but they can’t be obtained by just anyone. Be aware of the cost and the necessary documents beforehand so you don’t spend money on unnecessary expenses. Also, bear in mind which language is required by the embassy or consulate of your desired golden visa country, because this can cost you a lot of time and money as well.
