European Golden Visa: Benefits, Eligibility & Application Procedure

Europe has been a preferred destination for expats for quite some time now. People have chosen Europe as their home for various reasons, including better educational and job opportunities, higher salaries, a high standard of living, better infrastructure and governmental support.

People who wish to invest in Europe and build businesses can avail the European Golden Visa. In addition, individuals who hold these residence permits often become permanent residents of their respective countries.

Let’s delve deeper.

Golden Visa Programs in Europe enable people to become citizens of a European country by investing large amounts of money. Countries in the Schengen area offer these visas to wealthy foreign nationals willing to invest.

The eligibility criteria for a European Golden Visa are detailed below:

• The applicant needs to be above 18 years and should not have any criminal record.
• One must have the money that he intends to invest.
• The investment money needs to be acquired legally.
• The applicant must have the finances to sustain himself and his family for the entire duration of the stay.

Different countries might have different types of specified investments. Some countries have stated that people must invest in real estate, government bonds, shares or certain specified industries if they wish to apply for a Golden Visa.

However, countries like Switzerland, Germany, Austria and Italy demand a much more active investment from Golden Visa seekers. In these countries, investors need to generate employment opportunities to qualify for a Golden Visa.

Given below are the details of investment required in some European countries to qualify for a Golden Visa:

1. Portugal

If an individual invests in Portugal, he and his family will become eligible for permanent citizenship within five years. However, he needs to make at least one of the investments stated below:

• The applicant needs to invest a minimum of € 500,000 in real estate/small or medium business or generate at least 10 employment opportunities.
• He/she needs to make a minimum of € 250,000 in arts, culture or heritage in Portugal.
• The applicant needs to invest a minimum of € 350,000 in science-related research.

2. Spain

Investors can invest € 500,000 in real estate to become eligible for a Golden Visa. 

The other applicable conditions are detailed below:

• One can invest € 2 million in Spanish public debt.
• The applicant needs to invest € 1 million in Spanish company shares or bank deposits.

3. Greece

One needs to invest in real estate or make other specified investments to become eligible for a Golden Visa. 

Given below are its details:

• Applicants need to purchase real estate of minimum € 250,000.
• One needs to invest € 400,000 in a Greek company/Greek Government bonds/bank deposits in Greece.

4. Switzerland

This country has strict rules governing the application procedure for Golden Visa. Given below are its details:

• Investors need to establish a business that will create employment opportunities for Swiss nationals.
• They need to pay annual tax as per applicable terms and conditions.

5. Malta

This country offers permanent citizenship in very few years if the applicant fulfils specific terms and conditions. Given below are its specifications:

• If individuals invest € 600,000 in the Maltese Development Fund, they will become eligible for a Maltese passport after residing in the country for 36 months.
• If investors put € 750,000 in the Maltese Development Fund, they will receive a passport of the same country after 12 months.

Applicants can check with the respective embassies for other specified investments.

The steps given below are a part of the general procedure for applying for a European Golden Visa:

Step 1: Formulate a proper investment plan.

Step 2: Ensure that you have the requisite funds for the investment in the Schengen country of your choice.

Step 3: Check whether you need an entry visa.

Step 4: After your business proposal receives approval/you make the investment, visit the embassy.

Step 5: Apply for Golden Visa and attach all the necessary documents.

Step 6: The processing of the Golden Visa application might take 3-5 months.

These are the basic steps to adhere to if one wishes to opt for a Golden Visa. However, it is advisable for the applicants to check the guidelines before applying, as the process might vary from one country to another.

Given below are the general documents required for a European Golden Visa application:

• A valid passport
• Passport size photographs
• Proof of investment plan
• Proof of applicable payments
• Investment related documents
• Proof of financial resources
• Other specified documents

Please note that the requisite documents may vary depending on the application. So, check with the respective embassies before submitting the final application.

The cost of obtaining a European Golden Visa ranges from hundreds to millions. For example, in Spain you must pay an application fee of € 87,57, while in Portugal it is € 533.90 and in Greece it is € 2000.

Investors need to make specified investments in the chosen Schengen country. The investment amounts vary from one country to another.

Foreigners require a European golden visa to enjoy a number of rights involving the permission to live, work and travel within countries. It is a temporary residence visa with several exclusive benefits mentioned below.

The benefits of a European Golden Visa are discussed below:

• It allows its holders to become citizens of the country eventually
• Additionally, their family will also become eligible to apply for permanent citizenship
• This residence permit enables people to live and receive education from the Schengen countries
• One can also avail the country’s healthcare system
• Another important advantage is visa-free travel across the countries in the Schengen area

The validity period depends on the respective countries. Generally, a Golden Visa is valid for 1-2 years. However, it can be renewed as well.

This piece provided the crucial details related to the European Golden Visa. Investors can make specified investments in a European country and become eligible for residency. The investment and application-related details vary from one Schengen country to another. So, applicants should check the details from the websites of the respective countries before finally applying.