Home|Passports for Investment: The Rise and Scrutiny of Golden Visas
Many countries have used citizenship or residency-by-investment programs to attract foreign capital. These programs typically offer passports, residence rights, or other legal and financial advantages in exchange for investments in the local economy. Below is a structured overview of the most common incentives and notable country examples:
How it works: Investors make a non-refundable contribution to a government development fund in exchange for citizenship or permanent residency.
| Country | Incentive | Minimum Contribution | Notable Aspects |
| St. Kitts & Nevis | Donation to the Sustainable Growth Fund | ≈ USD 250,000 | Fast-track citizenship (as little as 4 months), visa-free travel to 150+ countries |
| Antigua & Barbuda | Donation to National Development Fund | ≈ USD 100,000 | Relatively low threshold, family packages |
| Dominica | Donation to Economic Diversification Fund | ≈ USD 100,000 | One of the oldest and cheapest CBI programs |
📝 Rationale: These small island nations rely heavily on foreign investment to fund infrastructure, tourism, and development.
How it works: Foreigners can obtain residency or citizenship by investing in approved real estate projects.
| Country | Incentive | Minimum Investment | Notable Aspects |
| Portugal | Golden Visa program | €280,000–€500,000 | 5-year residency path to citizenship; halted for real estate in 2023 due to housing pressure |
| Greece | Residency permit | €250,000 | Permanent residency with Schengen access |
| Spain | Residency visa | €500,000 | Path to permanent residence and citizenship |
📝 Rationale: Boosts the property market, construction, and related services.
How it works: Applicants receive legal status if they establish or invest in companies, typically with a minimum requirement for job creation.
| Country | Incentive | Requirements | Notable Aspects |
| United States (EB-5 Visa) | Green card | Min. USD 800,000 investment in job-creating projects | Permanent residence after 2 years |
| Canada (Start-Up Visa, Quebec IIP – paused) | Permanent residence | Investment or innovative business + job creation | Focus on entrepreneurship |
| Australia (Significant Investor Visa) | Visa and permanent residence | AUD 5 million investment | Popular with high-net-worth individuals |
📝 Rationale: Stimulates domestic business activity, technology transfer, and employment.
How it works: Investment in state bonds or securities — often refundable after several years.
| Country | Incentive | Investment | Notable Aspects |
| Malta (prior to 2023 changes) | Citizenship by Naturalization for Exceptional Services | €600,000–€750,000 + residence | Included bond or property options |
| Cyprus (until 2020) | Citizenship by investment | €2 million real estate or bonds | Ended after corruption scandals |
| Turkey | Citizenship | $500,000 government bonds | Quick processing, widely used by MENA investors |
📝 Rationale: Provides governments with stable, long-term financing.
How it works: Countries offer attractive tax regimes in combination with residency or citizenship.
| Country | Incentive | Notable Features |
| Monaco | Residency | No personal income tax |
| UAE | Golden Visa (10-year) | Tax-free income, no inheritance tax |
| Malta | Residence or citizenship | Favourable tax regime, EU market access |
| Switzerland (lump-sum taxation) | Residence permit | Attractive for ultra-high-net-worth individuals |
📝 Rationale: Attracts wealthy individuals and their capital, often used in asset protection strategies.
How it works: Residency rights are granted to investors, entrepreneurs, or remote workers with financial means.
| Country | Incentive | Key Features |
| Estonia | e-Residency | Digital business environment (no citizenship) |
| Dubai (UAE) | Remote work visa | Low taxation, access to banking |
| Italy & Spain | Investor / nomad visas | Tax incentives for wealthy individuals |
| Caribbean states | Nomad visas | Encourage relocation of digital professionals |
📝 Rationale: Attracts mobile capital and talent, often linked to tech and service sectors.
Citizenship and residency-by-investment programs are tools to attract capital, stimulate local economies, and increase state revenue. However, they also carry geopolitical, legal, and reputational risks. Modern programs increasingly emphasize transparency, due diligence, and investment in productive sectors rather than just real estate or donations.