Should You Invest in a Golden Visa? Pros and Cons 2025

The pandemic of 2020 significantly altered the political landscape for many people living in the US. 

Ever since, US citizens have sought ways to leave the country if the need should arise.

Obtaining a ‘golden visa’ is one of the most popular methods for wealthy Americans to escape unfavourable political shifts. 

With a golden visa, investors can travel through several European nations for around €250,000 and up. 

While the exact prices vary between countries, most nations seek investments in real estate or other parts of the country’s infrastructure or economy. 

However, there is some uncertainty about the future of these wealth-based visas. European nations are considering implementing more restrictions or banning these visas outright. 

We’ve seen this with Spain, where congress has approved a bill to cancel its golden visa program, set to take effect in January 2025, though the bill hasn’t been made law yet as of late 2024. 

Portugal also made major changes to its golden visa by removing real estate investment options. Golden visas are becoming increasingly rare, and many shrewd global citizens are snatching them up while they can.

So, how do you know whether you should invest in these visas or not? 

Will European nations continue providing these visas to foreigners willing to invest in their economies? 

Or, will we see more golden visa programs disappear?

Read on to learn the answers to these questions and more. 

If you’re seeking a holistic service that can help you go to the countries where you’re treated the best, then talk to us. We’ll help you choose the visa or residency that best suits your needs and desires. Become a client today and let Nomad Capitalist make your life easier.

What is a Golden Visa?

Golden visas allow investors from foreign countries to obtain a residence permit when they invest in real estate or the local economy. 

The term generally refers to residence by investment schemes in Europe. Having one of these visas allows the holders to travel throughout Europe as they wish, which is what makes them ‘golden’. 

These visas usually enable families to travel together. So, with a golden visa, investors can participate in local economies and increase their wealth while also providing a better future for their family. 

However, despite their popularity, the future of the golden visa is uncertain. 

Portugal recently removed the real estate investment option from its golden visa program. This is one of the most popular programs in Europe, with well over 9,000 individual applicants and over 16,000 families. While the nation has nearly earned over €7 billion through the program, many locals disliked the program – which sparked the change. 

As wealthy foreign investors purchased local real estate, the cost of living increased dramatically. Many Portuguese felt this was unfair, and the golden visa program was changed, focusing now on investment funds or donations. 

Cast your net a little wider and you’ll see that Ireland cancelled its golden visa program in 2023, while other nations, such as Spain, are planning to put an end to theirs. 

Overall, ‌golden visa programs in Europe are becoming politically unpopular in their native countries, spurring nations to cancel or seriously limit investment opportunities. 

Yet, Americans hoping to escape the ever-uncertain political environment at home are still looking for options. 

As our founder, Andrew Henderson, explained: ‘Americans concerned about the direction of their country are increasingly realising that having dual citizenship as a backup plan is a valuable way to protect their families from the next black swan event, yet they find themselves with fewer options in Europe. The best option for these families may well be not a golden visa, but citizenship by investment.’

Are Golden Visas Ending?

As we mentioned, Ireland ended its golden visa program, Portugal removed the popular real estate investment option and, as of late 2024, Spain is busy preparing to put an end to theirs.

So, does this signal the end of golden visas in Europe?

It does highlight a decline, but it doesn’t necessarily mean things are ending. In fact, some golden visas are extending.

Look at Greece – they’re planning to expand their golden visa program with a new startup investment option. 

Likewise with Portugal, where plans are also afoot to launch a new Solidarity Golden Visa that provides residency to those who invest in social projects. 

These are signs that golden visa programs aren’t necessarily going anywhere; they’re being adjusted and taking new directions in different countries. 

However, the bottom line is that programs are always changing. We can’t be certain about what investment options will be available in the future, so it makes sense to take the golden visa opportunity while you can. 

Why Choose Citizenship by Investment?

Citizenship by investment sounds similar to a golden visa program at first glance. Both ask for a financial investment in exchange for the right to reside permanently or temporarily in the country. 

However, citizenship by investment differs from golden visa programs in several ways. 

The most prominent difference is the type of residency they bestow on the owners. 

Citizenship by investment programs are sometimes called ‘golden passports’. This is a bit of a misnomer, but it helps explain the difference between a golden passport and a golden visa. 

Citizenship by investment allows wealthy people to invest and gain citizenship within a few months. 

On the other hand, golden visa programs can also lead to citizenship through naturalisation, but this often takes around five years and requires the applicant to spend a massive amount of time in the country to qualify. 

Doing that puts the applicant at risk of triggering tax residency in the host country, something you can avoid with most citizenship by investment programs. 

To qualify for citizenship by investment, foreigners need to meet the basic requirements established by the host country. Generally, these are the rules and conditions to qualify for a citizenship by investment program: 

• Invest in local real estate
• Invest in a local public service project (parks, hospitals, etc.)
• Donate to the government (the most affordable options require at least US$200,000)

Nearly a dozen countries around the world offer direct citizenship by investment – here are some of the main options.

Caribbean islands and members of the British Commonwealth:

• St Kitts and Nevis 
• Dominica
• Antigua and Barbuda
• Grenada
• St Lucia 

Europe:

• Malta (recently changed to a new naturalisation program)

Other:

• Turkey
• Vanuatu

Obtaining citizenship by investment is a straightforward path to having dual citizenship. It gives individuals the ability not only to live in the other country, but to travel with a passport from that country.

So, in short, a golden visa is a form of residence through investment, while citizenship-by-investment programs grant you a passport and full citizenship rights. If you hold a golden visa, you could eventually gain citizenship through naturalisation after a few years.

Citizenship by Investment in the Caribbean

The Caribbean is a popular spot for expats seeking to invest in an offshore option. 

While offshore doesn’t mean precisely the same thing as in the ‘90s, it still holds several financial incentives for wealthy individuals. 

Going offshore to the Caribbean affords tax incentives to those who choose to move or obtain dual citizenship. 

Two of the most popular places in the Caribbean are Saint Kitts and Nevis and Turks and Caicos. These island commonwealth countries offer low to zero taxes and a stable economy. 

Most Caribbean islands allow dual citizenship. This allows you to retain your old citizenship while obtaining a secondary citizenship with them. It’s the perfect plan B for anyone looking to have an out if their country becomes unstable or implements oppressive tax codes. 

Citizenship by Investment in Malta

Malta is a small island country in the Mediterranean Sea, offering expats a unique and beneficial dual citizenship program. Well, technically it’s not a citizenship by investment program, as much as it’s a fast-tracked form of citizenship by naturalisation.

Nomad Capitalist founder, Andrew Henderson, is a big advocate for dual citizenship in Malta. As he states:

‘Malta takes that freedom to a new level. As a member of the European Union, Maltese citizens can live, work and study anywhere in that bloc, meaning you can obtain Maltese citizenship for your family and then relocate to Ireland, Spain or Germany. You or your children could study there or even take up work; it’s similar to moving from California to Texas or from Ontario to Alberta.’

Malta’s citizenship by investment program was suspended at the beginning of 2024. It has since been replaced by the Malta Exceptional Investor Naturalization (MEIN) program, which differs only slightly from a traditional CBI program. 

The new changes have raised the bar for investments, but the benefits remain rock solid and valuable enough to warrant interest from many wealthy investors and entrepreneurs. 

With it, you gain access to Malta’s economy, real estate and beneficial tax code. You’ll also have easy access to over 185 countries, including the United States and the entire Schengen area. 

Is Citizenship by Investment Calling Your Name?

We’ve only scratched the surface of the potential benefits and options available with citizenship by investment programs. If you’re feeling uncertain about the future and the direction of your home country, don’t allow yourself to feel trapped. 

As Mr. Henderson puts it: 

‘Dual citizens enjoy freedom and flexibility to live, travel and make money around the world. And if you don’t plan on living overseas but want the options dual citizenship provides, citizenship by investment is certainly the easiest way to get it in a matter of months.’

Golden Visa Benefits: FAQs

Are Golden Visa Benefits Worth It?

As we’ve covered, golden visa programs are quickly disappearing. And if they’re not being removed, they’re becoming increasingly expensive or difficult to obtain. However, this can be well worth it for a powerful Portuguese passport, so for the right investor, a golden visa can definitely be a good idea. 

At the same time, you could also invest directly into citizenship. This eliminates the naturalisation period, and it can even be cheaper if you get a citizenship from somewhere like the Caribbean. 

Whatever the case, the best option all comes down to your individual goals, needs and global strategy.

Our team at Nomad Capitalist can help you through this process. We’ve helped thousands of clients achieve financial and personal independence. Whether you’re hoping to save money on taxes or have a safe backup plan, become a client today and let us help you.