(NewsNation) — Enough money can buy you nearly anything — including legal residency.
Some countries offer full citizenship to foreigners who invest in the country via a golden visa.
What is a golden visa?
Also known as “residence by investment,” golden visas are issued to those who buy property, create a company or donate money.
Interest in golden visas among Americans spiked late last year after President Donald Trump won his second nonconsecutive presidency, according to Bloomberg.
The visa is typically targeted at wealthy individuals who can afford the costs.
“A golden visa provides investors and their families with access to new markets and a host of business, career, educational, healthcare, tax and lifestyle opportunities on a worldwide scale, for both present and future generations,” according to Henley & Partners, a global residence and citizenship planning firm.
Many golden visa programs allow a successful applicant to apply for citizenship after a few years of residence.
Which countries issue golden visas?
The United States does not technically have a golden visa program, but it does offer the EB-5 Immigrant Investor Program, which gives legal permanent residence status to investors, their spouses and their children under the age of 21. The applicant must invest in a commercial business in the U.S. and plan to create or preserve 10 permanent full-time jobs for American workers.
Portugal’s Golden Residence Permit Program offers citizenship eligibility after five years. The country began offering golden visas in 2012 to non-European Union citizens who spent at least $557,000 on a property, investment or company.
Greece’s Golden Visa Program allows investors to apply for citizenship after seven years, and Italy’s Residence by Investment Program after 10 years.
Spain and Hungary began similar programs in 2013, although Spain has said it will cease issuing golden visas in April. Since Spain’s announcement, demand has increased in Portugal and Greece, according to Forbes.
Multiple countries have followed suit out of concerns over corruption and scams. The Netherlands ended its golden visa program in January 2024, while the U.K. and Ireland ended theirs in 2022 and 2023, respectively.