 "A man looks out over the Grand Harbour at dawn in Valletta, Malta, May 15, 2024. File Photo/Reuters")
Amid his crackdown on illegal immigration, United States President Donald Trump is offering a path to legal residency – if you have that kind of money. For $5 million, a person can get a “gold card” visa with a path to citizenship in the US. This will replace the EB-5 visas, which are for foreigners who invest $1 million in a company employing at least 10 people, in two weeks.
Much before Trump’s “gold card”, several countries have been offering “golden visas” to wealthy individuals. Even the US offers golden visas. But what are these?
Let’s take a closer look.
What are golden visas?
Golden visas provide temporary or permanent residency to individuals in a country in exchange for an economic contribution.
Known as “residence by investment,” the investment could include purchasing a house in the host country, establishing a company or making a donation.
The golden visas programme is not new. It has existed for decades as a way for countries to raise funds and attract foreign investment. “Golden visa programmes give high-net-worth individuals (HNWIs) the option of physically relocating to a favourable jurisdiction — either now or upon retirement — and becoming residents of that state with full legal rights, including the right to live, work, study, and receive healthcare in that country,” says the advisory firm Henley & Partners.
The terms for obtaining this residence by investment differ from country to country.
For example, some do not require the investor to reside full-time in the country.
Countries like Malta, Egypt and Jordan grant citizenship to foreign applicants directly through investment.
Golden visas are popular among citizens of China, Russia and West Asian countries. However, after Trump won the November presidential elections, Americans saw a rise in interest in golden visas to other countries, reported Bloomberg.
According to Henley & Partners, its American client base rose by 1,000 per cent, between 2019 and 2024. The number of British people seeking help jumped by 57 per cent in the last year.
“Faced with unprecedented instability and uncertainty, investors and wealthy families are adopting a strategy of geopolitical arbitrage to acquire additional residence and citizenship options to hedge against jurisdictional risk and leverage differences in legal, economic, political, and social conditions across countries,” Dominic Volek, Group Head of Private Clients at Henley & Partners, said in a statement.
Which nations offer golden visas?
As per Henley & Partners, over 100 countries around the world offer golden visas. These include the US, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.
Golden visas became popular in countries like Portugal, Ireland, Greece and Hungary during the European debt crisis as governments started selling residency to lure foreign money and plug budget deficits, as per Bloomberg.
Portugal has one of the most popular golden visa programmes in Europe. The country offered golden visas to individuals who spent €350,000 on property. The foreign applicant was eligible for citizenship after five years.
However, it has now amended its rules and does not accept real estate investments for qualifying for golden visas. Now, fund investment, donation, and creating a company can get you a Portugal golden visa.
Malta offers residence by investments to foreign nationals requiring them to purchase a property worth €375,000 or lease it for €14,000 per annum for a minimum of five years. It also asks for a donation to a non-governmental organisation of €2,000. Notably, Malta has been ranked first in the 2025 Global Citizenship Program Index for the tenth consecutive year.
Greece also has a popular golden visa programme . Its new rules require foreign investors to spend at least €400,000 to buy property. Greece has bagged the top spot in the 2025 Global Residence Program Index for the first time.
Austria asks foreigners to have €50,000 in liquid funds, possess German language skills, private healthcare insurance, and proof of permanent accommodation.
Switzerland, the United Arab Emirates (UAE), Hong Kong, Cambodia, Turkey, Monaco, Cyprus, New Zealand and Singapore are some other countries offering golden visa programmes.
While golden visas are common, golden passports, also known as citizenship by investment, are rare. Caribbean islands including Antigua and Barbuda, Grenada and St. Kitts and Nevis offer competitive citizenship by setting their fees just above $200,000, as per Bloomberg.
Nauru, a remote Pacific Ocean nation, is mulling granting golden passports for at least $140,500.
Criticism of golden visas
Golden visas, which give residency to the wealthy in foreign countries through real estate purchases or other investments, have received criticism as some argue they can be exploited by individuals looking to commit criminal activity like money laundering or fraud.
Critics also argue that citizenship and residency are fundamental rights but such programmes give opportunities only to the rich, as per Bloomberg.
European governments are also under pressure to address a housing shortage as golden visas can drive up housing costs in major cities.
With inputs from agencies