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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:
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:
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:
Investors can invest € 500,000 in real estate to become eligible for a Golden Visa.
The other applicable conditions are detailed below:
One needs to invest in real estate or make other specified investments to become eligible for a Golden Visa.
Given below are its details:
This country has strict rules governing the application procedure for Golden Visa. Given below are its details:
This country offers permanent citizenship in very few years if the applicant fulfils specific terms and conditions. Given below are its specifications:
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:
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:
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.
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Disclaimer -
Your policy is subjected to terms and conditions mentioned in your policy schedule and policy wording. Please go through the documents carefully.
The information mentioned here about the countries, visa fees and others is taken from different sources. Digit Insurance is not promoting or recommending anything here. Please verify the same before you book your tickets, apply for a visa, buy a travel policy or make any other decision.
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