The world over, more than 60 countries offer a chance to visit, settle and explore their local resources through investment programmes. Through golden passports and golden visa schemes, those interested can attain citizenship or extended visiting privileges to enjoy a country’s natural beauty, economic policy and other benefits. But choosing the right programme depends entirely on what you’re looking to gain from your move, along with what you have to offer to your country of choice. We break down the difference between golden visas and golden passports to help you make your decision.
What is a golden visa?
Golden visa is another term for a residence by investment (RBI) scheme, which offers foreigners temporary residence in a country when they make a large investment or donation in business, real estate, or other areas. While golden visas mostly come with a temporary residence permit, a few countries provide the option of turning this into a permanent residence after a few years.
A golden visa programme offers the applicant the right to live—and often work—in the country for a limited period, as long as applicants meet a few standard criteria. This includes fulfilling minimum stay periods and investing the required amount in the nation. While different countries have different checklists to grant a golden visa, some common criteria require you to:
- Be an adult over 18 years of age.
- Make a minimum financial investment or contribution from a legitimate source of funds. (This investment should come from your own funds; loans aren’t allowed.)
- Maintain the investment for at least the minimum required duration.
- Have proof of a clear criminal record.
- Have proof of health insurance and/or good health.
- Have enough financial resources to sustain yourself and your family in that country, even if you do not intend to live there.
What is a golden passport?
Golden passports are known as citizenship by investment (CBI) programmes and grant foreigners citizenship and a passport of the country without any strings of minimum stay requirements. With this passport come various rights and benefits that a foreign national can enjoy just like a local.
While different countries have different requirements for granting a golden passport, some common criteria require you to:
- Be an adult over 18 years of age.
- Not be from a prohibited country.
- Make a minimum financial investment or contribution from a legitimate source of funds.
- Have proof of a clear criminal record.
- Have proof of health insurance and/or good health.
Golden visa versus golden passport
Getting residence by investment or citizenship by investment comes with very different perks. A golden passport to countries like Austria and St. Kitts and Nevis offer citizenship without the need for prior stay in the country. A golden visa, on the other hand, grants temporary residence and does not guarantee a permanent residence even in the future. While the latter is possible in some nations, most RBI programmes require staying in the country for months or years to become eligible for a permanent residence.
Some countries, like Saudi Arabia, do not permit dual citizenship. In such cases, a golden visa could be the more attractive option as a golden passport would require you to give up your existing citizenship to move to the new country.
Such programmes offer increased mobility around the world. A golden visa offers easy access to the country and to other destinations that accept entry through the country’s visa, whereas a golden passport grants easy access to even more destinations open to the country’s passport-holders, as per the Henley Passport Index. For member states of the European Union, this also means free movement between countries as a resident of the bloc.
A golden passport affords more rights as a citizen than a golden visa does as a visitor. While residence-by-investment programmes offer rights to work and study in some cases, a citizenship-by-investment programme opens access to local tax regimens and access to healthcare and other systems. In the face of travel restrictions such as those imposed during the pandemic, having a passport with travel access becomes more reliable as mobility is restricted to residents of a country.