In February, the offshore world received shocking news that Portugal was canceling its Golden Visa program. Shortly after this announcement, Ireland also closed its Golden Visa program. However, despite these changes, there are still many countries that warmly welcome Golden Visa investors.
The benefits of a Golden Visa program include the opportunity to live in another country in case of an emergency at home, US tax advantages such as the foreign-earned income exclusion (SWEEP), which is only available to Americans who are legitimate residents of another country, and an easier path to citizenship in the desired foreign haven.
Let’s take a closer look at some of the top Golden Visa options available now.
Dominican Republic: The DR is known for its ease in accepting and encouraging foreign residents and investors. As a resident, you can apply for local mortgages and import household items and a car duty-free. The process begins by applying for residence in the Dominican Republic in your home country. Upon arrival, your passport will be inserted with a resident visa, which you can convert to a temporary resident card within 60 days. Investments of at least US$200,000 qualify for “permanent residence.” This can be achieved through investment in a Dominican entity, local business, fixed-term deposit, shares, or real estate. Renewal of the residence visa is required one year after issuance and every four years after. Make sure to register your investment at the Center for Exports and Investments of the Dominican Republic.
Belize: By investing $250,000 or more in Belize Real Estate or a business, you become eligible for the Belize Temporary Residency (Investment) Visa, allowing you to live and work in this Central American nation. The visa is renewable annually, and permanent residence can be obtained after living in Belize for more than 365 days. However, the process for permanent residency can take years. Keep in mind that obtaining a temporary investment visa in Belize can be challenging due to difficulties in communication with the Belize immigration department. It is recommended to use a local agent or lawyer to handle the process. You have the option to include your spouse and children on your visa application. An example of a qualifying property investment in Belize is Carmelita Gardens, which offers a sustainable off-grid lifestyle and investment opportunity.
Greece: The Greek Golden Visa program offers a relatively affordable EU residency. An investment of €250,000 in a Greek property qualifies you for a Golden Visa. However, in certain high-density or tourist areas, such as Athens, Thessaloniki, Glyfada, Mykonos, and Santorini, the required investment increases to €500,000. The visa allows you to live, work, and study in Greece. The Golden Visa is renewable every five years, as long as you maintain the required level of investment. There is no minimum stay requirement, and your spouse and children under 21 can join you. To be eligible for the visa, you must have a clean criminal record and valid health insurance in Greece. Continuous residence for seven years can lead to eligibility for citizenship, but learning Greek is necessary, which may limit the candidates for a Greek passport. Consider the additional costs such as solicitor’s fees, stamp duty, and government fees, which amount to around €15,000 for the minimum investment. An example of real estate investment in Greece is a four-story duplex located in the Eastern Peloponnese.
It is important to act promptly, as Golden Visa programs may not be available in the most desirable locations indefinitely.
Sincerely,
Simon Letter
