The Complete Guide to Golden Visa Investment Programs in 2023
Have you ever dreamed of having the freedom to easily live, work, travel, or retire abroad? For many globally-minded Australians, gaining residency or a second passport in another country is an appealing goal. But navigating the often complex immigration systems can be a major roadblock. That’s where golden visa programs come in.
In recent years, golden visas have exploded in popularity among foreign investors and high-net-worth individuals. These programs offer a straightforward pathway to residency or even citizenship in return for making a substantial investment in the country.
No lengthy visa application processes. No complex eligibility criteria to meet. Simply invest in property, government bonds, or a business – and open up a world of benefits. With dozens of options now available worldwide, each with their own unique requirements, choosing the right golden visa program can be a challenge.
This complete guide breaks down everything you need to know as an Australian interested in investment migration. You’ll discover:
- The many benefits of getting a golden visa
- Countries that offer golden visa programs
- Investment options – real estate, bonds, businesses
- How much you need to invest
- The fastest options for citizenship
- Tips for choosing the best program
Let’s dive in and uncover your pathway to global residence or dual citizenship.
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The Benefits of Golden Visa Programs for Aussie Expats
So what exactly are the key advantages of obtaining residency or citizenship abroad through a golden visa?
Here are some of the main reasons more Australians are turning to investment migration programs:
Gain Visa-Free Travel Access
One of the biggest perks is visa-free travel access to dozens of countries around the world.
For example, if you obtain Portuguese or Greek citizenship through their golden visa schemes, you enjoy extensive travel access across the EU/Schengen zone.
Likewise, many Caribbean citizenship programs provide visa-free entry to major countries like the UK, EU, Singapore, and Hong Kong.
This gives you much greater mobility and freedom to easily visit, live and work abroad.
Diversify Your Family's Citizenship
Having a second (or third) passport also provides important diversification for you and your family.
It reduces political or economic risks associated with any one country.
And by passing citizenship down to your children, you grant them major future opportunities and the ability to live globally.
Retire Abroad Tax-Free
Several golden visa countries, such as Portugal, Panama, and Malaysia, offer very favourable tax regimes for retirees and pensioners.
You may qualify for zero income tax, large pension exemptions, or non-taxed offshore income – allowing you to retain more of your hard-earned savings.
Access Business or Education Opportunities
Gaining residency through investment opens up business expansion and education opportunities abroad for your family.
You can more easily set up international operations, expand into new markets, or have your children attend top universities at lower international tuition rates.
Enjoy a Better Lifestyle
Who wouldn’t want to spend winter in Spain or retire to a tropical Caribbean island?
Golden visas allow you to immerse yourself in the lifestyle of your chosen country for part or all of the year.
You can take advantage of quality healthcare, low costs of living, beautiful natural environments, and increased safety and political stability.
Overview of Golden Visa Investment Requirements
While every golden visa program worldwide has its own unique set of requirements, most follow a similar framework.
Generally, to qualify, you need to:
- Have sufficient net worth: This proves you can support yourself financially.
- Provide proof of funds: Bank statements showing you have adequate cash to make the investment.
- Make a substantial investment into real estate, government bonds, a business, etc. Each country sets minimum investment levels.
- Pass due diligence: Background and criminal record checks to confirm the legitimacy of your funds.
- Prove ties to home country: Some require you to maintain business or financial connections.
- Pay application fees: These range from a few thousand to tens of thousands.
- Use a reputable immigration agent: Experts can guide you through the entire process.
The investment amount, which generally ranges from US$100,000 to US$5 million, determines the country options available to you.
Real estate investments are the most common route, provided you have sufficient capital. This route is relatively low risk compared to directly investing in a local business.
Once you complete the investment and submit your application, processing time frames range from as fast as 2-3 months up to around 12 months, depending on the country. Then it’s just a matter of maintaining your investment for the minimum required period, which is usually 5-7 years.
Now let’s look at some of the top countries offering golden visa opportunities for Australians.
Portugal - The Best Golden Visa for Access to Europe
For many Australian expats, Portugal offers the ideal balance of a low investment threshold, residency rights across Europe, and a well-established program.
Over 10,000 investors have received Portugal’s golden visas since the program’s inception in 2012.
Key Facts
- Investment required: €500,000 (808,500 AUD) in real estate
- Benefits: Schengen residence rights, path to EU citizenship in 5 years, low taxes for residents
- Processing time: 3-4 months on average
Portugal imposes relatively low minimum real estate investment requirements compared to other European nations. Properties in the major cities of Lisbon and Porto start from around €500,000. Or €400,000 if investing in real estate outside of the big cities or in need of renovation.
The real estate market has proven resilient over the past decade, with capital growth giving investors solid returns on their investments. After five years of holding your golden visa, you can then apply for full Portuguese citizenship and an EU passport.
There’s no requirement to live in the country, although you must spend 14 days per year visiting. An excellent option for those wanting part-time European residency rights.
Spain - Long-Term Residency With No Citizenship Path
Spain offers a two-year renewable residency visa leading to permanent residency, but no direct citizenship route currently.
Spain is still an excellent choice for easy access to the Eurozone for those meeting investment requirements.
Key Facts
- Investment required: €500,000 (US$530,000) in real estate
- Benefits: Residency in 2-3 months, freedom to live/work across the EU
- Path to citizenship: Only by first becoming a permanent resident and living there for 10 years
Spain’s real estate market offers lots of options along its beautiful coastline and in major cities like Barcelona and Madrid. Most investors buy apartments starting from €500,000. Luxury villas go for over €1 million.
While more affordable than other European schemes, the lack of a direct citizenship pathway is a downside compared to Portugal. But with its warm climate, relaxed lifestyle and Mediterranean food, Spain remains a sought-after destination for Australian expats.
Greece - Huge Real Estate Discounts Make Residency Affordable
Greece offers one of the most affordable routes to residency in the EU – thanks to a temporary property price reduction scheme.
Until the end of 2022, the minimum investment is just €250,000, down from €500,000.
Key Facts
- Investment required: €250,000 (US$265,000) in Greek real estate
- Benefits: Schengen residency and path to EU citizenship after 7 years
- Processing time: Approx. 40-50 days currently
The discount has made Greece very appealing for boosting demand during its economic recovery. Options include apartments in Athens, luxury villas in Crete, or strata in the islands – with residency rights attached.
Like Portugal, permanent residency and Schengen rights are gained after the initial real estate purchase. Then apply for citizenship after seven years of holding the investment.
Seize this window of opportunity to gain affordable EU access through the Greek golden visa program.
Malta - Residency or Fast-Track Citizenship Routes
Malta offers the flexibility to choose between temporary residency or full citizenship – depending on your needs and budget.
Citizenship can be gained in just 12-36 months but requires a larger investment of €750,000 (US$795,000).
Key Facts
- Residency Investment: €290,000 (US$307,500) – non-citizenship route
- Citizenship Investment: €750,000 (US$795,000) in bonds – 36-month timeline
- Benefits: EU residency, visa-free travel, paths to citizenship
- Processing time: Typically 3-4 months
The Residency by Investment route offers a lower investment threshold through various fund options. But no citizenship pathway.
The Citizenship by Investment program grants an immediate Maltese (and EU) passport on a fast-track basis – ideal for those wanting EU citizenship quickly.
Malta also offers strong tax benefits for new residents, including a 15% income tax rate with overseas tax credits.
Turkey - Affordable Citizenship Starting From Just $250K
Turkey offers one of the most affordable citizenship by investment programs globally – with a real estate purchase of just US$250,000.
Fast processing within 3-6 months makes it one of the quickest and cheapest routes to dual citizenship.
Key Facts
- Investment required: $250,000 in Turkish real estate
- Benefits: Citizenship in less than 6 months, visa-free travel to over 115 destinations
- Processing time: As quick as 3 months
The low investment threshold, coupled with Turkey’s abundant real estate options, makes securing citizenship highly accessible.
Choices include apartments in Istanbul starting from $180,000, up to luxury villas by the Mediterranean.
The entire application process can be completed in as little as 90-100 days if all documents are in order.
While Turkey has faced some economic volatility recently, its citizenship program remains appealing for the sheer speed, low cost and visa-free travel gained.
United Arab Emirates (Dubai) - 10 Year Residency With Entrepreneurial Options
The UAE’s 10-year golden visa offers very strong incentives for entrepreneurs or working professionals to gain long-term residency.
With options to invest in your own business or in certain high-skill occupations.
Key Facts
- Investment required: AED 10 million (US$2.7 million) in public investments or entrepreneurship
- Benefits: 10-year residency, low tax environment
- Processing time: Typically 1-3 months
The UAE program is designed to attract pioneers in the tech, science, and creative sectors to contribute to the country’s innovation goals.
Investor options include:
- Establishing or partnering in an emerging Emirati business.
- Investing AED 10 million in an existing local business to expand operations.
- Starting a new business in a high-skill industry like AI, biotech, robotics, and space tech.
- Or prove excellence in fields like medicine, engineering, sciences, arts, or sports.
Applicants are thoroughly vetted for credentials and global achievements in their field. You will need strong evidence of skills and entrepreneurship.
Singapore - Requirements More Stringent but Offers Stability and Opportunity
Singapore imposes high eligibility criteria and investment thresholds – but offers an appealing gateway to Southeast Asia.
Key Facts
- Investment required: SGD 5 million (US$3.5 million)
- Benefits: 2-year path to citizenship in a stable low, tax economy
- Processing time: Up to 6 months
Investors must set up and run a successful company in Singapore and have substantial business experience.
Investment routes include:
- Direct business investment: At least SGD 5 million (US$3.5 million) in an existing or new local company. Must be a key decision-maker.
- Fund investment: Invest SGD 5 million in a GIC-managed fund and run a profitable company.
- Or set up a Family Office with SGD 5 million minimum assets.
Must show consistent revenue and profit over time. Then can apply for permanent residence after two years and citizenship after that.
While among the most stringent schemes, Singapore offers an attractive base for regional business expansion in Asia.
Caribbean Programs Offering the Fastest Citizenship Timelines
Tired of lengthy application processes? For those who value speed, here are top Caribbean nations offering citizenship in 3-6 months.
Dominica - Lowest Investment for a Caribbean Passport
Dominica provides visa-free travel to over 140 countries for the lowest investment in the Caribbean region – from US$100,000.
Key Facts
- Investment required: US$100,000 (donation to government fund)
- Benefits: Citizenship within 3-4 months, no residency required
- Processing time: 3-4 months from submission of the application
Dominica offers the cheapest citizenship-by-investment program in the Caribbean. But still with full passport benefits, including visa-free entry to the UK and Europe’s Schengen zone.
To qualify you simply invest:
- US$100,000 into the government fund OR
- US$200,000 into eco-friendly real estate
As a Commonwealth country, holding Dominican citizenship also gives you preferential access to the UK for study, working, and healthcare.
No residency period is required, so you can gain your second passport from Dominica in less than 6 months total.
St Kitts & Nevis - Popular Dual Island Citizenship Program
St Kitts & Nevis offers one of the most established citizenship programs – with over four decades of experience.
Easy visa-free travel makes it a popular choice among foreign investors.
Key Facts
- Investment required: US$150,000 (donation to Sustainable Growth Fund)
- Benefits: Visa-free to over 160 countries, no residency required
- Processing time: Typically 3-4 months from submission
To qualify for citizenship, you must invest:
- US$150,000 in the Sustainable Growth Fund (most popular)
- US$200,000+ in approved real estate
- OR US$400,000+ in an approved business
St Kitts offers a straightforward path to second citizenship on a dual island nation. Applicants must first pass strict due diligence checks before final approval.
You can obtain your passport in as little as 60-90 days from submission of a complete application. No residency period is required.
St Kitts citizens gain nearly visa-free global mobility to key business hubs.
Vanuatu - The Newest Player in Citizenship by Investment
Vanuatu is one of the newest destinations in the South Pacific offering citizenship through investment – with processing in just 1-2 months.
Low investment threshold from US$215,000 with great lifestyle benefits.
Key Facts
- Investment required: US$215,000 (government donation)
- Benefits: Dual citizenship and passport within 2 months, tropical lifestyle
- Processing time: As quick as one month currently
Vanuatu just launched its citizenship by investment program in 2020. It offers:
- One of the quickest timelines – just 30-60 days currently.
- No residency requirement.
- A family of 4 can apply for US$215,000.
- visa-free entry to the UK, EU, Russia, Singapore.
Applicants must pass a strict vetting process to ensure only credible investors gain citizenship. Funds target Vanuatu’s economic development.
Investors are drawn by South Pacific’s relaxed lifestyle, tax-friendly environment, and fastest path to dual nationality.
What Investment Routes Exist Under Golden Visa Programs?
While some flexibility exists between programs, most allow two to three investment routes to residency or citizenship.
By far, the most popular option globally is real estate investment. This is offered by almost all investment migration countries due to the asset security it provides.
Other common routes include:
Donations to Government Funds
Several nations like Turkey and Montenegro offer citizenship directly through a one-time cash contribution to a state fund aimed at job creation or economic development.
Amounts start from US$100,000 for a single applicant.
Often the quickest route to a passport but involves more risk than real estate, which retains inherent value.
Investment in Government Bonds
Buying government bonds is an alternative option available in some countries.
Bonds offer low-risk fixed-income returns. But bonds don’t create jobs or GDP growth like direct investments.
Minimum amounts are typically €500,000 to €1 million for bond investment options.
Business or VC Fund Investment
Many countries aim to attract foreign direct investment into local companies.
For example, invest over €500,000 in a Portuguese company hiring locals. Or partner in a strategic UAE tech startup.
Due diligence is stringent to ensure viable businesses that contribute to economic growth.
Capital Investments in New Hotels or Developments
Several tourism-focused Caribbean islands offer citizenship for capital investment in hotel resorts, villas, or other approved developments.
For example, invest US$200,000+ in a new eco-resort in Dominica.
Helps fund tourism infrastructure but higher risk than buying an established property.
Proof of Passive Income
Some investment migration programs don’t require an active investment, but instead allow applicants to prove sufficient long-term annual income.
For example, Switzerland’s golden visa program accepts those who can prove at least CHF 150,000-300,000 per year in secure financial income.
This aims to attract financially independent immigrants who won’t depend on public services.
Allowed sources include pensions, annuities, dividends, interest, rental yields, etc. Applicants must show clear evidence of continuing income.
While easier than finding investment capital, the income thresholds are quite high, so it limits eligibility.
Additional Investment Routes
A few other less common investment routes exist across certain golden visa schemes:
- Bank deposits: Place a minimum fixed deposit in a bank located within the country for several years. For instance, €500,000 in Portugal.
- Life insurance: Some locations accept the purchase of a life insurance product bundled with an investment as a route. Must maintain annual payments.
- Philanthropic donation: A few programs accept large donations to arts, scientific research or sports as an eligible investment under their scheme.
- Financial instruments: Investing in hedge funds or other approved financial instruments limited to high net-worth individuals.
So, in summary, real estate and government funds make up a majority of investment options globally. But alternatives exist for those who qualify.
What is The True Cost of a Golden Visa?
While headline investment amounts grab the attention, the total costs involved run higher once you factor in:
- Application and processing fees
- Due diligence and compliance costs
- Professional and legal service fees
- Taxes related to the investment
- Ongoing annual costs to maintain the status
For a single applicant seeking residency, total costs often fall in the range of:
- €75,000 to €200,000 for European golden visas
- $100,000 to $150,000 for Caribbean citizenship programs
- $250,000+ for top-tier programs like Singapore and UK
These figures factor in government, legal, and application fees on top of a base-level investment. Ongoing costs then apply annually to renew a visa or maintain citizenship status. Many variables influence total costs, like family size, due diligence complexity, and tax implications. Also, always budget 20-30% above the base investment amount for a comfortable total to obtain your golden visa.
Top Tips for Choosing the Best Golden Visa Program
With the number of investment migration programs multiplying each year, selecting the right option for your goals and budget can be challenging. Follow these tips when evaluating golden visa opportunities:
- Align with your motivations: Be clear on your motivations upfront – do you prioritize fast citizenship, visa-free travel, or retirement incentives? Align countries with your goals.
- Understand each country’s timeline: Some offer citizenship within months, while others require 5-10 years of renewals before eligibility. Factor this into planning.
- Consider future generations: Check if citizenship can be passed down to children or grandchildren. Portugal offers a legacy EU passport.
- Research processing efficiency: Opt for countries with smoother application-to-approval timeframes. Avoid schemes facing big backlogs.
- Factor in all costs: Look beyond headline investment amounts. Budget for total outlays, including fees over the full timeline.
- Explore rental income potential: For real estate investments, make sure policies allow reasonable rental yields while vacant.
- Get objective reviews: Check forums and communities for real investor experiences instead of marketing content.
- Think long-term: Consider asset growth and sustainability of your investment over a 10-20 year horizon when evaluating options.
Going Global: Your Journey to Mobility Starts Here
The world’s best golden visa opportunities won’t remain open forever. Economic shifts, policy changes, and increased demand will continue to reshape programs available globally. But for now, a rare window exists to diversify your citizenship, assets, and freedoms through investment migration programs.
For Australians seeking expanded global mobility, residency rights abroad, or even alternative citizenship, golden visas provide a proven pathway.
Follow the tips above, connect with specialized advisers, and take your first step towards a broader world of opportunities. The freedom of true global citizenship awaits you and your family.
Invest Back Home While Living Abroad
The journey to global mobility starts with smart investments back home.
As an Australian investor or expat, you can capitalise on Australia’s strong property market – even from abroad. With Odin Mortgage, you can leverage expert mortgage brokers to find, finance, and manage rental properties while you focus on your global pursuits.
Odin Mortgage makes investing in Australian real estate easy for globetrotting Aussies. Before going global, build your asset base at home.
Contact Odin Mortgage today to learn how we can help you invest in Australia’s thriving property market. With the right property investment strategy, you can earn robust returns while gaining greater freedom to live, work and explore the world.
Get a free Australian mortgage assessment today.
Frequently asked questions
Which countries offer the cheapest golden visa investment options?
The most affordable routes overall are Portugal, Greece, and parts of the Caribbean. Portugal requires €500k in real estate – one of the lowest thresholds in Western Europe. Caribbean nations like Dominica offer citizenship for around US$100k donation.
How quickly can I get citizenship through golden visas?
The fastest citizenship timelines are in the Caribbean. For example, Vanuatu, Dominica, and St Kitts & Nevis offer citizenship within 3-6 months with no residency requirement. In Europe, 5-7 years is typical for citizenship routes.
Can I buy property with a mortgage for golden visa investment?
No, you must make the investment using your own funds, not loans or debt. However, if you over-invest beyond the minimum, you can potentially use financing for the surplus amount.
Do I need to live full-time in the country offering the golden visa?
In most cases there is no requirement to continually reside in the country. As long as you maintain your investment and periodically renew your visa status, you can live there part-time or not at all.
Can I apply for golden visas as a retirement plan?
Yes, several countries offer incentives like low/no income tax on foreign pensions and retirement visas. Portugal’s NHR tax scheme exempts foreign-sourced income. The Malaysia My Second Home program also proves popular for retiring Aussie expats in Southeast Asia.
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