The top 10 Golden Visas the ultrawealthy are scrambling to get ahead of the holidays
Dominic-Madori Davis,Juliana Kaplan
- Astons, an investment immigration and relocation provider, has released its list of the most popular Golden Visas wealthy individuals are looking to obtain this holiday season.
- The list includes countries such as Cyprus, Malta, and Jersey, where the minimum cost of investment in order to obtain a Golden Visa can run into the millions.
- Many countries have these "Golden Visa programs" — also known as "citizenship by investment" or "residency by investment" — where wealthy individuals can invest in a country in exchange for citizenship or residency.
- Interests in these programs have skyrocketed amid the pandemic, as the ultrawealthy look for more ways they can travel freely, as reported by Business Insider and CNN.
- As reported by Recode's Theodore Schleifer, billionaire Eric Schmidt applied for a Cyprus citizenship, which could give him personal tax benefits and allow him to travel within the EU.
The ultrawealthy are still on the quest for Golden Visas, and investment immigration and relocation provider Astons has the list of which countries are on the top of their lists for the holidays.
Countries such as Cyprus and Montenegro are still popular for those looking for Golden Visas, according to Astons, an investment immigration and relocation provider. They're expensive. The minimum to secure a "citizenship by investment" in Cyprus can cost over £2 million ($2 million). Montenegro is relatively affordable, with a minimum investment that costs just over £300,00 ($400,000.)
Many countries have these "Golden Visa programs" - also known as "citizenship by investment" or "residency by investment" programs - where ultrawealthy individuals can invest in a country in exchange for citizenship or residency.
The investment qualification varies depending on the country but can include anything from real estate to charity donations.
Interests in these programs have skyrocketed amid the pandemic, as the ultrawealthy look for ways they can continue to travel. For instance, Recode's Theodore Schleifer reported that billionaire Eric Schmidt has applied for a Cyrus citizenship, which could give him personal tax benefits and allow him to travel within the EU.
Business Insider previously reported that the American passport has dipped in value this past year, both due to the pandemic and the political climate, causing an increase in interest from wealthy individuals looking for an alternative.
Apex Capital Partners founder Nuri Katz told Business Insider that the newly weakened passport has led many ultrawealthy to question its longevity, with some asking: "A year from now, will the American passport be enough to get me to where I want to go?"
In August, The New York Times deemed having a second passport as the new "status symbol." Business Insider's Graham Rapier reported that London-based passport broker Henley & Partners saw a 42% increase in overall citizenship applications this year, while Katz estimated to CNN that about 5,000 used investment programs in 2017 to acquire citizenship. This year, he estimates about 25,000.
Keep reading to find out the top Golden Visas wealthy individuals are looking to acquire this holiday season, in order of most to least expensive, according to Astons.
Austria -£2,704,787 ( $3.6 million) minimum investment
Scheme: Citizenship by Investment
Type: European Citizenship
Minimum investment: £2,704,787 ($3.6 million)
Visa-free access number of countries: 187
Expected time to require citizenship or residency: 2-3 years
Austria is a landlocked country in Central Europe. It has one of the oldest flags in the world and is the homeland of Ferdinand Porsche, founder of the car company Porsche.
Source: Leger
Cyprus - £1,938,431 ($2.6 million) minimum investment
Scheme: Citizenship by Investment
Type: European Citizenship
Minimum investment: £1,938,431 ($2.6 million)
Visa-free access number of countries: 174
Expected time to require citizenship or residency: 6 months
Cyprus, an island in the Eastern Mediterranean, remains popular for the wealthy looking to invest in a second passport, according to Astons. And earlier this year, CNN reported that Cyrus saw a 75% spike in citizenship applications compared to last year.
According to Recode's Theodore Schleifer, billionaire Eric Schmidt applied for a Cyprus passport, which could give him personal tax benefits and allow him to travel within the EU.
Malta - £1,036,835 ($1.4 million) minimum investment
Scheme: Citizenship by investment
Type: European citizenship
Minimum investment: £1,036,835 ($1.4 million)
Visa-free access number of countries: 184
Expected time to require citizenship or residency: 14 months
Malta is an island in the Central Mediterranean just off the coast of Sicily. According to the Astons website, those applying to the Maltese Citizenship Program must also donate €10,000 ($12,000) to a registered charity organization in the country.
Monaco -£901,596 ($1.2 million) minimum investment
Scheme: Residency by investment
Type: EU residency
Minimum investment: £901,596 ($1.2 million)
Visa-free access number of countries: 26
Expected time to require citizenship or residency: 2-6 months
In Monaco, a noted playground for the wealthy, it's estimated that nearly one and three people is a millionaire, as previously reported by Business Insider's Katie Warren. The Astons website states the country has no income tax, no wealth tax, no property tax, no local tax, and no capital gains tax.
Jordan - £761,515 ($1 million) minimum investment
Scheme: Citizenship by investment
Type: Other citizenship
Minimum investment: £761,515 ($1 million)
Visa-free access number of countries: 51
Expected time to require citizenship or residency: 2-3 months
Jordan is located in Southwest Asia. As reported by Chris Leadbeater of Telegraph UK, Jordan's capital Amman could be one of Earth's oldest cities, with human settlement traced back to nearly the 13th century.
Its royal family is also somewhat Instagram famous — Hussein, Crown Prince of Jordan, has over 2 million followers on Instagram, while his mother Queen Rania, has over 6 million.
Bulgaria -£461,617 ($612,000) minimum investment
Scheme: Citizenship by investment
Type: European citizenship
Minimum investment: £461,617 ($612,000)
Visa-free access number of countries: 171
Expected time to require citizenship or residency: 2 years
Bulgaria is a country in Southeast Europe. The Astons website states the country has one of the lowest tax rates in the EU and no physical resident is required for citizenship, though one must have a residential address.
Ireland (tied) - £450,798 ($598,000) minimum investment
Scheme: Residency by investment
Type: EU residency
Minimum investment: £450,798 ($598,000)
Visa-free access number of countries: 1
Expected time to require citizenship or residency: 2 months
Ireland does not have language requirements in order to enter the residency program, and, according to the Astons website, only one visit a year is required to maintain the permit.
Montenegro - £315,558 ($419,000) minimum investment
Scheme: Citizenship by investment
Type: European citizenship
Visa-free access number of countries: 124
Minimum investment: £315,558 ($419,000)
Expected time to require citizenship or residency: 3 months
Called "the next French Rivera," CNN reported in August that Montenegro has seen a 142% spike in citizenship applications during the pandemic. The country is about the size of Connecticut, as reported by Business Insider's Taylor Borden, and hopes to join the EU.
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