Residence by investment programs allow an applicant to obtain a
permanent residency visa for a country by making an investment such as purchase of property or investment in a business. These programs are often known as "golden visas". The programs (on their own) do not allow the applicant to obtain citizenship. However, the person may eventually be able to apply for citizenship using standard
naturalization procedures after residing in the country for a required amount of time. Many users of such programs are wealthy Chinese and Russian citizens seeking legal security and a better quality of life outside of their home country. Golden visas have been especially popular with Chinese nationals, over 100,000 of whom acquired them during the period from 2007 to 2016. In 2015, the majority of golden visas were issued to Chinese nationals. Numerous governments offer these programs including in
Abkhazia,
Australia,
Brazil,
Greece,
Hong Kong,
Malta,
Portugal, The investors' close family members also receive a residence permit without further investment requirements, including their spouse, children up to 21 years old, parents and parents-in-law. By February 2023, the country had issued 10,105 residence permits to investors and 18,154 to their family members. On 23 December 2022, the golden visa program was changed, setting the 5 year visa at a minimum of for real estate investments in specific areas of the country, coming into effect on 1 August 2023. As of September 2024, Greece's revised Golden Visa Program requires a minimum real estate investment of , except on islands with fewer than 3,100 residents, where the threshold is halved to . Investors are restricted to purchasing a single residential property of at least 120 square meters and are barred from
short-term rentals. Violations incur a fine and revocation of residency rights. The visa grants residency exclusively in Greece and does not permit employment or guarantee citizenship. Naturalization requires seven consecutive years of tax residency (minimum 183 days annually), a Greek language and culture exam, and, for males aged 18–45, completion of compulsory military service unless exempted. For comparison, ordinary residence visas are available, such as for Financially Independent Persons, or Freelance remote workers, that have a minimum income requirement with private medical insurance, and do not involve investment.
Hungary Investing €155,000 in any completed residential property in
Hungary or creating a local company to provide services, or to trade in goods, will give the investor a temporary residence permit for themselves and their family. Residential investment can give a permit lasting 5 years and the company route, 3 years. These visas are renewable. 3 years of continuous residence allows a permanent residence permit to be applied for. Seven years residency and passing a language exam will open the opportunity to acquire citizenship and a Hungarian passport.
Italy A two year residence permit achieved with buying a house, investing or donating €1,000,000. Investments being €250,000 in a start up, €500,000 in an Italian company or €2,000,000 in government bonds. Extendable for three years periods and after 10 years may be eligible for citizenship.
Latvia An investment of €50,000 into a Latvian company, provided the company pays at least €40,000 per annum in tax will gain the investor a five-year residency after paying a one-off €10,000 fee to the government. The residency is renewable or it can be converted to permanent residency after four years of residency. Citizenship is obtainable after 10 years.
New Zealand In April 2025, New Zealand changed the Active Investor Plus residency-by-investment visa programme to adjust its investment and eligibility requirements. It requires a minimum investment of 5 million, with eligibility for
citizenship after three to five years of residency. As of the end of August 2025, 42% of applicants are from the United States, followed by 15% from China and 12% from Hong Kong.
Portugal Portugal introduced a residence-by-investment programme commonly known as the Portugal Golden Visa in October 2012 during the
Great Recession, with the aim of attracting foreign investment into the Portuguese economy, particularly through investment in the country's real-estate market. The programme, formally known as the
Residence Permit for Investment Activity (ARI), grants residence permits to non-European Union nationals who make qualifying investments in Portugal. The Portuguese scheme forms part of a broader category of residence-by-investment programmes used by countries to attract foreign capital and high-net-worth migrants.
History Portugal launched the golden visa programme in 2012 as part of efforts to attract international capital following the country's sovereign debt crisis. The scheme quickly became one of the most widely known residence-by-investment programmes in Europe. By 2023 Portugal had issued more than 10,000 golden visas to investors, excluding accompanying family members. Chinese nationals represented the largest group of investors, followed by investors from Brazil, the United States and other countries.
Eligibility and investment routes The eligibility criteria for the Portuguese golden visa programme have evolved over time as the government revised the scheme. Qualifying investments currently include: • investment in venture capital or private-equity funds, • business investment and job creation, • funding for scientific research, • financial support for artistic production or cultural heritage preservation. Prior to reforms introduced in 2023, the programme also allowed eligibility through real estate acquisition and certain capital transfers to Portuguese financial institutions. The real estate investment route was removed as part of housing policy reforms intended to address rising housing prices and redirect foreign investment towards other sectors of the economy. Applicants granted an ARI residence permit obtain the right to reside in Portugal and travel within the
Schengen Area. After meeting legal requirements they may apply for permanent residence or Portuguese citizenship.
Economic impact By 2024 the programme had attracted more than €7 billion in foreign investment since its creation. A large proportion of the investment historically flowed into the Portuguese real estate market, particularly during the first years of the programme.
Housing debate and reforms The programme became controversial amid rising housing prices and concerns about housing affordability in Portuguese cities. House prices in Lisbon rose by 176% between 2014 and 2024. Critics argued that residence-by-investment schemes could contribute to speculative property investment and price increases. In February 2023 the Portuguese government announced plans to end the golden visa programme as part of a housing policy package. Later reforms retained the programme but eliminated real estate purchases as an eligible investment category and redirected the scheme toward other investment routes such as funds and business investment.
Administrative delays and legal disputes In the early 2020s the programme experienced administrative delays due to a backlog of immigration applications. Some applicants initiated legal actions seeking to accelerate the processing of their residence permit applications. Government officials have acknowledged broader immigration backlogs affecting several types of residence permits in Portugal.
Russia Russia opened its Investor Visa program on 31 December 2022. It provides the opportunity to gain permanent residency in Russia for the applicant and their direct family. To apply, one has to either sponsor a social project, purchase real estate, invest in a business, or start their own company. The residency can be converted to citizenship after 5 years.
Spain In 2013, Spain introduced a Golden Visa for residency with an investment of €500,000 in unmortgaged real estate, €1,000,000 in Spanish companies, or €2,000,000 in Spanish government bonds. This visa is also available to people with a business project that will make a "significant" contribution to the Spanish economy. The Golden Visa also allows holders to travel freely to and from Spain without taking up (tax) residency, as long as they visit the country once per year to renew the visa. However, because the visa itself is considered equivalent to a residency card, holders also have the right to travel within the Schengen area on visa-waiver conditions, which is a considerable advantage to citizens of certain countries who might otherwise have difficulties obtaining Schengen visitor visas. On 8 April 2024 Spanish Prime Minister
Pedro Sánchez announced that his government would terminate the Golden Visa, but without specifying an exact end date.
United Arab Emirates The
United Arab Emirates (UAE) introduced the 10 year Golden Visa system in 2019. It allows qualifying individuals to live, study and work in UAE without the need of a national sponsor. The residence visa program, offers various possibility to become a resident in the UAE for certain category of professionals, such as PhD holders, scientists, outstanding professional in a specific field or industry and/or to doctors and their families. Other skilled professionals included are senior scholars, elite specialists in industry and fourth industrial revolution, specialists in health industry and education. The visa duration is 10 years for public investments and 5 years for real estate investments. Requirements include a minimum capital of AED 2 million, along with property ownership or contribution to an establishment paying at least AED 250,000 annually in taxes. Golden visa holders are allowed to sponsor others, including their spouse, children and support staff. The visa can be renewed if the required criteria is met. Unlike some other golden visa programs which requires the visa holder to maintain a duration of stay in the country, the UAE golden visa has no restriction on the maximum duration of stay outside the UAE to maintain validity of the visa. The UAE Golden Visa costs AED 9,884.75 for investors.
United States The United States has three main investor visa programs: the E-2, EB-5 visas, or an application to the
Trump Gold Card program. The
E-2 visa investor program allows foreign nationals of specific treaty countries to invest in a start up, buy a business or a
franchise to reside legally in the U.S. The initial visa term varies from three months to five years depending on the U.S. reciprocity schedule with the applicant's country of citizenship. The E-2 visa can be renewed indefinitely and it is possible for the investor to change their legal status to a green card (e.g.
EB-1A,
EB-2,
EB-3 or
EB-5). The E-2 visa investor must commit to investing a substantial amount (generally ) and create American jobs (usually 2+). Most investments under will require the investor to work 40+ hours a week in the business at least for the first 12 to 18 months. As per recent changes made to the US regulation, individuals holding a passport from a treaty country are required to be domiciled there for a period of three years before being eligible to apply for the E-2 investor visa. This amendment was introduced as investors who were not from the treaty countries would obtain citizenship in one of the treaty countries to become eligible for the E-2 visa program. Created in 1990, the program was intended to boost the U.S. economy with the help of foreign investors and overall job growth. There is an annual cap of 10,000 applications under the EB-5 program. The program is designed to encourage foreign investment in infrastructure projects, particularly in
Targeted Employment Areas (TEA) with high unemployment. Funds are channeled through businesses known as regional centers, now designated only by the
U.S. Department of Homeland Security. An example of a project is a million development by the
Pennsylvania Turnpike Commission. In addition to the regional centers, various advisory firms, such as EB5 BRICS, provide services to potential investors seeking guidance on the application process and project opportunities under the EB-5 program. In March 2022, the EB-5 program was overhauled with the passage of new legislation called the EB-5 Reform and Integrity Act (RIA). Changes were introduced by RIA to enhance the appeal of the program. RIA allows concurrent filing which permits investors to live and work in the USA while waiting for the adjudication of their EB-5 applications.
Cyprus Introduced in 2012, with several subsequent amendments, the Cyprus Golden Visa or Residency by Investment Program allows applicants who invest €300,000+ in an approved category to apply for permanent residency in Cyprus. After 8 years of residency, which includes 5 years of physical presence in Cyprus, it may be possible to apply for citizenship.
Discontinued Canada The country historically had a national-level Canadian Immigrant Investor Program since 1986, but it was suspended in 2014. Most of the applicants were Chinese, who preferred to settle on the Pacific coast. The program has been associated with the lack of
housing affordability in
Vancouver.
Quebec maintains its own program, also established in 1986 – the Quebec Immigrant Investor Program – since the province has the right to set its own immigration policy due to a
legal agreement with the federal government. The program was suspended between 2019 and 2024 by the province, citing problems with the program's "integrity" and low retention rate. In 2024, the government reopened the reformed program, which imposes more stringent financial requirements and requires the applicants to be fluent in French, barring the majority of potential investors.
Ireland Introduced in 2012 the "Immigrant Investor Program" (IIP) offered non-
EEA nationals residence permission based on long-term investment into enterprises, investment funds, real-estate or
non-profits in the
Republic of Ireland. It offered a path to citizenship in Ireland through living in Ireland under the programme. The IIP closed in early 2023. Since 2012 the program has brought €1.17 billion to Ireland. The majority of investments were made by Chinese nationals.
United Kingdom The UK had a program known as a
Tier 1 (Investor) visa, which opened for applicants in 2008. According to the
Home Office, 255 visas of this type were granted in the first half of 2019. The Tier 1 (Investor) visa scheme was closed to new applicants on 17 February 2022. == Hybrid residence-citizenship programs ==