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The best golden visas - THE TELEGRAPH
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The urge to escape the UK remains strong among many families, who are fleeing from punitive tax changes, high inflation and increases in school fees.
Better employment opportunities, quality of life, EU access and tax perks are among the pull factors to Europe – or beyond.
Golden visa programmes, which came about after the 2008 financial crisis, offer residency in exchange for investment. They provide a permit that can begin the pathway to citizenship after five to 10 years if required, and if certain conditions are met. And for many of them, tax residency is optional.
They can be distinguished from so-called ‘golden passports’ that sell citizenship from the outset, notably offered by Malta and Grenada.
Both golden visas and passports are opposed by the European Union, and some national governments have ended or limited their schemes, particularly those that incentivise real estate investment which they have caused property prices to soar.
But of those that remain, which are best? It depends whether you want to claw back your EU status, relocate or save tax. The European golden visas offering Schengen access have an edge over those that don’t – but note that these visas do not necessarily give the right for holders to live (or work) in other countries across the EU, only the country issuing the visa.
Other considerations include level of investment required, convenience of location, pathway to citizenship and the number of days required to stay there per year.
But not all golden visas are equal. Here, with input from immigration advisers, we examine the schemes which are among the five most favoured and useful schemes for British people.
- Best for a quicker path to citizenship
- ... access to flat-tax regimes
- ... zero income tax
- ... EU access at a lower price
- ... retirees looking for a low-tax haven
Best for... a quicker path to citizenship
Portugal
Expats flock to Portugal for the lifestyle and English-speaking community - Moment RF
Portugal’s golden visa remains a favourite. Last year, Portugal approved a record-breaking 4,987 golden visa applications from people of all nationalities, 72pc more than the previous year, according to the immigration agency AIMA. Many attribute this increase to the end of the Spanish golden visa, which ceased in April this year.
But there are strong lifestyle drivers, too. Patricia Casaburi, of Global Citizen Solutions, says: “Portugal is the top choice for many wanting to relocate in Europe. Lifestyle, and the huge influx of foreigners over the last few years, have made it increasingly easy to find a community to connect with. English is widely spoken.”
The growth of international schools in Portugal is another pull, and you only have to spend seven days a year there to retain your visa. Often it is Schengen access that is the real clincher – the Greek golden visa also offers this, but a key difference is that in Portugal you are allowed to work locally on this visa, unlike golden visa holders in Greece.
Schengen access gives the right to visa-free travel within the Schengen area, but not the right to reside or work in those other countries. This is especially sought after by Chinese and Indian applicants who make up a large proportion of golden visa holders.
Casaburi adds that there is a straight-forward process to secure citizenship in Portugal, after only five years, although there are possible changes to the timescale in September.
To qualify for the golden visa, you must either donate €250,000 (£217,000) to an accredited Portuguese foundation or invest €500,000 in private equity or capital funds, which is the more popular option.
After five years you can apply for permanent residency or citizenship – and there’s a tax-efficient way to get your money back, says Casaburi. “Portuguese non-residents are generally exempt from paying taxes on dividends and capital gains from the venture capital fund, so those who maintain their tax residency in their home country pay no Portuguese taxes on fund distributions or capital gains.”
If you opt to become a Portuguese tax resident, you’ll pay 10pc tax deducted at source on distributions from golden visa-eligible investment funds, which is significantly lower than Portugal’s standard capital gains tax rates.
Biggest negative? The backlog of applications means waiting times of 18 to 24 months for this visa. However, the Portuguese government has promised to reduce this in 2025.
Best for... access to flat-tax regimes
Greece
Greece has had a surge in golden visa applications ahead of rule changes - Igor Tichonow
Greece’s golden visa has been increasing in popularity: last year there were 9,100 applications, according to the Ministry of Migration and Asylum, which is double the amount in 2023. However, this can in part be explained by a rush to beat the changes to the scheme at the end of 2024.
The raising of the property price threshold from €250,000 to €800,000 on popular islands such as Crete and in Athens has now put it beyond the means of many British homebuyers. The UK does not feature in the top 10 nationalities applying for it, which is headed by China, Russia and Turkey.
Interest from the US has grown, says Eleni Acquarone, of Elxis – a Home in Greece. “In six months we’ve already reached the total number of American citizen applications we had for 2024.”
She is seeing a broader spread of locations now, shifting across the Greek mainland where the €400,000 threshold applies – to the Ionian Coast and the Peloponnese, especially around Kalamata.
The Greek golden visa offers Schengen access and has no stay requirement per year. There are options to get the visa by spending only €250,000 (on either an historic property to restore or the conversion of a commercial building into a residential one). But much of Greece is less easily accessed from the UK than Portugal and the path to citizenship is seven years, not five.
While it can be used in tandem with Greece’s two flat-tax regimes (€100,000 lump sum per year, or 7pc income tax for retirees), it offers no access to the labour market – you can work for a foreign company remotely in Greece but you cannot get a job in Greece. You are also not allowed to rent out the property for short-term lets.
Biggest negative? The new €800,000 threshold has priced out lower and mid-market buyers.
Best for... zero income tax
United Arab Emirates
A high cost of living hasn’t put off thousands of British families from a life in Dubai - iStockphoto
Despite increases in the cost of living, especially housing costs, the UAE remains the hotspot for British people relocating to the Middle East for tax perks and lifestyle benefits.
Those moving are attracted by the UAE’s political stability, economic growth, pro-business environment and regulatory certainty as key drivers. Of course, the zero personal income tax on salaries, investments or rental income earned within the country is another. There is no capital gains tax, inheritance tax, wealth tax or annual tax on worldwide assets.
Entry points are relatively low, compared to other countries: a 10-year golden visa requires at least AED 2m (£405,000) of investment into a business or property purchase, while the five-year ‘silver visa’ for those over 55 requires the purchase of a property of AED1m (£202,000) or to invest half that sum in a pension account.
Real estate purchases for golden visas are usually required to be unmortgaged, but the UAE scheme was altered this year to make eligible those with a 20pc deposit. Some off-plan properties are eligible, if 50pc of the cost is paid off. A separate work visa is not required.
Biggest negative? No Schengen access, though there is the right to live in seven emirates.
Best for... EU access at a lower price
Latvia
Latvia’s low entry point and Schengen access appeals to British buyers wanting EU status - Moment RF
Latvia’s low entry point of €60,000 (£52,000), and the fact it offers Schengen access, have made this Baltic state’s golden visa scheme very popular. You can move around the EU with this golden visa, though it doesn’t give you the right to live and work there.
Russians dominated applications until they were banned in 2022, but after a drop in popularity the scheme recorded notable growth during 2024, according to relocation adviser Savory & Partners, which reports a shift in demand to Chinese and Turkish buyers.
Of the options available, the €50,000 investment into a Latvian fund (plus €10,000 donation to the state) dominated demand, with the real estate investment option (more than €250,000) way behind, showing its appeal as a mobility tool rather than for relocation. It does, however, allow visa holders to work in Latvia.
“Schengen access is the real driver, but the annual in-person renewal requirement is a burden compared to other golden visa programmes,” says Artur Saraiva at Global Citizen Solutions. The permit is for five years, but requires the holder to confirm their status every year by travelling to Latvia to do this. There is also a long 10-year path to citizenship.
For those moving there, the tax regime in Latvia is attractive; the top rate of income tax is 31pc.
Biggest negative? Northern European climate and the lack of lifestyle appeal.
Best for... retirees looking for a low-tax haven
Cyprus
Retirees in Cyprus pay a low 5pc flat tax on pensions - Kirillm/iStockphoto
You need to invest a relatively low €300,000 to qualify for Cyprus’s Residence by Investment visa. This can be into new-build real estate, shares in a Cypriot company employing at least five people, or units in a Cypriot Collective Investment Organisation. But it also requires proof of financial resources: €50,000 per annum, plus €15,000 for a spouse.
The scheme is popular with wealthy non-EU citizens from Russia, Israel, Lebanon and increasingly Asia, who are drawn to Cyprus’s stability, English-speaking environment and favourable tax regime, according to Global Citizen Solutions.
For UK and US nationals, the distance to travel is less convenient than Portugal. Cyprus is not yet part of the Schengen area – it has applied to join – so this is a reason why it is less popular than other countries offering Schengen access.
But the tax benefits do attract British people: the non-dom tax regime offers no tax on passive income such as dividends and interest for 17 years, while for retirees there’s a 5pc flat tax on pensions.
Although it is in a strategic position between Europe, the Middle East and Africa, small-island life is too restrictive for some, and it doesn’t offer the right to work.
Biggest negative? Lack of Schengen access
