With an ever-changing economy and the need for better financial opportunities and quality of life, many people are looking for ways to relocate abroad. 

The Golden Visa has historically been one of these opportunities, giving you the opportunity to “buy” your own visa by investing in real estate, or investing or donating in the country

However, with some countries cracking down on their security and stopping their Golden Visa programs¹, could there be a better option for you?

Keep reading on to find out if any of these options could work for you and fast-track your plans to a better future…

What Are Some Alternative Options To The Golden Visa Program For Obtaining Citizenship Or Residency?

When it comes to obtaining citizenship or residency, there are alternatives to the Golden Visa program that offer different paths to achieving your goals.

One option is through naturalization, which typically requires a certain period of legal residency, language proficiency, and passing a citizenship test.

Another alternative is through investment-based programs offered by various countries, where you can make a significant financial contribution or invest in specific sectors to gain residency or citizenship.

These programs often have different eligibility criteria, investment amounts, and residency requirements, so it's important to research and choose the one that aligns with your needs and goals.

Additionally, some countries offer special programs for entrepreneurs, allowing them to start or relocate their businesses in exchange for residency or citizenship.

These programs often require a minimum investment in the local economy, job creation, or specific sector development.

They can be a great option for individuals who want to combine their business endeavors with obtaining residency or citizenship.

It's essential to research the specific requirements, benefits, and limitations of these alternative options to ensure they align with your long-term plans and aspirations.

Top 4 Golden Visa Alternatives

The top 4 Golden Visa alternatives are:

• EU residency programs
• Residency by real estate
• Passive income and retirement visas
• Skills based visas

Take a look at them below:

EU Residency Programs

The European Union (EU) Residency Programs are visas available to applicants who have enough financial means to support themselves and their families in the country without looking for work.

Let’s take a look at the EU Residency Programs available to you in various countries:

Portugal: D7 Residency Visa Program

The Portugal D7 Visa is available to individuals living off of a recognised stable income. 

This could come from real estate, pensions, or various other investments.

Spain: Non-Lucrative Residency Visa Program Residency Program

The Spain Non-Lucrative Residency Visa, much like the above Portuguese D7 Visa, is for people who’ve sufficient means to financially support themselves within the country. 

This visa can also include spouses and dependents. 

France: Residence Visa for Financially Independent Persons

The France FIP Visa is for people who don’t have residency in any other EU country and can prove a stable income in their home country. 

The person applying must either buy or rent a home in France and must also sign up for French health insurance.

Greece: Financially Independent Person Residency Visa Program

The Greek FIP Visa is granted to 3rd-country nationals who can show sufficient income (there are minimum requirements) within their home country. 

After 5 years on the Greek FIP Visa, you’re eligible to apply for permanent Greek citizenship.

Germany: EU Blue Card By Investment Solutions

The Germany EU Blue Card Work and Investment Visa offers the opportunity for skilled individuals to gain residency in Germany by essentially "sponsoring” their way by obtaining work in the country or by business investment. 

This is a work visa and is dependent on you keeping a job within the country and passing a German language test.

Residence by Real Estate Investment

Some countries offer applicants the opportunity to gain residence by real estate investment, which essentially means “buying” their right to live in the country by making substantial investments in that country’s real estate market.

Take a look at the countries below.

Malta

Ranging from investments of between €175,000+ and €700,000+ in real estate, Malta affords you the right to either a 2-year residency visa, a permanent residency visa, or citizenship, depending on your investment level².

Cyprus

A real estate investment of €300,000+ and €30,000+ in your bank account could get you and your family permanent residency in Cyprus within 2 months, with the option of getting citizenship after 5 years after receiving your permanent residency³.

Spain

Spain’s Residence Permit by Investment Program affords investors who invest €500,000+ in real estate in the country 2 years of residency, with the option of later extending the stay by another 5 years⁴.

Although this is one of the more costly options, this residency can include spouses, minor children, parents, and children over 18 (as long as they’re dependents), with the possibility of adding more family members later.

Latvia

The Latvian Residency by Real Estate Program is limited to specific regions within Latvia and requires an investment of €250,000+ in no more than 2 properties. 

Applicants can include dependents, and after 5 years of residency, they are eligible to apply for citizenship⁵.

Passive Income & Retirement Visas

Passive income andretirement visas are available to individuals and, in most cases, their families who’ve a steady source of income, either from a pension, real estate, trust funds, or similar.

These countries are currently offering the top passive income and retirement visas available to you:

Spain Non-Lucrative Visa

The Spanish Non-Lucrative Visa is available to individuals not wishing to work or wanting to retire in the country. 

Applicants can include family members and will receive at first 1 year of residency, with the ability to renew every 2 years, and the potential to apply for citizenship after 5 years of residence.

Greece Passive Income Visa

Greece’s FIP (Financially Independent Persons) Visa requires that you have a steady income of €2,000+, a further 20% for a spouse, and a further 15% for a dependent. 

This is issued for 2 years and can be renewed for a further 3 years. 

The Greece FIP Visa doesn’t allow you to work in the country ⁶.

Greece Retirement Visa

Although Greece doesn’t specifically have a retirement visa, you can obtain a permit for the reason of retirement. 

Furthermore, retirement in Greece is particularly appealing with only a 7% retirement tax for foreigners (the retirement age in Greece is 67)⁷.

You’ll need to prove a stable income and have active medical insurance to qualify.

Italy Elective Residence Visa

Italy is a bit more specific with their income requirements and expects that you have a minimum annual income of €31,000 as an individual, €38,000 as a couple, and a further €20,000 per dependent, if applicable ⁸.

This visa has a validity of up to 5 years, with the option of another 5-year renewal, and potential citizenship after 10 years within the country.

Malta Retirement Visa

Malta is a bit stricter on its retirement visa requirements. 

You have to be of a specific retirement age, own or rent a property of a certain value in Malta, be in good health, and have your income come from pensions. 

They also require you to spend a specific amount of time in Malta and not more than 6 months in other EU countries in a year. 

Once you’ve jumped through all these hoops, you’re issued a visa for 5 years, which you can renew provided you meet all the initial requirements.

Cyprus Category F Visa

Cyprus’ Category F Visa is available to all foreign nationals who can prove an annual income of €9,568.17+ and should they wish to include dependents (18 years of age or younger) in the application, a further €4,613.22 for every dependent person⁹. 

Applicants must purchase or rent a property in Cyprus and aren't allowed to engage in any business in Cyprus.

Latvia Retirement Visa

Latvia is said to have one of the better retirement visas, with the only requirements being that your nationality hasn’t been banned by the country, you can finance your stay comfortably, and you are over 65 years of age. 

You’re eligible to receive citizenship after 10 years, at which point you'll need to pass a Latvian language exam.

UAE Retirement Visa

The UAE Retirement Visa is available to you if you’re a retiree and over the age of 55, provided you’ve worked for a minimum of 15 years, own property worth AED 1 million or above, and have savings of AED 1 million + or a monthly income of AED 20.000 + (15,000 for Dubai)¹⁰.

You'll receive a 5-year visa, with the possibility of renewing it as long as you continue to meet the above requirements.

Argentina Rentista Visa

A “rentisa” is an individual that has passive income or steady income coming in from the rental of real estate. 

You require a minimum of 30,000 Argentine Pesos in monthly income to qualify for this visa, and need to visit Argentina to apply for the Visa¹¹.

The visa is issued for 1 year at first, and then renewable for up to 3 years.

Argentina Pensionado Visa

Argentina’s Pensianado Visa is almost identical to the Rentista Visa. 

You need to meet the same requirements of 30,000 Argentine pesos in monthly income to qualify for this visa; however, this needs to come from a banked and reliable pension¹².

Costa Rica Rentista Visa

Costa Rica’s Rentista Visa requires that you have a steady source of income of US$2,500 or more monthly for a minimum of 2 years. This is usually required to be paid in one lump sum of $60,000 over 2 years and includes a spouse and dependents under the age of 25¹³.

The visa is valid for 2 years and renewable thereafter. 

After being in the country for 3 years, you’re eligible to apply for permanent residency, and after 7 years, for citizenship.

Costa Rica Pensionado Visa

The Pensioners Visa in Costa Rica is almost identical to the Rentista Visa, but requires a lower monthly income of only US$1,000, and can also include a spouse and dependents under 25 years of age¹⁴.

Mexico Retirement Visa

To retire in Mexico, you need to obtain a Permanent Resident Visa, and then convert that into a Mexico Permanent Resident Card. 

To qualify for this, you must have retired in your own country, be able to prove sufficient income, plan to reside permanently in Mexico, and not earn any income from Mexico.

Panama Retirement Visa

Panama, much like other countries, requires you to prove a sufficient amount of monthly income to qualify for Panama’s retirement visa. 

The only difference is that you can make up the difference with a combination of monthly income and real estate investments. 

For Paname, you need a monthly income of at least US$1,000, plus an extra US$250 for each person who lives with you¹⁵.

Austria Passive Income Visa

To qualify for Austria’s Passive Income Visa, you’ll need to show a monthly income of €1,110.26 or more, as well as an additional amount per independent¹⁶.

You’ll also need to take a German language test, have sufficient health insurance, and have proof of where you intend to reside within Austria.

Skills-Based Visas 

Visas can be an expensive process, and not all of us have the means to put forward these up-front expenses. 

If you find yourself falling into this category, there are still many options available to you. 

Skills based visas are a great way to get into a country, either by being endorsed or by bringing your business into the country. 

Does this sound like something that works for you? 

Keep reading below to find out.

UK Innovator Visa

This UK-based visa is available to businesspersons who wish to start a business within the UK. 

You'll be required to have at least £50,000 to invest in your business, as well as an airtight business plan, be approved by a UK endorsing body, pass an English exam, and have sufficient funds to support yourself and your family (spouse and child dependents)¹⁷.

The visa is initially issued for 3 years, and then you can apply for permanent residency.

UAE Green Visa

The UAE Green Visa is for individuals who wish to ‘sponsor’ themselves for 5 years to live and work in the UAE. 

It’s available to skilled individuals, including freelancers, employed persons, and self-employed persons, and requires proof of employment, qualifications, and, in the case of self-employed or freelance individuals, proof of income for the past 2 years. 

The UAE Green Visa is renewable for another 5 years once it has expired.

Portugal D2 Business Visa

The Portuguese D2 Visa is available to individuals residing outside of the EU who wish to start a business in Portugal or relocate their existing business into the country. 

You must show that you have an existing company set up in Portugal or the financial means available in Portugal, along with a business plan to start one, as well as sufficient income to support yourself while living in the country.

Portugal HQA StartUP Visa

The Portugal HQA StartUP Visa is essentially an investment visa where you come alongside a Portuguese government-supported research program and startup incubator. 

You determine your involvement in the project, and your residency is fast-tracked. 

The visa can also include your direct family members.

Tech Nation [for DigiTech]

This visa, aimed at both tech industry geniuses and newcomers alike, gives the applicant and their family the opportunity to relocate to the UK for up to 5 years with the possibility of renewal and permanent residency. 

You need to have a background in one of their required tech fields, and you don’t have to have a job lined up. 

There’s a £608 application fee, and you’ll be required to pay an annual healthcare surcharge.

Arts Council England Visa for Arts & Culture

This visa is available to individuals showing promise in the fields of arts and culture who would like to work in the UK. 

Applicants must be issued an endorsement letter from Arts Council England, must have been working in their field in the last 5 years, and must have worked on projects that have been globally recognized or given awards.

Science, Engineering, Humanities, and Medicine

For this skills-based visa, applicants must be endorsed in their respective field by one of the following and meet specific requirements for that field:

• The Royal Society (for natural and medical science applications)
• The Royal Academy of Engineering
• The British Academy (for humanities and social science)
• UK Research and Innovation (for science and research applications)

Common Questions

In Conclusion

There are many alternatives to the Golden Visa; it all comes down to your specific needs. 

If you’re able to invest in a country’s real estate or business, there’s a high likelihood of you being fast-tracked to getting a visa. 

The next-best option would be the ability to show that you can financially support yourself in the country without having to work there.

If you have a sought-after skill that a specific country requires, this is another excellent Golden Visa option, though it appears to be the most time-consuming of the 4.

All in all, among these great alternatives to the Golden Visa, we’re sure that you can find the right fit for you and your family.