US President Donald Trump has proposed a new visa scheme in which a $5 million investment could get a foreigner a “gold card” residency permit.
With the new visa option, President Trump hopes to bring “brilliant, hardworking, job-creating people” to the United States, who are going to “pay a lot of money” to the government. “I want to do what has not been done in 24 years, balance the federal budget,” he said addressing the joint session of Congress.
President Trump said that the gold card is “like the green card, but better and more sophisticated.”
In recent years, the so-called “Golden Visas” have gained popularity among the top one per cent worldwide. The phrase technically means “residence by investment” to foreigners who buy real estate, make economic investments, or, in certain situations, directly donate funds to the government. A $5 million “gold card” in the US makes it one of the most expensive visa schemes in the world.
Here is a list of countries that offer golden visas but with a much lower investment threshold:
Greece
Greece launched its golden visa program in 2013, allowing foreigners to apply for Greek permanent residency permits. These permits need to be renewed every five years and demand a minimum real estate investment of about 250,000 euros ($262,800).
Malta
According to Malta’s golden visa program, investors must either purchase real estate for 350,000 euros ($370,000), or maintain a minimum yearly rental income of 12,000 euros ($12,500). In addition to having a net value of at least 150,000 euros (almost $160,000) in financial assets, potential investors must be at least 18 years old and have a net worth of at least 500,000 euros (more than $525,000).
Read: Golden Visa vs Golden Passport: Which Path To Global Mobility Suits You Best?
Italy
A two-year investor visa, investment freedom (government bonds, shares, or public interest initiatives), and 10-year citizenship are offered by the Italy Residence by Investment Program. For startups, the minimum investment is 271,000 euros ($295,000).
United Arab Emirates
UAE allows foreigners to apply for a residency permit as long as applicants spend at least two million AED (about $550,000) on property in the Gulf nation. The program offers a 10-year golden visa, tax incentives, a simplified residence procedure and the ability to include family members of any age.
Cyprus
The residency-by-investment program in Cyprus requires investors to buy residential real estate worth at least 300,000 euros (nearly $320,000), invest that sum in a registered Cypriot company, or buy investments from the Cyprus Investment Funds Association. Additionally, investors need to prove that they have sources of income outside of Cyprus exceeding 50,000 euros.
Read: The World’s Easiest Places To Buy Citizenship, Here’s What It Takes
Portugal
The country has a low residency requirement (seven days per year) and it offers citizenship in just five years. However, it no longer permits real estate investment. With $271,000 as the lowest financial entrance point in low-density areas, it also permits visa-free travel inside the Schengen area.
Spain
Spain often tops the rankings of the best countries for golden visas since it has no residence restrictions and grants residency rights to spouses and financial dependents. Getting one can also happen quickly, sometimes in less than a month. Investors must buy at least 500,000 euros worth of real estate or, as an alternative, they need to have at least 1 million euros in bank accounts, firm stock, or investments in the nation’s financial institutions.
Latvia
Latvia Residence by Investment Program is one of the cheapest golden visa programs with only a $54,000 investment. It offers a five-year residency permit, visa-free Schengen travel, and entry to Russia with no minimum stay needed for renewal.
Read: Golden Visa Inquiries From US Citizens Soar After Trump Win
Dominica
Their golden visa program requires an investor to contribute at least $200,000 to the country’s economy. In return, full citizenship is awarded to the visa holders and their families.
Grenada
It requires candidates to contribute at least $235,000 to the nation’s economy, in return, Grenada permits visa holders to visit countries such as Grenada, China, Singapore, Russia, Britain, and the Schengen Area of Europe.
Thailand
Thailand has a tiered membership system and a 20-year visa with low admission fees of $20,000. There is no minimum stay restriction, so candidates can bring family members, and the cost of living is minimal when compared to the United States.
Switzerland
As long as investors pay between $300,000 and $1.2 million in taxes annually rather than direct investment, the Swiss Residence Program offers a six-month initial residence permit with the possibility of an unlimited renewal. Visa holders also have access to Switzerland’s flawless financial system, infrastructure, and visa-free Schengen travel in exchange.