A REPORT FROM SOVEREIGNMAN.COM GOLDEN VISAS: A ROUNDUP OF ECONOMIC RESIDENCIES AROUND THE WORLD A BLACK PAPER GOLDEN VISAS: A A ROUNDUP OF ECONOMIC RESIDENCIES BLACK AROUND THE WORLD PAPER CONTENTS What is a golden visa? ......................................................................................................4 Is a golden visa right for you? ...........................................................................................5 What asset class should you invest in and what are the risks? .............................................6 Programs that we did not include .....................................................................................9 Part I. European golden visas ..........................................................................................10 European golden visas summary table .............................................................................12 Portugal .....................................................................................................................13 Spain .........................................................................................................................19 Cyprus .......................................................................................................................24 Greece .......................................................................................................................29 Malta .........................................................................................................................34 Latvia ........................................................................................................................39 Part II. Residency by investment programs (golden visas) in the rest of the world .............44 Quebec (Canada) .......................................................................................................46 Colombia ...................................................................................................................49 The Philippines ..........................................................................................................53 Thailand ....................................................................................................................57 Malaysia ....................................................................................................................61 Honorable mentions ......................................................................................................65 Australia ....................................................................................................................65 The United States ......................................................................................................67 New Zealand .............................................................................................................69 Conclusion ....................................................................................................................70 2 Golden Visas: A Roundup of Economic Residencies around the World © 2017 SovereignMan.com GOLDEN VISAS: A A ROUNDUP OF ECONOMIC RESIDENCIES BLACK AROUND THE WORLD PAPER Every solid Plan B needs a residency option overseas. And with all kinds of potential threats around the world, your planning should happen well before any storm hits. Take the smart, well-prepared residents of the US Gulf or East coasts, for example: Days before a hurricane makes landfall, they board up their homes and businesses and travel to higher ground. There, they can wait out the storm and rest a little easier, knowing that they’ve taken the necessary steps to secure their property and preserve their family’s safety. Planning for an overseas escape hatch is no different. The time to choose a location is now, while geopolitical storms are not imminent and the waters in your home country are relatively calm. It’s impossible to craft a solid overseas residency Plan B while packing your bags. Such hasty planning may trap you and your family, forcing you to ride out the storm’s unpredictable, destructive path. However, if you heed the warning signs and act accordingly, you’ll be safe. Your family will be safe. And you’ll be glad that you invested the time and money into this valuable insurance policy. If you can find an overseas location where you enjoy spending time, all the better. And if you can establish a cash-flowing investment property, even better. The best way to establish a foothold overseas is to be part of the lucky gene pool club. That is, if your grandparents hailed from Ireland, Italy, or even Poland in many cases, you might just qualify for instant (and cheap!) full citizenship back in the motherland. Maybe you’re not part of the club, but you have desirable skills or experience. Or you marry a citizen. Or you have a baby in a country that grants citizenship to the child and residency (or even citizenship) to the parents. There are many viable ways to gain residency (and often, eventually citizenship) abroad. Lately, one of the most popular ways – for those who have the means – became the so-called golden visa programs. 3 Golden Visas: A Roundup of Economic Residencies around the World © 2017 SovereignMan.com GOLDEN VISAS: A A ROUNDUP OF ECONOMIC RESIDENCIES BLACK AROUND THE WORLD PAPER That’s what we’ll cover in this report, giving you an overview of countries we believe offer some of the better golden visa options around the world. From half a dozen European countries to Canada to several Asian nations – one of these destinations might just be your place to avoid the ominous storms around the world. And that’s what we’re examining in this paper… places (both in and outside of Europe) where you can acquire residency – and in many cases, eventually citizenship – via a golden visa program. WHAT IS A GOLDEN VISA? As the name suggests, a golden visa is NOT the same as citizenship by investment. It is residency. Of course, full citizenship programs indeed are offered by several nations, many of which are in the Caribbean. On those islands, you must “invest” anywhere from about $120,000 to $400,000+ in a non-refundable government contribution, or in an approved (and usually highly overpriced) real estate project. In exchange, you receive a passport in short order. But that’s the Caribbean. Most of the rest of the world is different. Selling citizenship outright, for a price as low as $100,000 (plus processing fees), would be political suicide for most governments... especially those with large welfare states. It would be especially frowned upon among EU countries constantly watched by The Eye of Sauron in Brussels. (Malta and Cyprus still do it, albeit for a much higher price.) Selling residencies, not citizenships, is a more palatable solution for cash-starved governments. You must simply prove you’re not a criminal and that you won’t be a burden to the country’s medical or social security system. In return, you normally receive temporary residency, renewable annually, and in some cases even permanent residency right away. To continue renewing your residency, your investment in the country needs to remain intact – property not sold, government bonds still in your name, etc. And you’ll need a few more 4 Golden Visas: A Roundup of Economic Residencies around the World © 2017 SovereignMan.com GOLDEN VISAS: A A ROUNDUP OF ECONOMIC RESIDENCIES BLACK AROUND THE WORLD PAPER years of residency in the country, plus knowledge of a local language, to become eligible to even apply for a passport. Yes, it does require a certain commitment, but it’s well worth the wait and effort. A European passport (especially any EU passport) is a great asset that offers an excellent visa- free travel and opportunity to live, work, run a business, study… in any other EU country, from Portugal to Finland. And golden visas are not just about the EU: The rest of the world has something to offer, too. Several exciting Southeast Asian countries offer their versions of golden visa programs, as well as the countries from North and South America. Even Australia and New Zealand have immigration programs geared towards (serious) investors. IS A GOLDEN VISA RIGHT FOR YOU? Just as with anything else, it all depends on your personal situation. If throwing half a million euros into a property in Spain or Portugal is no big deal for you, then go for it. You can live there full-time, or just come for a few days’ vacation every year and stay in your own place. You can even rent it out when you’re not there. However, if you’ll wake up in a cold sweat with nightmares of tenants trashing your Mediterranean condo, then you might want to consider cheaper and more traditional options first. Pretty much every country that offers a golden visa program also has a traditional way of obtaining residency. Marriage (and even common law partnership) with a citizen of a country is typically the easiest way. Also, having a child in a country often makes immigration matters go easier or faster. Of course, marrying a European or having a child may not be on your to-do list for the near future. Especially if your spouse has anything to say about it. In that case, you could target a job in your desired country, a real possibility if you have a resume heavy on STEM (Science, Technology, Engineering, and Math) experience and skills. Alternatively, you could go for residency by opening a local business. Governments all over 5 Golden Visas: A Roundup of Economic Residencies around the World © 2017 SovereignMan.com