Passport or Residence Permit For Investment: in Which Countries It is Still Possible to Obtain a “Golden Visa”

Donald Trump, at his press conference in late February 2025, spoke out about the launch of a “golden visa” program in the United States. According to him, for 5 million dollars, foreigners will be able to get a residence permit and later a path to American citizenship.

The statement caused resonance, especially against the background of tougher migration rules in the US in general. However, this is not an official announcement, and the program is certain to have additional conditions and nuances.

In our article, we will understand what the idea of the US “golden visa” is and, at the same time, consider similar programs in other countries.

American “Golden Visa”: What is Known?

According to Donald Trump, buyers will receive privileges beyond the standard green card, mainly due to the possibility of obtaining citizenship.

The meeting was also attended by US Secretary of Commerce Howard Lutnick. He added that the new program will replace the current EB-5 investor visa, and gold cards will be sold in about two weeks, that is, by mid-March 2025. He also assured that immigration authorities will carefully check the candidates and that no one will receive a visa.

Trump has suggested that selling 10 million visas would generate $50 trillion and completely pay off the $35 trillion U.S. national debt. The current EB-5 program issues about 10,000 visas annually, at which rate it would take 100 years to achieve the stated results.

“Golden Visas” in Other Countries

In the matter of investment visas, the US is far from being the first, but rather catching up. Of course, EB-5 can also be considered a “golden visa,” but it is more intended for business immigration, because it includes not only an investment of 1 million dollars but also the creation of jobs (at least 10) in the US.

There are citizenship by investment programs in many parts of the world, according to the Global Citizenship Program Index by Henley and Partners. Currently, 14 countries offer their passport in exchange for investment.

Note: The Henley Passport Index uses the term ’destinations’ to reflect not only specific countries but also travel destinations to unrecognised states, disputed territories, and overseas territories.

Malta

Malta offers citizenship under the Malta Citizenship by Naturalisation for Exceptional Services by Direct Investment (MEIN) program for a minimum contribution of €600,000 to the National Development and Social Fund. Before receiving citizenship, you will have to be a resident for 36 months. You can get a passport faster — in just a year — but then you will need to invest from €750,000.

For those who prefer to invest in real estate, there are two options: buying a home worth €700,000 or renting it for an annual fee of €16,000—€18,000 (depending on the area). In both cases, the property must be held or rented for at least 5 years. In addition, there is a mandatory charitable contribution of €10,000 to a registered non-governmental organization, such as one that supports culture or sports.

Applicants undergo a rigorous Due Diligence check, which costs €15,000 for the main applicant, €10,000 for the spouse and each adult family member over 18 years old, €5,000 for children aged 12 to 17.

A Maltese passport gives visa-free access to 190 destinations, including the US, Canada, UK, Australia, and the entire Schengen area, as well as the right to live, work and study in any EU country.

However, the European Commission has been challenging the legitimacy of MEIN since 2022, arguing that selling citizenship is contrary to EU principles. A case is currently underway at the European Court of Justice (CJEU), initiated by a lawsuit filed in September 2022. If the court sides with the EU, MEIN will be closed in 2025–2026.

Austria

Austrian Citizenship by Exceptional Services is not a classic investment option for obtaining citizenship, if only because it does not have a fixed investment amount. It does not require residency in the country, but the investor will have to invest €2—€10 million, and if the government decides that this is enough, it will grant citizenship.

The process takes 24–36 months, but this is not so much due to bureaucracy (although there is some of it) as it is to a thorough check of the candidate and his family members. If the candidate is approved, he receives an Austrian passport with visa-free access to 190 destinations. It is not necessary to renounce the main one — Austrian law allows dual citizenship.

Grenada

Grenada offers citizenship for a non-refundable contribution to the National Transformation Fund (NTF) of $235,000.

If the prospect of giving away the money doesn’t seem appealing, another option is to invest $270,000 in real estate and pay $50,000 in government fees. But you have to hold the property for at least 5 years.

The process takes 3-6 months and costs $5,000. A Grenada passport allows visa-free entry to 148 destinations, including Schengen, the UK, and China (up to 30 days). But the main distinguishing feature is simplified access to the E-2 visa to the US.

Grenada allows dual citizenship and a passport that is renewed every 5 years without visiting the island. However, it is not available to citizens of Afghanistan, Belarus, Iran, North Korea, Russia, Sudan and Yemen.

Antigua and Barbuda

Antigua and Barbuda citizenship is awarded to an investor who has contributed $200,000 to the National Development Fund (NDF) or purchased $200,000 worth of real estate in approved projects such as Callaloo Cay or Tamarind Hills. If the applicant includes a family of up to four people in the program, a non-refundable contribution of $30,000 must be paid.

There is also an option to invest in a local business from $1.5 million for one person or invest $400,000 as part of a group of investors in a project with a capitalization of $5 million.

The process takes an average of 4 months, after which the citizen gets the opportunity to visit 151 destinations without a visa. But there is a nuance: during the first five years after receiving citizenship, you must spend at least 5 days in the country; otherwise the citizenship will be revoked.

Nauru

Nauru is a small island republic in the Pacific Ocean. It has launched the Nauru Economic and Climate Resilience Citizenship Program, offering citizenship for a relatively small investment. The minimum contribution to the National Treasury Fund is $105,000 for a single applicant or $110,000 for a family of up to four, and after all fees and checks, the final amount is $140,500 and $155,000, respectively.

The Nauru passport is issued online, and the oath ceremony is also held. Since the country recognizes dual citizenship, a local passport for relatively little money will open a visa-free entry to 89 destinations, but not to the Schengen zone and the United States.

Saint Kitts and Nevis

The citizenship by investment program has been operating in St. Kitts and Nevis since 1984. It is enough to contribute $250,000 to the Sustainable Island State Contribution (SISC), invest $325,000 in real estate, or donate $250,000 to the Public Benefit Option for schools and hospitals. Taking into account fees, the final amount is about $310,000—$325,000.

The process takes 3-6 months, but an additional $25,000 will reduce the time it takes to get the passport to 45-90 days. It is available to 157 destinations, including Schengen, the UK, and Singapore.

Saint Lucia

The Saint Lucia Investment Program offers investors four options: contribute $200,000 to the National Economic Fund (NEF), invest $300,000 in approved real estate (with a 5-year hold), invest $250,000 in government bonds (repayable after 5 years but without interest), or invest $1 million in a business project that creates at least 3 jobs.

The process takes 3-6 months, and the passport provides visa-free access to 147 destinations. The program can include spouses, children under 30 (financially dependent), parents over 55, and siblings without children.

Dominica

Dominica, not to be confused with the Dominican Republic, offers citizenship for a contribution of $200,000 to the Economic Diversification Fund (EDF) or for investing a similar amount in real estate, which is held for five years. If the applicant wants to include a family in the program, they will have to pay an additional $50,000.

Dual citizenship is permitted, no visit required — the process is entirely remote, with a virtual interview for everyone over 16. Processing takes 3-6 months, after which the applicant receives a passport with access to 144 destinations, including the Schengen area, the UK, China (up to 30 days), Hong Kong, and Singapore, but not the US or Canada.

Türkiye

The Turkish Citizenship by Investment Program offers five ways to obtain citizenship: buy real estate for $400,000 (retained for 3 years); invest $500,000 in a bank (refundable after 3 years); invest $500,000 in government bonds or investment funds (retained for at least 3 years); create a business with an authorized capital of $500,000 and the creation of 50 jobs.

The most popular option is investing in real estate: 95% of applicants choose it due to the stable growth of prices in Turkey (15-25% per year). This means that after the mandatory three years of holding the property in ownership, it will increase in value from 40% to 65%.

The process takes 3-6 months and requires a one-time visit to Turkey for biometrics. A Turkish passport opens up 126 destinations for its holder, including Japan, Singapore, Hong Kong, and the UAE. A visa is required to access the Schengen area, but it is issued under a simplified procedure. After 3 years of residence in Turkey, you can apply for an E-2 business visa to the United States.

Egypt

The Egyptian citizenship by economic contribution program is managed by a special department within the General Authority for Investment and Free Zones (GAFI). It offers four migration options:

• Contribution of a non-refundable contribution of $250,000 to the state treasury (can be paid in installments over the course of a year).
• Purchase of real estate from $300,000 and hold it for 5 years.
• Investing $350,000 in business plus $100,000 as a donation.
• Opening a refundable (after 3 years) deposit of $500,000 in the Central Bank of Egypt.

The process takes 6–12 months, with a mandatory visit to Cairo to submit documents and conduct an interview. An Egyptian passport provides visa-free or visa-on-arrival access to 82 destinations, and after 3 years of residence, one can apply for an E-2 visa to the US for business, which is rare among CBIs. Dual citizenship is allowed, and there is no mandatory residency period.

Jordan

Jordan borders Israel and is considered the most stable and safe country in the region. Its capital Amman is well developed, but other regions cannot boast of this, so the country’s authorities grant citizenship to those who are willing to invest money in investment development projects. There are the following options for this:

• Contribution of $750,000 non-refundable to a development project in Jordan, outside Amman, creating at least 10 jobs for Jordanians.
• Invest $1 million in a project in Amman with 20 jobs for local residents.
• Invest $1 million in treasury bonds or a deposit. The funds are held for 3–6 years, after which they can be returned (deposit without interest, bonds with interest).

Alternatively, you can invest $1.5 million in shares of a target company and hold them for at least 3 years.

The process takes 3-6 months, but the country must be visited to provide biometrics and submit the application. After that, the applicant receives a passport with access to 52 destinations without having to renounce their previous citizenship.

North Macedonia

North Macedonia is one of the few Balkan countries with the option to buy citizenship. The program was launched relatively recently, in 2022, under the auspices of the Foundation for Innovation and Technology Development (FITR). It offers two main options:

• Make a non-refundable contribution of €200,000 to a private investment fund and hold for at least 2 years.
• Invest €400,000 in a new company (excluding hotels and retail) creating at least 10 jobs for 1 year.

The application process requires a visit to Skopje, but in return, the successful applicant will receive visa-free access to 125 destinations, including the Schengen area, China, Japan, and the UK.

The country is a candidate for EU membership from 2022, and if it does join the EU (expected by 2030), then holders of a local passport will have full access to EU countries with the opportunity to live and work there.

Vanuatu

Vanuatu has the fastest investment program, processing takes on average 2 months but requires personal presence in Vanuatu or its diplomatic mission to accept the submission of biometric data and later the oath. There are two options under it:

• Make a non-refundable contribution of $130,000 through the Development Support Program ($180,000 for a family of up to 4).
• Invest $155,000 in the Capital Investment Immigration Plan (CIIP) for a family of up to four. Of this, $50,000 must be contributed to a local development fund, such as the CNO Future Fund for the development of the coconut industry. The funds from the fund can be returned after five years.

Taking into account fees ($5,000 for applicant verification, administrative fees $5000—$10,000, passport $250), the total for the first option is $200,000—$210,000, and $165,000—$175,000 for the second.

A Vanuatu passport gives visa-free access to 92 destinations, including the UK, Hong Kong, Singapore and Russia. A visa is required for Schengen, but the EU is expected to open by late 2025/early 2026. Dual citizenship is permitted, and there are no language or residency requirements.

UPD. As of March 12, 2025, the Vanuatu government suspended accepting new CIIP applications due to unscrupulous agents who were selling citizenship at low prices. This is not a complete closure of the program: it is planned to resume after screening out such agents and reviewing the applications that were submitted through them.

Cambodia

Cambodia offers an unusual route to citizenship in Southeast Asia. The program, formally administered by the Cambodian government and the Cambodia Development Council (CDC), includes two key options:

• A non-refundable donation of $250,000 to the national budget for economic recovery.
• An investment of $305,000 in a CDC- or government-approved project, such as infrastructure or tourism.

On average, the final amount increases by $20,000—$30,000 after taking into account the fees and processing charges, and spouses, children under 18, and dependent parents are included with an additional payment of $5,000—$15,000 per person. The program is poorly regulated, which may require more money not only for additional investments but also for the investments themselves.

Processing takes 3–6 months and requires a visit to Cambodia to take a Khmer literature and history exam, biometrics, and an oath before receiving the passport. However, local bureaucracy can delay the process for up to 9 months. A Cambodian passport allows visa-free or visa-on-arrival access to 54 destinations, including Thailand, Vietnam, Malaysia, and Singapore. Dual citizenship is permitted, language (Khmer) is required for the exam, and residency is not required.

Investment Residency Programs

Henley and Partners also provided a list of countries where you can get a residence permit for large investments. It does not give the right to apply for citizenship even by naturalization in all countries.

Greece

The Greek “Greece Golden Visa Program” provides a 5-year residence permit for investment with the possibility of obtaining citizenship by naturalization. However, to do this, you must live in the country for seven years with a residence permit, and then pass an exam in the Greek language (level B1) and the history of the country. The program provides three investment options:

• Purchase of real estate worth from €250,000 in the regions of Greece (Crete, Peloponnese, Cyclades, Dodecanese, and other less populated areas) or from €500,000 in large cities and popular areas — Athens, Attica, Thessaloniki, Mykonos, and Santorini. The property cannot be sold until the expiration of the residence permit.
• Investments in securities or funds in the amount of €400,000. The funds must be invested through a Greek bank, and the investments must be kept for at least 5 years.
• Business investment from €800,000 in a new business project with the creation of at least 10 jobs for Greek or EU citizens. The investor must submit a business plan approved by Enterprise Greece and register a company in Greece.

The process of obtaining a residence permit through Golden Visa takes 2-6 months. You can submit documents to the local office of the migration service (Decentralized Administration) remotely, through a representative, but you will still have to visit the country to submit biometrics.

Switzerland

The Swiss Residence Program offers wealthy foreigners a residence permit and visa-free access for 1 year. It can be extended to 10 years, after which the path to citizenship opens, which gives visa-free access to 190 destinations, but after passing an exam on knowledge of the language (B1) and the history of the selected canton.

To obtain a residence permit, you must enter into a tax agreement (forfait fiscal) in the amount of 200,000–1,000,000 francs per year (approximately $210,000—$1.05 million), depending on the canton and the applicant’s level of expenditure. For example:

• Geneva: 400,000–600,000 francs per year.
• In: 300,000–500,000 francs per year (Lausanne, Montreux).
• Ticino: 200,000–400,000 francs per year (Lugano).
• Zug: 500,000–1,000,000 CHF per year (most expensive canton).

The process takes 3–12 months (average 6 months): the applicant chooses a canton, hires a consultant, submits an application with a passport, financial declaration, certificate of no criminal record, and housing contract. Tax negotiations with the canton take 1–3 months, SEM approval 2–6 months, biometrics must be submitted in person.

Italy

The Italian Investor Visa for Italy gives investors the right to live, work and study in the country without restrictions on the length of stay, and visa-free access to 26 Schengen countries for up to 90 days. A residence permit is issued for 2 years with an extension for another 3 years. When the period of stay exceeds 5 years, you can apply for permanent residence, and obtain citizenship by naturalization after 10 years. There are only four investment options:

• Donation to culture or science of an amount from €500,000 to projects approved by the Ministry of Culture or Education (restoration of monuments, research).
• Purchase of government bonds for €2 million with retention of ownership for at least 2 years).
• Investment of €250,000 non-refundable funds in a start-up registered in the Innovazione Italia registry.
• Establishment or purchase of a company with a minimum share capital of €500,000.

The process takes 3–6 months online. The Committee at the Ministry of Economic Development (MISE) approves it in 1-2 months and issues a D visa (1 month) for a visit to Italy to submit biometrics (2-3 days).

Portugal

Portugal’s Golden Visa offers a residence permit for investment, but from 2023 this does not include the purchase of real estate. The residence permit is issued for 2 years and allows you to work and live in any country in the Schengen area. Portuguese citizenship can be obtained after 5 years with a minimum stay of 7 days per year. Currently available:

• Investments in the country’s economy through funds from €500,000.
• Donation to cultural or scientific projects of at least €250,000.
• Creation of 10 jobs in business (without minimum investment).

The visa is issued within 6–12 months and can include a spouse, children under 26 (if dependent), and parents over 65. There is currently discussion of closing the program completely due to pressure from society.

United Kingdom

The UK relaunched its investment programme in April 2023. The government now issues investors a residence permit for 3 years, and after that, if the applicant has not been absent from the country for more than 90 days per year, permanent residence.

This requires an investment of £50,000 (€58,000) in an innovative start-up. Its business plan must be approved by UK Endorsing Bodies. The owner must be actively involved in the management of the business and do so in the UK for at least 180 days a year.

Applications are submitted online at GOV.UK with a business plan and its endorsement by the relevant authority, passport, police clearance certificate, and proof of funds. Biometrics are submitted at the visa application centre and decisions on applications are made within 3–8 weeks on average.

Australia

Australia has two programs: the Business Innovation and Investment Program (BIIP) and the updated National Innovation Visa (NIV). Both require permanent residence in the country (5 years for BIIP, 4 years for NIV), but provide the opportunity to obtain permanent residence after 3–4 years and citizenship by naturalization after another 4. 

The main options include:

• Business Innovation Stream (BIIP). Establish a company with a turnover of AUD 750,000 per annum or purchase a business worth at least AUD 1 million (€620,000).
• Significant Investor Stream (BIIP). Investment in approved funds (venture, infrastructure) AUD 5 million (€3.1 million).
• National Innovation Visa (NIV). Investment in a startup with Austrade approval from AUD 500,000 (€310,000).

The application is submitted via SkillSelect (immi.homeaffairs.gov.au). It is accompanied by a passport, business plan, and a certificate of good conduct. It is processed within 4-10 months, after which you need to submit biometrics at the visa center. It takes another 1-2 months to process it and issue a residence permit.

Canada

The main program of business immigration to Canada is the federal Start-Up Visa. During the consideration of the application, a temporary work visa is issued, if the decision is positive — permanent residence. After 3 years of residence (1095 days in 5 years), you can apply for citizenship.

Support from local venture capital funds, angel investors, or business incubators is required to participate: a minimum of CAD 75,000 (€50,250) from an angel investor, CAD 200,000 (€134,000) from a venture capital fund, or participation in an approved incubator. The applicant needs funds for settlement: a minimum of CAD 13,757 (€9,217) for an individual or CAD 35,000 (€23,450) for a family of 4 for 90 days.

Provincial Nominee Programs (PNP):

• British Columbia (BC PNP Entrepreneur Immigration). Investment from CAD 200,000 (€134,000), creation of 1 job for a Canadian. Permanent residence in 1.5–2 years with active management.
• Ontario Entrepreneur Stream. Investment from CAD 200,000 (€134,000) outside Toronto or CAD 600,000 (€402,000) in Toronto, creation of 1–2 jobs. Permanent residence in 2–3 years.
• Alberta (AAIP Entrepreneur Streams). Investments from CAD 100,000 (€67,000) in rural areas, large projects up to CAD 500,000 (€335,000).
• Manitoba (Business Investor Stream). Business from CAD 250,000 (€167,500) in Winnipeg or CAD 150,000 (€100,500) in the regions + deposit CAD 100,000 (€67,000, refundable).
• Quebec Immigrant Investor Program (QIIP). Renewed in 2024. Requires CAD 1 million (€804,000) in a fund (repayable after 5 years without interest) or a non-refundable contribution of CAD 350,000 (€234,500); the applicant’s capital is CAD 2 million (€1.3 million), knowledge of French (B2). Grants permanent residence immediately with an obligation to live in Quebec.

UAE (Dubai)

The UAE Golden Visa Program allows investors to live, work, and study in the UAE without restrictions, with access to international schools and private healthcare (insurance AED 3,000-6,000 per year per family). The program does not require a minimum stay and allows you to apply for citizenship by naturalization without passing a language test. Residence permits are issued for 10 years and are extended as long as the holder maintains the investment. There are three investment options:

• Real Estate. Buy a home worth at least AED 2 million (€500,000). This amount should not be encumbered by loans or mortgages.
• Business. Invest in a government-approved startup or company, AED 5 million (€1.25 million).
• Donation. Contribute AED 250,000 (€62,000) non-refundable to a charity or environmental foundation. In this case, the residence permit period is five years instead of ten.

The application is submitted through GDRFA. You need to attach a copy of your passport, a document confirming the investment, a certificate of no criminal record and health insurance. The process takes 2-6 months, but on average it takes three months.

Hungary

The Hungarian Guest Investor Program does not require a minimum stay and provides visa-free access to 26 Schengen countries for up to 90 days in a 180-day period. A residence permit is issued for 10 years, after which you can apply for citizenship. To participate, you need:

• Invest €500,000 in purchasing a home and retain ownership of the property for the duration of the residence permit.
• Invest €250,000 in approved Hungarian real estate funds, such as REIFs.

The application can include spouses and children under 18 years of age for an additional fee of €1,870. The application is submitted through the consulate with mandatory biometrics in Hungary.

Luxembourg

Luxembourg issues investors a residence permit for 3 years, and allows them to extend it if the holder stays in the country for at least 183 days per year. After 5 years of residence, you can apply for citizenship, but you will need to pass an exam on both knowledge of history and proficiency in the language.

To participate in the program, you must invest €500,000 in an existing Luxembourg company with a mandatory job retention period of five years, or open a new business for the same amount and a commitment to hire at least five local employees.

There is also the option to invest €3 million in assets or funds or place €20 million in a local financial institution for at least 5 years.

The application is submitted directly to the Ministry of Economy and Finance and is considered on an individual basis. The decision-making period, including verification of the applicant and his family members, is 6–12 months.

Singapore

Singapore, through the Global Investor Programme, offers permanent residence for investments of at least S$10 million (about $7.5 million) in a business or fund. The process takes 9–12 months, and after 2 years of physical residence (183 days per year), you can apply for citizenship, but this is the minimum period for filing an application, and approval is not guaranteed.

However, dual citizenship is prohibited in the country, so you will have to give up your other passport. However, the local passport is one of the strongest in the world and allows visa-free travel to 195 destinations.

Jersey

Jersey is a small island in the English Channel with a population of about 100,000 people. It is associated with the United Kingdom, as it is a British Crown dependency, but at the same time it retains political and legislative autonomy. Jersey has a High Value Residency Program, under which investors can obtain a residence permit for 2 years with an extension of up to 10 years. To do this, you need to invest £1.75 million (€2.05 million) in the local economy (of which £1 million is in real estate) and pay an annual tax of £145,000 (€170,000).

The process takes 3–6 months, after which presence on the island (at least 183 days per year) is only required if the residence permit holder expects to obtain citizenship by naturalization (after 10 years).

Panama

Panama offers investors permanent residency through two programs: the Qualified Investor Visa and the Friendly Nations Visa. Participants must invest $500,000 (€460,000) in real estate/business or $750,000 (€690,000) in a bank deposit for 5 years. Separately, the Forestry Investor Visa program allows you to obtain permanent residency for investing at least $200,000 (€184,000) in forest and nature conservation projects.

After that, an application for permanent residence can be completed in just one month through the Servicio Nacional de Migración by attaching the necessary documents. The status is permanent, but to maintain it, you must visit Panama every two years. Citizenship is possible after 5 years, but the years in which the holder has lived in the country for at least 183 days are counted.

Costa Rica

Costa Rica offers residency through the Investor Visa and Rentista Visa programs. The first is available with an investment of $150,000 (€138,000) in real estate, business, and reforestation projects. The process takes 9–12 months, and once approved, the applicant receives a residency permit for 2 years, which is done while maintaining the investment.

The second program is for “Rentiers” — people who live on income from abroad. To participate, the applicant must prove that he or she earns at least $2,500 per month (≈ €2,300) outside Costa Rica and that the income will remain at the same level for the next two years. This income includes a pension, renting out real estate abroad, dividends, or interest from a deposit.

Instead of income, you can deposit $60,000 (€55,200) into an account in a Costa Rican bank (for example, Banco Nacional) as a guarantee of having funds to live in the country.

Malta

Malta offers investors the opportunity to participate in the Malta Permanent Residence Programme (MPRP), which provides permanent residency without the need for the participant to live on the island. There are two main routes:

• Purchase of a property worth at least €350,000 (in the south of Malta and Gozo) or €400,000 (in other areas, such as St. Julian’s) in a house, apartment or villa and retain ownership for 5 years.
• Long-term rentals of 5 years or more with annual rents from €12,000 (≈ $13,000) in the south/Gozo or €15,000 elsewhere.

In both cases, a non-refundable contribution of €58,000 must be made to a registered NGO (e.g. ecology or culture) and €40,000 to a state development fund. In the case of renting, the contribution to the fund increases to €50,000.

When applying, the applicant must prove that they have €500,000 of their own funds, after which a permanent residence card is issued for 5 years. It is extended every five years, provided that the investments are maintained.

New Zealand

New Zealand offers the Active Investor Plus Visa, under which investors can obtain permanent residence by investing NZD 5 million (€2.75 million) in qualifying funds. Direct investments in business, venture funds, or shares are weighted 1:1, but passive investments (bonds, commercial real estate) are counted at 1:3. That is, to choose the limit of 5 million and obtain permanent residence, you need to invest NZD 15 million (€8.25 million) in real funds.

Investments must be maintained for 4 years and during this period the investor must stay in the country for a total of 117 days (≈ 29 days per year). However, if the investor has invested more money than the program requires, the mandatory residence period is reduced, for example, an investment of NZD 15 million in direct investment requires staying in the country for only 41 days over four years.

When submitting an application, you must prove the availability of funds and an investment plan. After that, it is reviewed within 6-12 months and if the decision is positive, then permission is issued to transfer funds to your New Zealand account. The applicant has 6 months to do this, the process can be extended for a maximum of three years.

As soon as the funds declared in the investment plan are received in the program participant’s account, he/she is issued an Active Investor Plus Visa — a residence permit for 3 years. After that, it is necessary to arrive in the country to undergo biometrics and invest money in acceptable assets within 36 months. If necessary, an additional 12 months can be requested. If everything is in order, then after 3–4 years the applicant receives permanent residence.

Monaco

Monaco is a small principality on the French Riviera. It does not offer classic residency for money, but rather migration through financial solvency, which requires:

• Open a deposit of at least €500,000 in a bank account in Monaco.
• Buy a home from €1 million for a studio or up to €50 million for a villa. Rental properties are also available from €48,000/year.

The application process takes 3–6 months. If the applicant is not from the EU, he/she first obtains a D visa through the French consulate and then submits an application to the Service des Résidents in Monaco, attaching all the necessary documents.

Hong Kong

Hong Kong has a New Capital Investment Entrant Scheme, separate from mainland China’s programs. It provides a 2-year visa with the ability to apply for permanent residence after 7 years. The main requirement is to invest HK$30 million (€3.6 million) in assets such as shares, bonds, funds, deposits, or subordinated debt.

A minimum of HK$3 million must be invested in the New CIES portfolio managed by Hong Kong Investment Corporation (HK Rocha) to support startups. Formally, the applicant remains the owner of the funds, but they cannot withdraw them before 7 years have passed.

Latvia

The Latvian residency program, launched in July 2010 based on the Immigration Law, offers a 5-year residence permit for investments of €250,000 in real estate (plus 5% tax) or €50,000 in a business with the creation of 5 jobs (or €40,000 tax/year) or €280,000 in a large company with no jobs.

The process takes 1–3 months, after which the investor receives a residence permit for 5 years. However, there is one inconvenient nuance: compliance with the requirements must be confirmed every year so that the migration authorities can see that the applicant still owns the declared assets.

South Korea

South Korea gives F-2 Resident Visa for 2 years with the right to live, work and study. There is no mandatory period of stay, but you must come once a year to renew your resident status. There are three main ways to participate:

• Invest KRW 1 billion (€680,000) in resort property and hold it for 5 years.
• An investment of KRW 500 million (€340,000) in the Korea Development Bank fund. The capital can be repaid after five years, but without interest income. For retirees, the amount is reduced to KRW 300 million (€204,000).
• Invest KRW 300 million (≈ €204,000) in developing your own business. It must be profitable and you must pay taxes on its income in Korea.

After 5 years of residency and basic knowledge of the Korean language, you can apply for permanent residence (F-5). To apply for citizenship, you will need another five years and knowledge of the language at level B1, with the renunciation of other passports.

Cyprus

The Cyprus Citizenship by Investment Program has closed, but the Cyprus Permanent Residence Program (PRP) is still open. It allows you to obtain permanent residence, and then come to the country every two years to maintain your status. To do this, you need to buy a property on the primary market for €300,000. Add VAT of €15,000 (5%) or €57,000 (19%), plus fees of about €5000. As long as the property is owned, the status is retained.

Thailand

Thailand offers long-term visas of 5–20 years for membership in the Thailand Elite Residence Program. It is divided into subcategories, each with a different length of stay and investment amount:

• Bronze Membership is issued for 5 years for 650,000 baht ($19,300).
• Gold Membership is issued for 5 years for 900,000 baht ($26,700).
• Platinum Membership is issued for 10 years 1,500,000 baht ($44,500).
• Diamond Membership is issued for 10 years 2,500,000 baht ($74,200).
• Reserve Membership is issued for 20 years for 5,000,000 baht ($148,400), but is only available by invitation of the monarch or members of his family.

The process takes 1–3 months. However, this is not a classic residence permit, but a visa with the right to reside, without a path to citizenship, but with tax benefits and flexibility for “digital nomads”. The program is popular due to the low cost of living and the lack of requirements for permanent residence.

Malaysia

Malaysia calls its program My Second Home (MM2H). It does not provide a direct path to citizenship, but does offer the option of naturalization. The program is divided into packages of varying cost:

• Category Silver (5 years). It is required to open a fixed deposit of $150 thousand in a Malaysian bank.
• Gold category (15 years). Fixed deposit $500 thousand.
• Platinum category (20 years). Fixed deposit $1 million.

After a year of participation in the program, you can withdraw up to 50% of the deposit to purchase real estate, pay for education or medical needs.

An alternative option is to buy real estate. The minimum price usually starts from RM600,000 ($150,000), but the amount varies greatly depending on the region of the country.

Mauritius

Mauritius is an island state located in the Indian Ocean but is also considered one of the countries in Africa. For investments in the purchase of real estate from $375,000, the migration authorities issue a residence permit while the property is owned. After seven years, you can obtain citizenship by naturalization, but if the investment exceeds $500,000, then only after two years.

There are also options for the self-employed — $35,000 plus two clients, or for retirees over 50 — an annual contribution of $18,000.

The Mauritian passport, obtained upon naturalization, offers visa-free travel to 159 destinations, including Schengen and the UK, making it one of the strongest in Africa.