Americans Are Fueling A Surge In Golden Visa Applications

The demand for golden visas is surging, with affluent individuals worldwide, particularly from the U.S., investing substantial amounts to secure residency or citizenship in another country. This provides them with greater mobility and a safeguard against domestic risks. 

Experts note that many investors do not plan to relocate unless there are issues at home. Meanwhile, they are attracted by benefits like favorable tax conditions, seamless cross-border travel, and superior healthcare or education.

For Americans, the top five golden visa programs last year were in Portugal, Antigua and Barbuda, Malta, Spain, and Greece, based on applications from U.S. clients.

The landscape is constantly evolving, and experts suggest that new golden visa hotspots could capture a larger share of global wealth in the future. 

The rankings might change significantly by the end of this year due to recent and upcoming modifications.

Spain’s popular program is ending on April 3, while Portugal has significantly altered its rules in 2023, removing property as a qualifying investment. Among the various programs globally, there is significant variation in the minimum investment, regulations, and permissible asset types.

“In Europe, Portugal’s golden visa program was the most popular and well-known, but real estate investments no longer qualify,” said Robin Edwards, a buying agent at London-based Curetons Property Finders. “Applicants must now invest in areas like scientific research, cultural heritage preservation, or business ventures that create jobs. These changes aim to channel foreign investments into sectors in Portugal that promote long-term economic and cultural growth. 

“Consequently, we’re noticing a shift in popularity to Greece’s golden visa program, a country offering similarly pleasant weather and a relaxed Mediterranean lifestyle, which still grants residency through real estate investments.”

Dominic Volek, group head of private clients at Henley & Partners, concurred that Greece’s residency program is gaining traction in Europe following changes in Spain and Portugal, despite the minimum investment threshold rising from around US$271,000 to US$434,000 this year. EU countries Latvia (with a minimum investment from roughly US$271,000) and Malta (from US$190,000) are also seeing increased demand, as both have real estate options and Malta also offers citizenship. Another option for citizenship is Turkey (from US$400,000), attracting interest from property investors.

In Central America, Costa Rica’s residency program offers access to a lush eco-paradise starting at US$150,000, while Panama’s entry point is even lower at US$100,000. Both programs are attracting growing numbers, particularly from the U.S. and neighboring countries, said Volek. For citizenship, Grenada is a top choice in the Caribbean from US$270,000. Other residency schemes with real estate options gaining traction include Mauritius (from US$375,000) and the United Arab Emirates (from around US$545,000).

Currently, U.S. nationals are the largest market for golden visas, comprising 23% of all applications processed last year. This marks a 70% increase from the previous year and over a 1,000% rise over five years.

U.S. citizens accounted for nearly as many applications as the next four largest client groups combined: Indians, Turks, Filipinos, and Brits. Last year also saw record-breaking demand from the U.K., with a 57% increase in applications from Brits in 2024 compared to 2023.