Vietnam To Roll Out The Golden Visa

Malaysia, Vietnam, Thailand, Indonesia, Greece, Portugal, Spain, and Malta have introduced golden visa programs aimed at attracting global talent and investors to stimulate their economies and promote substantial tourism growth. These programs provide long-term residency to individuals who invest in key areas such as real estate, business, and technology, thereby bringing in foreign capital and expertise. By attracting high-net-worth individuals and skilled professionals, these nations seek to diversify their economies, create job opportunities, and enhance their global competitiveness.

Besides fostering economic growth, these visa initiatives are anticipated to directly impact tourism. As these countries draw more international investors, tourism infrastructure will expand, offering more opportunities for travelers to explore these destinations. This influx of global talent and investment is expected to increase the countries’ attractiveness as travel hubs, contributing to the sustainable growth of their tourism industries.

The Vietnam Tourism Advisory Board has suggested a three-tier golden visa system to the government, tailored for various types of individuals. The proposal includes a golden visa, allowing holders to reside in Vietnam for five to ten years with the option for extension. The second tier is the investor visa, valid for ten years and offering the possibility of applying for permanent residency after five years. The third option is the talent visa, targeting professionals in specific fields, lasting five years and designed to be easily renewable.

Although specific eligibility criteria for each visa tier have not been announced, the Vietnamese government has committed to a fully digital application process, eliminating the need for in-person embassy visits. This approach aims to streamline the paperwork and make the process more efficient for applicants.

Golden visa programs have become a favored strategy for countries to attract high-net-worth investors and skilled professionals, who can significantly contribute to the local economy. Vietnam’s rapidly growing economy makes it an appealing destination for such individuals. Over recent decades, Vietnam has evolved from one of the world’s poorest countries to a middle-income economy. According to the World Bank, Vietnam aims to achieve high-income status by 2045, and the golden visa program is part of a broader strategy to enhance its economic growth and global competitiveness.

The Vietnam Tourism Advisory Board also recommended piloting the program in key cities that already attract millions of international tourists. Cities like Phu Quoc, Ho Chi Minh City, Hanoi, and Da Nang are expected to serve as initial testing grounds before the program is implemented nationwide. These cities are popular among tourists and business travelers, making them ideal locations for the pilot phase.

Introducing these new visa options is also part of Vietnam’s broader plan to boost tourism. The country has set an ambitious target of welcoming 23 million international visitors by the end of 2025, building on the 17.6 million visitors it hosted in 2024. This goal highlights the nation’s growing appeal as a tourist destination and underscores its efforts to diversify and expand its tourism offerings.

Vietnam’s new golden visa program is part of a growing trend of long-term residency initiatives being launched across Southeast Asia. Countries like Thailand, Indonesia, and Malaysia already offer similar long-term visa options for visitors seeking extended stays in the region, with some programs allowing stays of ten years or more.

While long-term residency programs are gaining popularity in Southeast Asia, they are being phased out in parts of Europe. Notably, Malta recently ended its golden passport program, which granted EU citizenship in exchange for investments exceeding 525,000 euros. Spain also terminated its golden visa program in early April, which had allowed applicants to obtain residency by investing in real estate worth 500,000 euros. These closures indicate a shift in focus from Europe’s once-popular golden visa schemes to other regions like Southeast Asia, where such programs continue to grow.

In Europe, countries like Greece and Portugal still offer residency programs for investors, although they have become more stringent recently. These programs now require higher investments and impose stricter guidelines regarding the types of real estate that can be purchased.

Malaysia, Vietnam, Thailand, Indonesia, Greece, Portugal, Spain, and Malta have initiated golden visa programs to attract global talent and investors, aiming to boost their economies and significantly enhance tourism growth by improving infrastructure and creating new opportunities.

As Vietnam prepares to implement its new golden visa program, the country is positioning itself as an attractive destination for those seeking long-term residency in a rapidly developing economy. With a focus on attracting skilled professionals, investors, and tourists, Vietnam’s new initiative reflects the country’s growing role in the global economic and tourism landscape.