The said essay is based on a written interview with Armand Arton, 47, president of Arton Capital, a financial advisory firm, about golden visas and passports. The following information has been edited for length and clarity.
I founded Arton Capital in 2006. We advise governments on how to attract the world’s wealthiest citizens to their countries through funded residency programs, and we also have a private client division where we advise elite families and of the highest quality. how to get residency in other countries.
Our customers are based all over the world. Some have the need to move because they are in a country where their lives are at risk, while for others it is a lifestyle decision. They want the movement to reach many countries around the world. We advise them on golden visas and golden passports – government programs that grant residency or citizenship rights to foreign investors.
When I first got into this industry about 20 years ago, the perception was that people living in the East wanted to move to the west. But in recent years, migration has been happening in all directions.
During the COVID-19 pandemic, many American investors could not enter Europe, so they are now looking for residency programs in European countries. After this year’s elections in France and the UK, we are once again seeing millions of people in those countries who want to emigrate.
Here are the top five countries that my clients, who are looking to move for investment, are interested in moving to:
Hungary
In 2013, Hungary launched a program offering citizenship in exchange for investing in government funds, with a promise to pay back after five years.
They decided to reopen it this year with more focus on real estate investment.
It comes with a residence card that can be renewed after 10 years.
Hungary offers a European lifestyle, is safe, and offers great opportunities to invest in real estate.
Unlike countries such as Portugal and Spain that want to eliminate or divert funds away from the property sector, Hungary encourages people to invest in real estate.
Property in Hungary is relatively cheap, which creates opportunities for investment. Hungary also has a stable political environment. Governments have not changed as quickly as Greece or Italy.
There is an option to apply for a passport in Hungary, but you will have to live in Hungary for eight consecutive years and pass the test in the local language.
Greece
Because Hungary has recently renewed its program, there is a lot of hype around, but lately, I have seen a lot of people investing in Greece.
The Greek program specified a minimum investment of 250,000 euros in real estate, but recently, the government announced that it will increase the price to 400,000 euros. This went into effect at the beginning of September.
We have seen an increase in customers applying for visas in Greece because everyone submitted their applications before the price went up. We don’t expect demand to slow down. The possibility of easy access to the famous Greek cities, beaches and culture will never lose its appeal, regardless of the price.
Greece is a popular tourist destination, so buyers buy rental properties for cash.
A golden visa in Greece does not automatically grant the right to work. Instead of being hired by others, investors can set up and own a business within the country. This may help Greek citizens, who may seek employment in companies that golden visa applicants set up.
Similar to Hungary, there is a long-term residence permit that provides access to the Schengen area, a borderless area of 29 European countries where citizens and residents can travel easily.
To obtain the right to become a citizen of Greece, you must have lived in the country for seven years and passed tests of knowledge of the Greek language and culture.
I have found that for people applying for residency by investment, citizenship is a possibility but not the ultimate goal. Being a permanent resident of a European country gives them the same rights as citizens.
Italy
The Italian program has been under the radar for a long time.
The program requires direct investment in the economy, such as the stock market, rather than real estate. It has never been so popular as it has no real estate option.
However, since Brexit has caused uncertainty in Europe, Italy has become a popular destination among the ultra-rich already in Europe. This is because of its amazing tax package for anyone who decides to live in Italy and become a permanent resident.
Until August 2024, foreign income, with some exceptions, was taxed at a flat rate of 100,000 euros per year for 15 years for applicants who became tax-paying citizens of Italy.
This has now been doubled to 200,000 euros per year for worldwide income. We have noticed demand from people in other European countries such as England, France, and Germany, who are eager to take advantage of this 15-year project.
UAE
The UAE has become an attractive country for the wealthy and investors.
Options for getting a golden visa in the UAE include investing at least AED 2 million in a bank, investment fund or property. However, the government can also select applicants for a golden visa.
Residencies are usually valid for 10 years before they need to be renewed,and the UAE still offers citizenship to its biggest investors. We have worked with more than four investors who have made amazing investments in the economy, and the country rewards them with a UAE passport.
Citizenship by investment in the UAE is not an official program that anyone can apply for, and that option is attractive. Our news is that less than a hundred passports have been issued.
Once you have a UAE passport, there are economic benefits. Expats are often made to buy property in designated areas known as free zones. But with a UAE passport, these restrictions no longer apply.
Caribbean Islands
Among the Caribbean Islands, Antigua and Barbuda attracted most of our customers this year.
We feel that high-end customers want a program that is less popular than what everyone else has, which is what draws people here.
Antigua also has an incredible economic growth and attractive manufacturing and tourism. The focus is on the development of luxury hotels.
Although it was completely destroyed by hurricanes Irma and Maria in 2017, it is still becoming a playground for billions of people.
I advise wealthy immigrants to get into programs sooner rather than later
The number of golden visa applicants increases every year. I have seen the ups and downs of the number of investment housing programs available to wealthy immigrants. Countries including Bulgaria, the UK and Ireland have recently closed programs, so at the moment, I think more programs are closing than opening, but the demand for these programs is growing.
Programs are becoming scarcer and more expensive, so I advise people who are able to make these investments to do so before the procedures become more difficult.