But how exactly do you apply for a golden visa? We’ll go over the requirements, processes, and timelines for a few of the most popular options below. While submitting an application and navigating the tax implications of residence abroad often require the assistance of an immigration lawyer and tax professional, our guide below serves as a great jumping-off point.

Understanding the Golden Visa Landscape

Before we dive into detailed questions like “How much is the Dubai golden visa,” let’s start with a brief overview of golden visas: what they are, why they’re beneficial, and how they differ compared to other pathways to residency and citizenship.

The term “golden visa” is an unofficial one, used to refer to visas that offer residence in exchange for making a substantial investment in a given country. Governments that offer golden visa programs view them as a win-win: Investors bring in tax revenue, economic opportunities, and local spending to their countries, while investors receive visas that allow them to work and do business in them.

Immigration by investment is an attractive alternative to traditional visa options like work visas, which require job offers in a given country; reunification visas, which require family ties to a given country; or student visas, which often restrict holders’ ability to engage in professional activities in that country.

Benefits of Golden Visas

Some of the top benefits of holding a golden visa include the ability to:

• Expand your horizons: Living (or at least spending a significant amount of time) in another country allows you to immerse yourself in another culture, meet new people, and even learn a different language.
• Access social infrastructure: Golden visas often provide you with access to a country’s social benefits, like healthcare, public schools for children, and participation in the pension system.
• Travel with ease: Holding a residence permit in one country typically makes it easier to visit the countries with which they have a travel agreement. Being based out of a centrally-located country will also make it cheaper and easier to visit nearby countries — it’s a lot quicker and more affordable to fly to Paris when you live in Portugal vs. New York, for example.
• Open up new economic opportunities: With the ability to work and do business in a given country, you gain access to new investment opportunities, business ventures, client bases, etc.
• Bring family: Immediate family members of a golden visa holder — like spouses or partners, minor children, and sometimes parents — can often apply for their own visas as dependents.
• Golden residency & golden citizenship: Many countries with golden visas offer holders a pathway to citizenship through naturalization after living there for a certain number of years. Some countries, like Turkey, even offer direct citizenship by investment programs.
• Tax benefits: Some golden visas offer favorable tax treatment for holders, such as taxation at below-standard rates or excluding foreign income from taxation.

Golden Visa Eligibility & Requirements

Each country has its own rules for golden visa eligibility, but frequently, golden visas require that you:

• Be 18 years or older
• Be in good health
• Have a clean criminal record
• Make a minimum investment of a certain dollar amount, such as in the form of:
  • Real estate
  • Capital transfer
  • Government bonds
  • Capital injection into a business based out of that country

Detailed Look at Golden Visa Programs: Top 5 Countries

🇬🇷 Greece Golden Visa

Overview

Eligibility: Open to non-EU citizens 18 years or older in good health

Duration: 5 years

Path to naturalization: 5 years to apply for permanent residence, 7 years to apply for citizenship

Dependents: Spouses/partners, children under 21, & parents may apply as dependents

Qualifying investment requirements: As low as €250,000 (~$272,000) to as much as €800,000 (~$870,000) depending on investment type (e.g., real estate, bank deposit, capital contribution, shares & bonds)

Notable perks: No need to spend a minimum number of days in Greece in order to maintain a visa

Application Process & Timeline

To apply for Greece’s golden visa, you must:

• Secure an AFM (Greek tax number) & open a Greek bank account
• Make your investment
• Gather all required documents
  • Valid passport & copy
  • Application form
  • 4 passport photos
  • Private health insurance policy
  • Fees:
    • €2,000 (~$2,175) for application (plus €150 (~$163) for each dependent)
    • €16 (~$17.5) for the residence permit
  • Notarized proof of qualifying investment (specific required documents vary by investment)
• Schedule & attend an appointment to submit your application & have biometrics taken at an immigration office in Greece.
• Receive approval & collect your visa. 

After submitting your application, you will typically hear back within three to five months.

Learn more: Your Guide to the Greece Golden Visa: Its Appeal, Requirements, & More

🇵🇹 Portugal Golden Visa

Overview

Eligibility: Open to non-EU citizens 18 years or older with a clean criminal record

Duration: 2 years, with the ability to renew for another 3 years

Path to naturalization: 5 years to apply for permanent residence or citizenship

Dependents: Spouses/partners, children under 18 (or children under 26 enrolled as full-time students), & parents may apply as dependents

Qualifying investment requirements: As low as €200,000 (~$217,000) to as much as €500,000 (~$544,000) depending on the type of investment (e.g., donation to a cultural project, contribution toward scientific research, capital contribution)

Notable perks: Only have to spend 7 days per year in Portugal to maintain a visa; among the quickest paths to citizenship in Europe

Application Process & Timeline

To apply for Portugal’s golden visa, you must:

• Secure an NIF (Portuguese tax number) & open a Portuguese bank account
• Make your investment
• Gather all required documents
  • Valid passport & copy
  • Clean criminal background check from your home country
  • Authorization for Portuguese immigration officials to perform a criminal background check
  • Proof of insurance coverage (private or public)
  • Good standing certificate from Portuguese tax and social security authorities
  • Proof of qualifying investment (specific required documents vary by investment)
  • Sworn statement that you will maintain qualifying investment for the entire duration of your visa
  • Fees:
    • Processing fee of €533 (~$580) (plus €84 (~$91) per dependent)
• Submit your application online
• Receive initial approval
• Schedule & attend an appointment to be interviewed & have biometrics taken at an immigration office in Portugal.
• Upon final approval, pay a fee of €5,325 (~$5,792)
• Receive your visa

It typically takes three to six months to receive initial approval on the online application, three weeks to three months to schedule and attend an in-person immigration appointment, and 10 days to receive final approval afterward.

Learn more: Taxes In Portugal for US Expats: Everything You Need To Know

🇨🇦 Canada Golden Visa

Overview

Eligibility: Open to investors with a clean criminal record

Duration: Up to 3 years

Path to naturalization: 1-2 years for permanent residence, 3 years for citizenship

Dependents: Spouses/partners and unmarried children under 22 may apply as dependents.

Qualifying investment requirements: $250,000 (~$187,000) to $350,000 CAD (~$224,000) for an Entrepreneur visa; at least $200,000 CAD (~$150,000) for the Start-Up Visa

Notable perks: Quick path to permanent residence and citizenship

B!T note: Canada has two visas that fall under the golden visa category: the Entrepreneur visa (C 11) and the Start-Up Visa (SUV), both of which are more hands-on than traditional golden visas in that they require you to start, own, or operate a business.

Application Process & Timeline

The process for the C 11 visa vs. the SUV may vary slightly, but generally, you must: 

• Start a new business or buy and/or invest in an existing business in Canada
• Prepare a business plan
• Prepare an execution plan demonstrating intent to start or maintain operations (e.g., open a Canadian bank account, choose an office location, etc.)
• Gather all required documents:
  • Valid passport & copy
  • Passport-size photos
  • Completed application form
  • Medical exam certificate
  • Copy of degree
  • Proof of sufficient funds 
  • Documents related to business (e.g., resume, Labour Market Impact Assessment, proof of ownership/equity, letters of support from Canadian business organizations)
  • Support documents from designated Canadian business organizations
  • Fees (variable)
• Receive approval & collect your visa 

After submitting your Canadian investment visa application, you will typically hear back within one to three months.

Learn more: Filing Taxes in Canada: The Ultimate US Expat Guide

🇦🇪 UAE/Dubai Golden Visa

Overview

Eligibility: Open to investors with a clean criminal record

Duration: 5 to 10 years, depending on immigration category

Path to naturalization: 5-10 years for permanent residence, 30 years for citizenship

Dependents: Spouses, children of any age, parents, & other family members (on a case-by-case basis) may apply as dependents

Qualifying investment requirements: At least 2 million AED (~$545,000) toward a public investment or real estate property

Notable perks: No personal income taxes

Application Process & Timeline

To apply for the UAE’s golden visa, you must:

• Make a qualifying investment
• Submit application & required documents
  • Valid passport & copy
  • Passport photos
  • Proof of qualifying investment (e.g., letter from investment fund, letter from land department confirming real estate purchase)
  • Fees:
    • 9,684.75 AED (~$2,637) for principal, 5,668.50 AED (~$1,543) for additional family members
• Undergo a medical exam in UAE.
• Receive approval & collect visa.

The UAE processes golden visa applications very quickly — typically within seven to 10 business days.

Learn more: How to Move to Dubai from the USA: Visa Options for Freelancers

🇪🇸 Spain Golden Visa

Overview

Eligibility: Open to non-EU citizens 18 years or older with a clean criminal record

Duration: 1 year; renewable indefinitely every 2 years after

Path to naturalization: 5 years to permanent residence, 10 years to citizenship

Dependents: Spouses/partners, children under 18, & dependent parents may apply as dependents

Qualifying investment requirements: As little as €500,000 (~$544,000) to as much as €2 million (~$2,175,470), depending on investment type (e.g., real estate, public debt, shares, bank deposit)

Notable perks: Only have to visit Spain once a year to maintain the permit

Application Process & Timeline

To apply for Spain’s golden visa, you must:

• Obtain a NIE (Spanish tax number) & open a Spanish bank account.
• Make your investment
• Gather all required documents
  • Valid passport & copy
  • Application form
  • Passport photo
  • Proof of qualifying investment (e.g., declaration of investment, bank certificate, favorable report from Economic & Commercial Office)
  • Proof of sufficient funds
  • A clean criminal background check
  • Private health insurance policy
  • Fee of $190 (~$207)
• Submit the application in person at your nearest Consular Office (may require an appointment) or through an authorized legal representative.
• Receive approval & collect visa.

After submitting your application, the government will respond within 20 working days.

Learn more: Can Americans Buy Property in Spain? (Short Answer: Yes!)

Role of tax experts in golden visa applications

While obtaining a golden visa brings many benefits, it can also complicate your taxes. All American citizens and permanent residents who meet the minimum income reporting requirements — no matter where in the world they live — must file a US tax return and may need to pay taxes as well. It may also trigger or alter US reporting requirements, such as for the FBAR or Form 8938. 

If you hold a golden visa, and especially if you reside in another country, you may have to file and pay taxes to that government as well — which adds an additional layer of complexity to the matter. To avoid double taxation, ensure compliance, and minimize your tax liability, it’s best to consult a tax professional.

“Exceptional service. The IRS made a mistake with ‘finished’ returns from previous years, and Bright!Tax helped me fix the problem quickly, avoiding headaches and stress. The company is a Godsend for me, as an expat.”

– Katharine R, Portugal 🇵🇹

Expat taxes made easy

US taxes for golden visa holders can be confusing, but you don’t have to tackle them on your own. Reach out to Bright!Tax, and we’ll introduce you to a CPA who can help you file with kindness, ease & expertise.

Schedule a free consultation now

References:

1. Greece Golden Visa: The Ultimate Guide 2024
2. Golden Visa
3. Portugal Golden Visa Application Process
4. The 11 Documents You Need to Apply for Portugal’s Golden Visa
5. Canada Investor Visa: Investment Immigration for PR and Citizenship in 2023
6. Canada Residency By Investment Visas, Startup Visa, Golden Visa, & Investor Visa
7. Work in Canada: Canadian Work Permit & Visa Process
8. Entrepreneurs or self-employed individuals seeking only temporary residence
9. Citizenship in Dubai (UAE)
10. Golden Visa application – investor
11. Investor visa

Disclosure: Some of the links on this website may be affiliate links. This means that we may earn a small commission at no additional cost to you if you take any action through those links. We only recommend products and services that we have personally used or thoroughly researched. Your support through these affiliate links helps us continue to provide valuable expat tax services. Thank you for your support!

The post How to Get A Golden Visa: Your Complete Guide to 5 Popular Programs appeared first on Bright!Tax Expat Tax Services.

Below, we’ll go over everything you need to know about Greece’s Golden Visa: why it’s so hot right now, what the requirements are, how it might affect your tax obligations, and more. 

What is the Greece Golden Visa?

Golden visas — that is, visas offered to individuals who make a sizable investment in a particular country — have been around since 1984, when the small island nation of St. Kitts and Nevis launched their program. In recent years, however, more and more countries have been offering them as governments around the world see the benefits other countries are reaping by attracting immigrants who bring with them tax revenue, jobs, and economic opportunities.

The reason why applicants are interested in these visas varies. Some are attracted for financial reasons, like tax incentives or a lower cost of living, while others seek a higher quality of life in the form of more robust social programs, improved work-life balance, better walkability, nicer weather, safer communities, or other factors. And, of course, some simply want the adventure that comes with living and traveling abroad.

What’s more, Golden Visas typically offer a relatively straightforward way to live in a country on a long-term basis and perhaps even obtain permanent residence or citizenship. As long as you have the funds to invest and meet basic requirements — for example, being in relatively good health and not having a prior criminal record — you can secure a visa.

Compare that to other immigration pathways that require you to find an employer or family member with citizenship or permanent residence to sponsor you, and the Golden Visa is usually much less involved.

Rising interest in the Greece Golden visa in 2023

As we hinted at earlier, interest in Greece’s Golden Visa has been on the rise in recent years. In fact, Greek officials received over twice as many applications in 2022 as they did in 2021. Why? For one, there’s just more awareness of Golden Visas in general. Additionally, certain countries that previously offered these visas — such as the UK and Ireland — have been closing their own programs. 

Even though the minimum investment for real estate has recently increased in some areas, Greece’s Golden Visa still requires a lower financial investment compared to many other countries.

Additional benefits of Greece’s Golden Visa include:

• The right to live and work in Greece for five years
• The ability to bring immediate family members with you
• A direct path to acquire permanent residence permits
• Visa-free travel to anywhere in Europe
• No requirement to visit Greece for a certain number of days per year in order to maintain a visa
• Access to Greece’s healthcare and education systems
• Non-tax residents are taxed only on Greek-sourced income
• Tax residents may opt into an alternate lump sum tax of €100,000 (~$109,943) per year for 15 years

Related: Retire in Portugal: Visas, Healthcare, Taxes & More

Requirements for the Greece Golden Visa

In order to be eligible for the Greek Golden Visa program, you must:

Be a non-EU citizen

Greece’s Golden Visa program is not available to anyone who already has EU citizenship.

Be Of Legal Age & in Good Health

Golden visa applicants must be at least 18 years old and submit a certificate signed by a medical professional confirming that they don’t have any contagious diseases or conditions that could pose a public health or safety risk.

Have Private Insurance

You must purchase a private insurance policy for yourself and any dependents you might have that covers at least 80% of medical bills related to:

• Disability: Up to €15,000 (~$16,472)
• Accidental death: Up to €15,000 (~$16,472)
• Accidents: Up to €1,500 (~$1,647)
• Illnesses: Up to €1,500 (~$1,647)
• Inpatient stays: Up to €10,000 (~$10,981)

Often, these policies can be purchased for around €200 to €400 (~$220 to $439) per year.

Make a Qualifying Investment

At the heart of Greece’s Golden Visa is a significant investment in the country. There are several different investment options:

• An investment in real estate (residential or commercial) of at least €250,000 (~$274,723) for most properties in Greece
  • Note: As of August 2023, 36 different municipalities in Greater Athens, Thessaloniki, and the islands of Mykonos and Santorini require a minimum real estate purchase of at least €500,000 (~$549,568)
• An investment of €250,000 (~$274,723) in timeshare or furnished tourist residences with a 10-year lease agreement
• A deposit of €400,000 (~$439,524) into a Greek bank account
• An investment in shares and bonds:
  • €400,000 (~$439,524):
    • Purchase of shares and bonds on the Greek stock market
    • Purchase of Greek government bonds
    • Capital contribution to a private equity firm, venture capital fund, or real estate investment company investing solely in Greece
    • Investment into a Greek mutual fund or alternative investment fund
  • €800,000 (~$879,032):
    • Investment into a combination of shares and bonds on the Greek stock market and Greek government bonds

Make sure to review all of these investment options with a cross-border financial planner to decide which option is best for you, and consult a US expat tax professional to ensure that your investments won’t incur punitive tax treatment. Investments in foreign mutual funds, for example, are almost always taxed much more harshly than investments in US mutual funds.

Related: Understanding PFIC and Filing IRS Form 8261 for US Expats

Greece vs Portugal Golden Visa – which is better? 

If you’ve been looking into Greece’s Golden Visa, you’ve likely already heard of Portugal’s Golden Visa. Portugal’s Golden Visa has historically been more popular than Greece’s, thanks to its early launch, favorable tax incentives, and quicker path to citizenship. Portugal has also been seen by many as a more desirable country to live in than Greece due to its slightly lower crime rates, more stable government, and more affordable cost of living.

Recently, however, there have been major changes to Portugal’s Golden Visa, including the elimination of previously qualifying investment options through real estate purchases and capital transfers. The Portuguese government also recently decided to get rid of a favorable tax system for non-habitual residents starting in 2024.

Whether Portugal or Greece offers the better Golden Visa is subjective, but we’ve included a table to help you compare the two side by side.

Golden Visa: Greece vs. Portugal

Greece vs Portugal: Golden Visa Paths to Citizenship

Obtaining a Golden Visa does not absolve holders of US tax obligations

Living outside of the US doesn’t automatically eliminate your US tax obligations. It may not seem very fair, but all US citizens and permanent residents are subject to federal taxes, even if they live in another country.

While any American who meets the minimum reporting thresholds must file a federal tax return, however, they may not necessarily owe anything in US taxes thanks to tax breaks like the Foreign Tax Credit (FTC) and Foreign Earned Income Exclusion (FEIE). As an expat, you may also have to file additional forms, such as the Foreign Bank Account Report (FBAR) or Form 8938.

Expat taxes without the effort

We know how complicated US expat taxes can get, especially when foreign investments are brought into the mix. Bright!Tax has helped thousands of clients in hundreds of countries optimize their US tax strategy while making the filing process as stress-free as possible — and we’d love to help you, too.

Meet Your Dedicated CPA

References 

1. Record Application Volume Sees Greek Golden Visa Authorities Struggling to Keep Up With Demand
2. 9 Benefits of Greece Golden Visa
3. Greek Golden Visa FAQs
4. Greece Provides Significant Tax Breaks for Foreign Investors
5. Greece Golden Visa Program
6. Residence Permit Insurance in Greece
7. Greece Golden Visa Program Guide
8. Greece Golden Visa Program minimum investment limit raised from August 1
9. Is Portugal’s Golden Visa Scheme Worth It?
10. Portugal to Apply New Golden Visa Changes Soon, Following President’s Approval
11. The end of an era: Portuguese Non-Habitual Residents regime to end
12. Greece Golden Visa Costs
13. Portugal Golden Visa: The Ultimate Guide to Portugal’s Golden Visa 2023
14. Personal Income Tax Rates
15. Portugal – Individual – Taxes on personal income
16. Portugal Golden Visa 2023: New Rules and Complete Guide
17. Portugal Golden Visa: The Definitive Guide 2023
18. Greece passport ranking
19. Portugal passport ranking

The post Your Guide to the Greece Golden Visa: Its Appeal, Requirements, & More appeared first on Bright!Tax Expat Tax Services.

We have good news, though; there’s another golden option for you. A golden visa, that is.

As more countries launch golden visas, the term is entering the mainstream consciousness of globally mobile and high-net-worth individuals  — but what is a golden visa, exactly?

Below, we provide a comprehensive overview of golden visas, including their origins, benefits, the countries that offer them, and more.

A Golden Handshake Between Governments and Investors

Overall, the term golden visa refers to those granted to foreign investors who make significant investments in a particular country.

The investment requirements and overall application criteria do vary from country to country, though. While golden visas have garnered more attention in recent years, they may be older than you think. The first country to introduce a golden visa was the small Caribbean dual-island nation of St. Kitts and Nevis in 1984.

Over time, governments around the world saw the potential that programs like these have to attract a certain type of resident. Foreigners meeting the criteria for a golden visa are likely to contribute tax revenue, jobs, and other economic opportunities to their host countries.

As opportunities to live abroad on a visa predicated on wealth grew, investors and high net-worth individuals eager to live and invest abroad enthusiastically engaged with them.

Benefits of Having a Golden Visa

Some of the benefits that a golden visa offers holders include:

Residence

Golden visas offer an attractive pathway for individuals seeking extended residence in a specific country. This facilitates both living and conducting business activities within the country’s borders, providing a stable foundation for personal and professional pursuits.

Tax incentives

Beyond residency, many countries with golden visa programs provide appealing tax incentives. These schemes may include favorable tax rates, exemptions, or deductions, presenting a significant financial advantage for visa holders.

Higher mobility

Golden visa holders often enjoy enhanced mobility privileges, leveraging visa-free travel agreements and the freedom of movement within the Schengen Area or other regional arrangements. This unrestricted travel can significantly facilitate international business ventures, as well as leisure.

Access to social services & public programs

In addition to residency rights, golden visa holders frequently gain access to a host country’s social services and public programs. This encompasses healthcare systems, pension plans, educational institutions, and other vital public services, ensuring a high quality of life for visa holders and their families.

Property purchases & real estate investment

Holding a golden visa streamlines the process for foreigners interested in property purchases within the host country. This may involve simplified bureaucratic procedures, reduced investment thresholds, and eligibility for tax incentives related to real estate transactions. Such benefits not only promote investment but also contribute to economic growth and development.

Education opportunities

Golden visa programs often extend benefits to the education sector, granting visa holders access to prestigious educational institutions and facilitating educational opportunities for their dependents. This can be particularly advantageous for families seeking quality education options abroad.

Business expansion

Golden visas can contribute to business expansion and international entrepreneurship. By providing a secure legal framework and residency status, these visas empower individuals to establish or expand their businesses within the host country and tap into new markets with confidence.

Cultural integration

Beyond economic advantages, golden visas help with cultural integration and cross-cultural exchange. As a golden visa holder, you have the opportunity to immerse yourself in the host country’s culture, language, and society, fostering mutual understanding and enriching your personal experiences.

Potential Risks for Golden Visa Holders

Changes in regulations

Golden visa holders are subject to any changes in regulations in the host country. These regulatory modifications, such as alterations to visa requirements, investment thresholds, or residency criteria, could impact the validity or benefits of the golden visa.

Investment risks

Many golden visa programs require substantial investments in the host country’s economy, typically in real estate or other specified sectors. These investments carry certain financial risks, including market fluctuations, depreciation of property values, or unforeseen economic downturns, which could affect the return on investment for visa holders.

Political instability

Golden visa holders may be exposed to political instability or shifts in government policies within the host country. Political unrest, changes in leadership, or geopolitical tensions could potentially impact the security and stability of residency rights conferred by the golden visa.

Dependence on visa renewal

Golden visas are typically granted for a fixed duration, subject to renewal upon meeting specified criteria. Visa renewal is not guaranteed and may be contingent upon factors such as continued investment, compliance with residency requirements, or changes in immigration policies, posing uncertainties for visa holders.

An Example: What Is a Golden Visa in Portugal?

One of today’s most well-known golden visa programs is Portugal’s. Launched in 2012,² the Portuguese government created this visa to stimulate the economy in the wake of sluggish economic growth, high government debt, and the 2008 financial crisis. 

Typically, the visa grants holders a two-year residence permit that can be renewed every two years in exchange for certain types of investments, donations, contributions, capital transfers, or the creation of a minimum number of jobs. 

Recently, the Portuguese government has eliminated several previous golden visa investment routes. This comes in response to growing concerns about housing affordability and cost of living increases. Real estate investments (in both low- and high-density areas) and capital transfers to a Portuguese bank account will no longer allow investors to qualify for the golden visa. However, there are still several ways to fulfill the investment requirements:

• Invest at least €500,000 (~$545,618) in a qualifying Portuguese venture capital fund.
• Create at least 10 full-time jobs through a Portuguese business you own.
• Invest at least €500,000 (~$545,618) in an existing Portuguese business that will create at least five new full-time jobs in the next three years.
• Donate at least €250,000 (~$272,800) toward a project that helps Portugal preserve its national heritage, with select projects in remote areas requiring only a €200,000 (~$218,254) donation. 
• Contribute at least €500,000 (~$545,618) toward a scientific research program.³

Related: Retire in Portugal: Visas, Healthcare, Taxes & More

General requirements to obtain a golden visa

Golden visa requirements differ by country, so it’s important to verify the criteria for the specific visa you’re interested in. There is typically, however, a good amount of overlap in eligibility across different countries, with some of the most common requirements including:

• A clean criminal record in your home country and the one you’ll be moving to
• No prior history of violating immigration rules
• Investments of a minimum amount and a certain type from your own funds (e.g., not a loan)
• Sufficient funds to support yourself and any family members you might bring with you
• 18 years of age or older
• Private health insurance (we recommend Safetywing)

Popular countries offering golden visas

Currently, there are dozens of golden visas in Europe, Asia, Africa, and the Americas (even in the United States). Some of the more popular options include:

Portugal

• Minimum investment: €250,000 (~$272,800) donation toward a cultural project, or €200,000 (~$218,254) for select projects in remote areas
• Recent updates: Investment by real estate and capital transfer eliminated

Greece

Minimum investment: €250,000 (~$272,800) real estate purchase outside of certain popular areas (Athens, Mykonos, Santorini, etc.)⁴ 

Recent updates: Minimum qualifying price for real estate purchases in most popular areas bumped up to €500,000 (~$545,618)

Canada

Minimum investment: CAD 250,000 (~$146,011) toward a Canadian business you will create, own, or operate⁵ 

Note: The figure above references the federal entrepreneur visa — some provinces have dedicated programs with investment thresholds as low as CAD 50,000 (~ $36,503)

Recent updates: N/A

Related: How to Get A Golden Visa: Your Complete Guide to 5 Popular Programs

Thailand

Minimum investment: Membership fee of 900,000 Thai baht (~$25,575)⁶

Recent updates: Prices for different visa options increased between 50% and 500%

Panama

Minimum investment: $100,000 toward select reforestation projects or real estate purchases⁷

Recent updates: N/A

Spain

Minimum investment: €500,000 (~$545,618) real estate purchase⁸

Recent updates: Reports of government considering restricting or eliminating the program as of May 2023

United Arab Emirates (UAE)

Minimum investment: 2 million AED (~$544,588) real estate purchase or public investment⁹

Recent updates: Additional information on visa requirements recently released

Notable countries with a golden visa program and no residency requirement

However, certain countries offer golden visas without prior residence in the country. This is especially true for countries that offer citizenship by investment programs — sometimes referred to as golden passports — such as:

Austria

Minimum investment: Not strictly defined, but typically €3 million ($3,273,922) minimum¹⁰

Key benefits: Safety, strong economy, low taxes for the European Union, excellent schools, great healthcare system, ability to live and work anywhere in the Schengen Zone

Turkey

Minimum investment: $400,000 real estate purchase¹¹

Key benefits: Lower cost of living, rich culture, Mediterranean climate, delicious and healthy food, good public transport

St. Lucia 

Minimum investment: $100,000 toward the St. Lucia Economic Fund¹²

Key benefits: Tropical climate, beautiful beaches, no inheritance or capital gains taxes, laid-back island living

Assessing your investment options

Although obtaining a golden visa offers many benefits, it likely won’t exempt you from your US tax obligations. That’s because all US citizens and permanent residents who meet the minimum income requirements — no matter where they live — must file a federal tax return. 

So, when considering whether or not to pursue a golden visa, keep the following in mind:

• You may have to file a tax return in your country of residence as well as the US — and while tax treaties help you avoid double taxation in theory, tricky clauses often limit their benefits for US expats. 
• Investments in foreign mutual funds are often taxed at a much higher rate than investments in US-based mutual funds.
• FATCA requires Americans to report foreign assets valued over $200,000 USD by the end of the tax year — or over $300,000 at any point in the tax year — on Form 8938.
• Americans who hold $10,000 in aggregate in foreign financial accounts must file a Foreign Bank Account Report (FBAR)

The good news is, though, that Americans abroad may be eligible for special tax breaks, such as the Foreign Tax Credit (FTC), Foreign Earned Income Exclusion (FEIE), Foreign Housing Exclusion, and more.

File US taxes from the intersection where stress-free meets strategic.

As a tax firm that specializes in helping expats, Bright!Tax is uniquely qualified to optimally file US returns. And with an extensive network of international tax firms, we can even connect you with foreign tax and financial service providers.

Meet Your CPA

References

1. A guide to golden visas
2. Portugal Property Market Recovery, Golden Visa and Non-Habitual Residents
3. Portugal Golden Visa – a Complete Guide 2023
4. Greece Golden Visa Remains at €250.000 Except in Major Cities
5. How to Get the Golden Visa in Canada | 2023 Requirements & Programs
6. Thai Elite Visa
7. Panama Residence by Investment Program
8. Investor visa
9. Golden visa
10. Austria Citizenship by Investment
11. Acquiring Property and Citizenship
12. Saint Lucia Citizenship by Investment (CIP)

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Fortunately, there are ways to bring a slice of home to wherever you are. We’re here to share some thoughtful strategies to keep the holiday spirit alive, even across the miles. 

From tips to stay in touch with loved ones to forging new traditions and friendships, in this article, we’re exploring how to cope with homesickness and embrace creating new holiday memories. 

Ready to gently ease those holiday blues and kindle embers of warmth and connection? Let’s get started!

Reflect: What about the holiday season is making your homesickness worse?

Expats understand that living abroad includes periods of lows, which don’t always follow a predictable timeline. That said, the holiday season is a common pressure point for many. And, although the reasons can vary widely, feeling sad and homesickness symptoms tend to occur when we won’t be able to fulfill certain special traditions with certain important people in our lives.

How to avoid homesickness

The reality is that homesickness is a common experience. That said, it’s important to pause and reflect on what specifically about this time of year stirs up loneliness or sadness. Is it missing family traditions, the festive atmosphere back home, or something else? How can you cultivate a reminder of home in a foreign place?

Understanding the root of your holiday blues is the first step in making a plan to effectively cope with homesickness. This introspection is not just about pinpointing the cause, but also about recognizing your feelings as valid: Everyone deserves the joy of spending holidays with family, and it’s a heartfelt wish that often remains unfulfilled for many expats.

Once you’ve acknowledged that you’re feeling down and reflected on what in particular is causing you to feel homesick, you can take steps toward feeling better.

Homesickness symptoms in US expats

When expats are feeling homesick, certain feelings can start to arise that can quickly send one’s mental health into a tailspin. 

It’s common for negative feelings to surface, sometimes making aspects of your host country feel like minor annoyances, or leading you to miss how things are done back home.

Or, that your host country is lacking because you find it challenging or impossible to fulfill a much-cherished ritual from back home, such as visiting your favorite coffee shop when the holiday decorations go up. 

These and so many others are perfectly normal and common in expats, many of whom, for one reason or another, are unable to return home for the holidays.  

Related: Transferring Large Sums of Money Internationally

Six ways to cope with homesickness while living abroad

1. Reach out to friends and family back home

For many, the essence of the holiday season lies in spending time with loved ones. If you fall into that camp, pick up the phone and send them a message, or give them a call. Try to talk through what the hardest thing is about not being able to be there, and consider bouncing ideas around regarding how you can stay involved without making your homesickness worse. 

For some, this might look like deciding on a time to call during a holiday dinner. Family can pass the phone around so you can say hello to everyone, and while it won’t be exactly the same, you can be sure that your family is thinking about you when you’re thinking about them, too. 

Moreover, there’s often a family member who brings joy and laughter with their technological challenges, ensuring a light-hearted atmosphere.

2. Host or attend a Friendsgiving celebration

Friendsgiving, a cherished tradition among US expats, serves as an alternative to Thanksgiving, typically celebrated on the same day or the nearest weekend. By taking a family event and adapting it to a newly extended friend group, the celebration takes on new meaning and is a balm for those homesick pangs. 

Note that there are various ways to participate in a Friendsgiving, depending on your preferences. If you’re a planner and enjoy hosting, now’s your chance to let that side of you shine! 

On the other hand, if you’d rather attend and contribute to a celebration, get the word out! Many long-time expats often host holiday events that welcome both established and new expats. Letting your expat friends and acquaintances know you’re open to attending a Friendsgiving can open doors to such gatherings.

3. Take the time to decorate your space

“If going home for the holidays isn’t an option, consider bringing a slice of home to your current surroundings. Putting up holiday lights and garlands, lighting cozy-smelling candles, and more serve a couple of purposes when dealing with homesickness. 

Firstly, it brings holiday cheer and brightness into your home, which can help you feel more grounded in your day-to-day life as an expat spending the holidays overseas. 

Secondly, it’s an opportunity for you to create a new holiday routine for yourself, and by extension boost your serotonin levels. Create an environment that fosters your creativity and calm by setting time aside to decorate your space in a way that feels authentic to you. 

For example, some people may want to engage in this activity with a partner such as a spouse or friend, while others may find solace in turning on some holiday jazz and quietly creating the ambiance solo. 

Note: If you’re not sure where to find these types of items, post in a local US expat group on Facebook. (Just be sure to search the previous posts, first.)  Additionally, Facebook groups can be a great resource, and expat communities tend to be very receptive and helpful to those who post open-ended questions around topics such as, “how to avoid homesickness.”

4. Indulge in a holiday movie marathon 

Embrace the cheer and warmth of even the cheesiest holiday movies! Holiday movies are all about the warm and fuzzy feelings left in the wake of improbably happy endings. These movie marathons are also great ways to easily share bonding moments with others, which makes it an easy addition to this list of how to avoid homesickness. 

5. Discover what you enjoy about how your host country celebrates the holidays

While holidays abroad differ from those at home, this difference can bring unique and enjoyable experiences. If you live in one of the many places around the world that celebrates a special holiday in December, they’re bound to have some interesting local traditions. 

Are you a foodie? Try heading to local bakeries and restaurants to sample some traditional holiday goodies. If you express love by sending gifts to those you care for, explore a local holiday market and/or small business to buy gifts. If you want to attend an event or festival, check out local publications and sites like Eventbrite, Facebook, Meetup, and Instagram.

6. Get intentional about how and when you spend time on social media

Social media offers a valuable connection with friends and family back home, though it’s important to be mindful of its impact on mental health. In addition to establishing a daily limit to how much time you spend on social media during the holiday season, we recommend leaning into sharing the new memories you’re creating abroad.

For example, if you’re meeting new people with similar interests and feeling optimistic about developing friendships, document that! Not only will it give you a boost to realize you’re building your expat support system, but also give you new and exciting updates to share during phone calls home. 

Delegate expat admin so you can focus on forging expat memories.

First and foremost, Bright!Tax CPAs are experts in US expat tax and minimizing expats' US tax liability. Additionally, many are also expats too, meaning they empathize with homesickness firsthand.

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The post How to Avoid Homesickness: An Expat Holiday Briefing appeared first on Bright!Tax Expat Tax Services.