This as-told-to essay is based on a transcribed conversation with Armand Arton, 47, president of Arton Capital, a financial advisory firm, about golden visas and passports. The following has been edited for length and clarity.
I founded Arton Capital in 2006. We advise governments on how to attract wealthy global citizens to their countries through residence-by-investment programs, and we also have a private client division where we advise ultra-high and high-net-worth families about how to obtain residencies in other countries.
Our clients are based all over the world. Some have relocation needs because they’re in a country where lives are in danger, while for others, it’s more of a lifestyle decision. They want mobility to access more countries worldwide. We advise them about golden visas and golden passports — government programs that offer residency or citizenship rights to foreign investors.
When I first entered this industry nearly 20 years ago, the perception was that people living in the East wanted to move west. But in recent years, migration has been happening in all directions.
During the COVID-19 pandemic, many American investors couldn’t enter Europe, so they are now looking for residency programs in European countries. After this year’s elections in France and the UK, we’re also seeing millionaires in those countries looking to relocate.
Here are the top five countries that my clients, who are looking to relocate through investment, are interested in moving to:
Hungary
In 2013, Hungary launched a program granting citizenship in exchange for investing in government bonds, with the promise of repayment after five years.
They decided to reopen it this year with an additional focus on real estate investment.
It comes with a residency card that can be renewed after 10 years.
Hungary offers a European lifestyle, is safe, and offers huge opportunities to invest in real estate.
Unlike countries like Portugal and Spain that want to abolish or redirect funds away from the property sector, Hungary encourages people to invest in real estate.
Property in Hungary is relatively inexpensive, which creates opportunities for investors. Hungary also has a stable political ecosystem. Governments haven’t changed as rapidly as in Greece or Italy.
There’s an option to apply for a passport in Hungary, but you will have to reside in Hungary for eight consecutive years and pass a test in the local language.
Greece
Because Hungary has just relaunched its program, there’s a lot of hype around it, but recently, I’ve been seeing more people invest in Greece.
Greece’s program stipulated a 250,000 euro minimum investment in real estate, but recently, the government announced it would increase the price to 400,000 euros. This came into effect at the start of September.
We saw a surge in clients applying for visas in Greece because everyone got their applications in before the price hike. We don’t expect demand to slow down. The opportunity for easy access to Greece’s storied cities, beaches, and culture will never lose its appeal, whatever the price.
Greece is a popular tourist destination, so clients buy properties they can rent out for income.
A golden visa in Greece does not automatically confer the right to work. Instead of being employed by others, investors can establish and own a business in the country. This can benefit Greek citizens, who can seek employement by the companies that golden visa applicants establish.
Similarly to Hungary, there’s a flexible long-term residence pathway that offers access to the Schengen area, a border-free zone of 29 European countries where citizens and residents can travel easily.
To obtain citizenship in Greece, you must have resided in the country for seven years and passed Greek language and cultural knowledge tests.
I’ve found that for people applying for residency by investment, citizenship is a possibility but not the end goal. A permanent residency in a European country gives them similar rights to citizens.
Italy
Italy’s program has been under the radar for a long time.
The program requires investment directly into the economy, such as the stock market, instead of real estate. It’s not been as popular because it doesn’t have a real estate option.
However, since Brexit created instability in Europe, Italy has become a more popular destination among ultrawealthy people already in Europe. This is thanks to 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 a year for 15 years for applicants who became tax-paying residents of Italy.
This has now been doubled to 200,000 euros per year on foreign worldwide income. We’ve noticed demand from people in other European countries such as England, France, and Germany, eager to take advantage of the 15-year plan.
The UAE
The UAE has quickly developed into a country that attracts the wealthy and investors.
Options for obtaining 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 nominate applicants for a golden visa.
Residencies are typically valid for 10 years before they need to be renewed, and the UAE has been awarding citizenship to some of its biggest investors. We’ve worked with more than four investors who’ve made impressive investments in the economy, and the country has rewarded them with a UAE passport.
Citizenship-by-investment in the UAE is not an official program that everyone can apply to, and that exclusivity is a draw for people. Our information is that less than a hundred passports have been awarded.
Once you have a UAE passport, there are economic benefits. Expats are usually restricted to purchasing property in designated areas known as freehold areas. But with a UAE passport, these restrictions no longer apply.
The Caribbean Islands
Among the Caribbean Islands, Antigua and Barbuda has attracted most of our clients this year.
We feel that ultra-high-net-worth clients want a less popular program than one that everyone has, which is what’s drawn people here.
Antigua is also experiencing phenomenal economic growth and attracting brands and tourism. There’s a focus on luxury hotel developments.
Though it was completely devastated by hurricanes Irma and Maria in 2017, it’s becoming a playground for billionaires.
I’d advise wealthy migrants to get in on programs sooner rather than later
The number of applicants for golden visas increases every year. I’ve witnessed ups and downs in the number of residence-by-investment programs available to wealthy migrants. Countries including Bulgaria, the UK, and Ireland have recently closed programs, so at the moment, I think more programs are closing than opening, but demand for these programs constantly grows.
Programs are becoming more limited and more expensive, so I’d advise people who can afford to make these investments to do so now before processes become more difficult.