Recently, more and more people are thinking about changing their place of residence. Citizens are not satisfied with various factors: high taxes for doing business, prohibitive cost of living combined with low wages, instability of the political system, shortcomings in the educational sphere and so on. Many people are ready to leave their homeland, and there are excellent methods of realizing their plans. The concepts of “Golden Passport” and “visa” are now often confused. However, these are two different travel authorizations, one being a document, the other a stamp. It is important to distinguish them, as well as to understand the differences in status processing, and to know the pros and cons of each program for obtaining these passes.

 What is a Golden Visa

Obtaining an eligibility to live as a local, work in another country is often a long and difficult process. However, it is easier for those who have money. Golden visa by investment allows wealthy people to buy an investment residence – sometimes without even having to live in the country.

Passes are common in such countries as Spain, Portugal, Italy, UAE and others. Some of these countries do not provide for dual citizenship, so by obtaining a pass, people do not expect to acquire a certifying document in the future. However, the program is a great opportunity to travel without obstacles, study, work in another country, open a business there or go for medical treatment.

 What is a Golden Passport

Golden passport by investment is a way of obtaining citizenship by investing money into the development of a nation’s economy. In addition, you can get a second passport for investment in many countries, the most popular destinations: the Caribbean, Vanuatu, Egypt, Turkey. Special programs allow obtaining the status in a short period of time, without requirements for residency in the state and knowledge of the language. Family members of the applicant can also often obtain the status within the framework of a single application.

Benefits Comparison: Golden Visa vs. Golden Passport

Programs are designed for wealthy immigrants who contribute to the country’s economy by purchasing stocks/shares/bonds, financing local companies or charitable foundations. The contributor can establish residency or citizenship after a voluntary contribution.

In the case of granting citizenship status, the term “golden passport” is applied immediately after sending money. The program that allows you to issue a residence permit for financial contributions is called a visa. Benefits of the first method is that a person directly becomes a full-fledged citizen without long waiting and has a physical carrier of personal rights. The minus is that only some territories on the planet have introduced such a system, which includes the Caribbean Islands and the South Pacific.

The advantage of issuing a stamp is the absence of bureaucratic procedures and legal processing, everything is clear and transparent, but the disadvantage is its temporary validity. Therefore, with the presence of this pass, there is no possibility to live permanently on the territory and you need to renew the papers.

 Investment Requirements: Golden Visa vs. Golden Passport

According to expert Zlata Erlach (Immigrant Invest company), one of the main advantages of obtaining a visa is the absence of requirements for the applicant to reside abroad and simplified ways obtain visa. Requirements for getting a card are usually determined by the following rules:

• availability of financial investments and account balance;
• absence of problems with the law;
• ability to support yourself and your family even in the absence of work in the territory;
• provision of basic documents and a certificate of health and dependents.

After verification of the applicant’s health and financial status and compliance with the documents, a card is issued (in the case of the UAE, it is an Emirates ID card).

So, Golden Visa vs. Golden Passport. Passport gives much more opportunities for wealthy foreigners. We are talking about the right to vote, the power to be elected to public authorities, as well as the right to access free medical care and educational services. The document is a type of insurance against serious socio-political problems or in the case of, for example, a criminal investigation.
The investment is characterized by division, so a wealthy person can choose where to invest money: real estate, funds, business and so on. Real estate investment can be paid back over time, which is another advantage over other programs. Caribbean islands adhere to this tactic, offering personal documents in exchange for finances from 100 thousand euros. It is the minimum amount that is available, and it is the cheapest golden visa programs. At the same time, all holders of personal papers will legally have two passports – native and purchased.

 Conclusion

So, both programs offer global mobility, only one of them is temporary and prepares for citizenship in the future. The second, on the other hand, is itself and confers full rights and participation in elections. The purchase of an entry and residence permit is valuable to the wealthy individual and his family, as well as to the country. It makes the economy grow and prosper. However, it is up to you to decide which country to choose, whether you should buy a visa or prefer citizenship.

Ensure yourself a calm and quick process – seek help from specialists. They will save your money and time, as they know all the pitfalls that may arise in the process of preparing documents.