Updated April 2023
How to get EU citizenship through the Golden Visa program
Assuming you’re not already an EU citizen, have you ever dreamed of living in Europe full-time? Basking on the beaches of Barcelona in the summer, picking grapes in Burgundy in the fall, skiing the alps of Switzerland in the winter and cruising the Autobahn in Germany come springtime. Doesn’t sound like a bad year!
Europe is the most unique continent given the long history, variety of cultures, attractions and cuisine. As as US Citizen, our holiday visas (known as the Schengen Visa) only grant 90 day stay. With the proliferation of remote work accelerated by COVID, it’s not beyond the realm of possibilities to work full-time abroad. In fact, Jesse did this for two years, with the majority of time spent in Europe.
What is the Schengen area
Which countries are in the Schengen zone?
Resetting the Schengen visa clock
What is a Golden Visa
Downsides to the Golden Visa
What happens next?
Portugal’s Golden Visa process
What is the Schengen area?
The Schengen zone is a collection of 26 countries in Europe that have eliminated all border control and passport checks. This means that if you fly from New York to Portugal, and then drive east into Spain and France, you would only need to show your passport once, upon arriving at the airport in Portugal. This is great as it saves time while crossing borders, but consider the 90-day Schengen Visa — the clock doesn’t stop if you wander into another Schengen country; the 90 day stay is a sum total whether you spend it entirely in a country like Italy or split it up amongst 10.
Which countries are in the Schengen zone?
Most western European countries with the exception of the UK and Ireland. Most overlap with EU but not all. See map below
So why can’t I just leave the Schengen area and reset the clock?
Not so fast, Turbo. The 90-day max stay is valid for 180 calendar days, starting from the date of entry. Meaning that if you spend 30 days in France, then leave for a non-Schengen country like the UK, you’d still only have 60 days remaining on the Schengen Visa until 180 days passed from the start of the initial visa grant. After you hit 90 days, you’ll need to leave all Schengen areas; as you can see from the map above, this doesn’t leave many options in Europe.
So is there any way around this time constraints? One way to get EU citizenship as a foreigner is through marriage (marrying an EU citizen). Another way is via heritage (if either of them were an EU citizen). Assuming neither of those are likely, there is another option.
What is a Golden Visa
The term Golden Visa refers to the ability to receive permanent residence in a location via fiscal means. Many countries, not just those in the EU have some sort of program like this as a means of financial stimulus. Types of ways to “buy” your way into countries vary, but include:
- Purchasing a property (of a certain limit)
- Starting a company (and employing locals)
- Depositing an amount of cash in a local bank (and holding for a certain time limit)
Requirements vary across all countries, but we found that the cheapest option was usually around 250,000 euros and ranged north of 1m euros. Properties require cash purchases i.e. mortgages not allowed.
What are the downsides to the Golden Visa
Aside from parting with a lump sum of cash, there are some downsides to the Golden Visa that. you should be aware of. These include:
- Giving up your home citizenship – while there are some countries that allow dual citizenship, others do not.
- Taxes – some countries will require taxes for any earned income, no matter where it was earned nor how many days you spend in the country.
- Physical requirements – in the scenario of property or bank account transfer, you may be thinking this can all be done remotely. Most countries with a Golden Visa have some sort of requirement for physically living in the country in order to qualify.
So I have the Golden Visa, now what?
Well, now you’re golden–go frolic around Europe and make the rest of us jealous! To reiterate, every country has different requirements. Some have a residency waiting period where you can become a permanent residence and have a path to becoming an EU citizen. Others grant it right away. Depending on your time horizon, this is something to consider. That said, if you are granted residency but not EU citizenship, you can still spend a lot of uninterrupted time in Europe, assuming you stay within the Schengen zone which doesn’t check passports at borders.
Portugal Golden Visa process
We are currently in the Golden Visa process for Portugal. To read about our experience, see our post here.
