Golden Ticket: A deep dive on the golden visa programme

Magpantay qualifies that the requirements and the costs for her company’s golden visa vary from country to country. Spain and Luxembourg require a minimum contribution of €500,000, Montenegro has no minimum contribution, and Canada and the United Kingdom require an innovative start-up business. Most countries allow you to spend your “gift” (as the investment is sometimes called) as you please, either through stocks or real estate, which is a more popular option among investors. International real estate is a reliable way to secure one’s future due to its long-term staying power and ability to appreciate over time. Once settled, one could eventually apply for citizenship after the minimum years of residency have been met. From these participating countries, Magpantay recommends Greece for getting a foot into Europe hassle-free. “My motto is ‘Greece is the cheapest entry point to Europe’ because you don’t have to stay. You can visit the country to get your processes in order and leave immediately. Just like that, you have a plan b in your back pocket,” she says.

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Though the idea of seamless immigration may sound appealing, one factor to consider is the tax laws in the destination country. “Investing in the United States frankly seems a bit more complicated. Nonetheless, the American dream is still very compelling to many Filipinos. Fortunately, there are immigration specialists who guide potential candidates through the entire process,” shares Olivares.

While most countries usually have a steep entry barrier, some offer a reasonable price for citizenship. Thailand has a minimum application fee of US$26,000. For a relatively low price, one could enjoy a long-term residence with privileged VIP treatment on arrival in Thailand. “One of the best value-for-money golden visa programmes was the one offered a few years ago by the Caribbean nation of Antigua and Barbuda. For a reasonable US$100,000, one could get citizenship for a family of four,” explains Olivares.

Those looking to acquire a golden visa should also consider an aggressive approach to their search for real estate, as properties sell out fast. “Though I am not looking to acquire citizenship through the golden visa programme, I always enjoy looking through the properties on offer. I was lusting over some apartments-in-development in Santander that Alfredo Roca was presenting, and he said they sold out immediately,” shares Olivares.

Spain’s golden visa scheme for Filipinos has been gaining popularity, and for good reason. For one, Spain sees economic benefits with this partnership and is lenient to former Spanish colonies by fast-tracking the process.

“For a long time, the two had a mutual alienation. We’ve always had a chip on our shoulders for what the Spanish did to our ilustrados, the execution of Rizal, among others. And we just tossed them out of our collective consciousness when the Americans arrived,” says Richard Heydarian, academic/columnist/policy adviser. “But now, both Spain and the Philippines are emerging powers... Filipinos are emerging as one of the biggest sources of capital and investments while Spain is trying to rediscover its cultural and historical ties to the Philippines.”

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There is also the matter of uncertainty in Philippine politics and the economy, and Filipinos are searching for a second haven to reside in. Right now, Spain seems the best choice.

“A lot of wealthy Filipinos see Spain as a natural gateway to having a second passport—a second powerful passport for that matter— and all the Filipinos going to Spain are finding a very familiar culture, a language that isn’t too hard to learn, and a very hospitable environment,” adds Heydarian.

Though the golden visa programme may sound like a failsafe, Heydarian urges Filipinos to be cautious. “There could be pushback and a rise in anti-immigrant sentiments. We know that anti-Asian racism is an unfortunate phenomenon in many Western countries ... Things are moving excellently, but we must guard against potential backlash. As long as there’s a constant effort by both the Spanish government and the Philippine government and all the concerned communities on both sides to make sure that we continue the positive momentum we have in our bilateral relationship.”

Out of Pocket

Here’s how much you’ll need to invest to gain permanent residence in these countries

Australia - AUD 2.5 million
Greece - EUR 250,000
Italy - EUR 250,000 to EUR 2 million
Luxembourg - EUR 500,000
Netherlands - EUR 1.25 million
New Zealand - NZD 5 million
Portugal - EUR 250,000
Singapore - SGD 10 million
Spain - EUR 500,000
Switzerland - CHF 250,000
Thailand - THB 900,000
United Arab Emirates - AED 2 million
United States of America - USD 800,000

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