A Golden Visa bank account is opened in the country where an investor is applying for a Golden Visa (residency by investment). Many countries require applicants to have a local bank account to process investments, such as real estate purchases or business funding, as part of the residency application.
Portugal, Greece, and Luxembourg provide Golden Visa schemes that offer residency in return for tangible investments in bank deposits for individuals and legal entities. In this article about the Golden Visa bank account investment option (bank deposits to secure a Golden Visa), we’ll delve into three countries that provide this option to obtain a Golden Visa.
Depositing cash in a bank account in return for a Golden Visa is an attractive option for acquiring residency. This route is a safe, simple, risk-free option that comes with peace of mind and allows you to acquire fixed interest over time. You will also not have to understand property tax laws and legal fees arising from investing in the Golden Visa’s real estate options.
Another clear benefit of the program is that you can hold a multi-currency account to protect your money from being diluted by the foreign exchange market (FOREX). You will need to open a bank account in your country of choice.
Particularly given current economic uncertainties, such as the COVID-19 pandemic and the Ukrainian War, a Golden Visa bank deposit is a great investment for financial protection. For example, the COVID-19 pandemic has impacted yields from government bonds and real estate—popular Golden Visa options.
It was only very recently that Greece expanded its Golden Visa program to include bank deposits and treasury bonds alongside its real estate investment pathway. While the real estate option is hugely sought after and widely promoted, other options, such as government bonds and bank deposits, are less well known.
Portugal
Bank deposits for the Portugal Golden Visa are a less well-known investment option. The program allows cash deposits in a local Portuguese bank or in regulated institutions under the capital transfer option for the Golden Visa.
AIMA requires that you present a Declaration of a credit institution registered in or authorized in Portuguese national territory. You will need to attest to holdership, free from any obligations and charges, of deposit accounts with a balance equal to or more than €1.5 million resulting from an international transfer or a quota of the same amount when joint accounts are being considered.
It is fairly straightforward to open a Portuguese bank account. We are more than happy to help you secure a Portuguese bank account and NIF number (Personal Portuguese Tax number)—two essentials that you will need if you move to Portugal.
The Portugal Golden Visa bank account option is attractive to foreign investors but is not as popular as the better-known real estate option, given the attractive Portuguese real estate market or even the investment fund pathway.
Benefits of the Portuguese Golden Visa
There are countless benefits to applying for the Portugal Golden Visa, including the fact that your family members are also eligible, you can reside in one of the safest countries in the world with excellent education and health care systems, and you can enjoy the sublime climate.
After five years of holding your investment through the Portuguese Golden Visa, you can apply for permanent residency and Portuguese citizenship, provided you meet the requirements under Portuguese law. Securing Portuguese citizenship requires passing an A2 language test and having a clean criminal record. A Portuguese passport is an EU passport, providing a vast array of benefits to the holder.
Since its inception, the Portuguese Golden Visa has cemented itself as one of the most popular residency-by-investment programs, allowing investors worldwide to secure residency in Portugal. Golden Visa investors will also find that the application and process are quite straightforward.
If you are interested in applying for the Portuguese Golden Visa, get in touch with us now, as the program will be ending in the coming months, and it is your last chance to secure a Golden Visa in Portugal. While an investment into the Portuguese real estate market is the most popular, the range of investment options is one of the advantages of the program.
Luxembourg
For the Luxembourg Investor Visa, applicants are required to make a substantial financial investment in the country. Specifically, they must deposit €20 million with a financial institution established in Luxembourg. The deposit must be maintained for a minimum of five years or longer. This investment route grants the applicant residency in Luxembourg, and after a certain period, it may lead to permanent residency or citizenship. This is an attractive option for individuals looking to invest in a stable economy while enjoying the benefits of living in one of the wealthiest countries in Europe.
Greece
The Greece Golden Visa allows you to make a capital contribution of €500,000 or more, in securities or a bank deposit in Greece. Article 16 of Law 4251-2014, as amended and complemented by Article (c) of Law 4605-2019, is the legal basis of the Golden Visa program, which concerns entry and residence to Greece by investing in securities or making a bank deposit.
As mentioned, you will need to deposit at least €500,000 in a domestic credit institution bank account in Greece for at least one year with a standing renewal order. Family members can also be included in your application.
A Golden Visa for bank deposits in Greece means that you will secure a residence permit that is granted for five years and can be renewed for a further five years. Legal entities can also use this investment option, depositing funds in a Golden Visa bank account.
A certificate from the credit institution on the following is required:
- Deposit amount
- Initial amount and duration
- Existence of a standing renewal order.
The Bank of Greece publishes interest rates for bank deposits in Greece. The interest rates for time deposit accounts are also available here. Once you acquire Greek residency, you can apply for citizenship and a passport after seven years, provided you meet all the criteria.
Turkey
The Turkey Golden Visa also has an attractive bank deposit option. You will be required to make a bank deposit of at least $500,000 into a Turkish bank account and maintain it for a period of five years. The deposit can be in dollars, Turkish Lira, or an equivalent foreign currency. .
Quick Summary
- Portugal, Greece, and Luxembourg are the only EU member states legally offering a Golden Visa for bank deposits. All three investment programs are attractive options for securing residency in the EU.
- Greece provides the cheapest bank deposit option, costing only €400,000 to secure five-year residency.
- Legal entities are eligible to apply for the Golden Visa bank deposit option.
- Golden Visas are an excellent route to secure residency for you and your family. Golden Visa applicants can have access to a vast array of benefits that come with having residency in their country of choice.
Note that if you are interested in applying to Portugal’s Golden Visa program, you should start the process now, as the program will be coming to an end. The Portuguese Golden Visa program allows applicants to live, work, and study in Portugal, plus it provides increased financial and personal mobility, visa-free travel, and easy access to the European Union.
Kickstart your Golden Visa application today and contact us at Global Citizen Solutions. We are a boutique consultancy firm with years of experience delivering bespoke residence and citizenship-by-investment solutions for international families. We can help you open a bank account and secure an NIF number.
