We get a lot of inquiries from clients asking for fully refundable investments with golden visas and citizenship by investment programs. We understand the interests of clients who value their hard earned money and dont want to waste money with donation options where the money is gone.
First we start with real estate, which is a very common refundable investment where you can sell off your property after 5-6 years with appreciation, of course you get to earn rentals during this period. What many dont know the trick is investing in buyback shares in a property (there is a difference in buying a share and buying a full titled property) where the developer will buyback the share after five years giving you profits and full investment back (some even cover all taxes). Buying a share in hotel/resort/residential projects can also save you lot of money in taxes plus you dont have to register the property going through lengthy process.
One of the safest refundable investments is buying government bonds or also fixed deposit with banks. If you are a HNW investor, both will give you a peace of mind, because these are guaranteed. One disadvantage is the minimum investment is too high.
The third investment option is investment funds approved by securities commission in that country. You have to know really what you are doing and study the funds well before investing. The more risk you take with the capital, more the returns but be prepared to expect loss of capital in quick time depending on market conditions. Finally capital transfer in businesses are active investments where you risk the capital creating jobs.
We have compiled a list of Fully Refundable Investments for Golden Visa Programs. Most of these are passive investments suitable for most investors.
1.Portugal
- Real estate – 280,000€ (buyback shares in four or five star hotels/resorts, residential or commercial properties capital refunded by developer after 5-6 years. Some developers cover all taxes or offer yields )
- Real estate – 280,000€ (full title in residential property)
- Investment fund or Venture capital fund – 350,000€ with 3-5% returns with five year lock on investment.
- Wineries / Olive Oil farms – 350,000€ share in the project with returns
- Treasury bonds or securities – 1,500,000€ locked for 5 years with payable interest
- Bank Fixed Deposits – 1,500,000€ standard interest rates paid by banks in euro area
Depending on the investment, residence permits granted for one, two, three and five years.
2.Greece
All investment options capital can be redeemed upon maturity.
- Real Estate – 250,000€ in buyback shares in residential or commercial properties
- Real Estate Investment Company (REIC) – Capital contribution 400,000€
- Venture capital fund or company – Stocks or shares 400,000€
- Greek Treasury bonds – 400,000€ for 3 years
- Bank Fixed term Deposit – 400,000€ in Greek bank or credit institution for one year renewable.
- Legal entities – 800,000€ in stock, corporate bonds or treasury bills or term deposit in banks
- Mutual fund – 400,000€ established in Greece or another country
- Alternative Investment Fund (AIF) – 400,000€ established in Greece or in other EU member state (full list approved by the Foreign Funds Directorate of the Ministry of Development and Investment)
The residence permit for investment in property, securities or a bank deposit is granted for five years. It is renewed for an equal period each time.
3.Ireland
Ireland requires the following investments to be maintained for three years and can be liquidated thereafter with returns.
- Investment Fund – Approved investment €1 million euro (Funds should have a minimum target size of €20 million) approved by Central bank (capital refunded after maturity or with penalty, returns 3-5%)
- Real Estate Investment Trusts (REIT) – €2 million euro listed on the Irish Stock Exchange (capital upon maturity)
Note: Ireland imposes a additional condition you to prove you have €2 million in total net assets before you apply. Example in the form of property, investments, savings (can also proved jointly as a family). No loans are allowed. Investing in commercial enterprises for sole purpose of leasing and renting not allowed
4.Spain
All the investments must be maintained for three years and redeemed thereafter. Residence permits are issued for 2 years and extendable.
- Public debt (treasury bills, bonds or stocks) – €2 million
- Stocks / Shares – € 1 million
- Investment funds or venture capital funds set up in Spain – €1 million
- Bank deposits – €1m
5.St Lucia
- Real Estate – USD 300,000 (buyback shares in five star hotels/resorts). Rental yields and investment refundable by developer after 5 years
- Government treasury bonds – USD 250,000 (locked for 5-6 years) no interest paid
Note: This is a citizenship by investment where you can get direct passport in 3 months. The entire investment is guaranteed back by government of st lucia.
6.Turkey
Turkey grants direct citizenship for the following investments.
- Real Estate: Buy real estate property or shares atleast US$ 400,000 not sold for 3 years
- Bank Deposit: Deposit atleast US$500,000 in Turkish banks (with interest) for fixed term
- Government bonds or securities: Buy US$500,000 Turkish government bonds locked for 3 years with interest
- Venture capital funds: Buy $500,000 worth of VC fund share (3 years with yields and capital after maturity)
7.Montenegro
Montenegro grants direct citizenship for these investments
- Real estate – EUR 250,000 (buyback share in hotels/resorts)
- Real Estate – EUR 350,000 (buyback share in hotels/resorts major cities)
8.Latvia
- Real Estate – EUR 250,000 (shares or title)
- Company shares – EUR 250,000 (for 3-5 years)
- Government bonds – EUR 250,000 (5 years)
9.Bulgaria
- Real estate – €300,000 (shares or property)
- Bonds/stocks – €300,000 (companies listed in bulgarian stock exchange)
- Government bonds/securities – €500,000 for five years
- Bank deposit – €500,000 Investment in a licensed credit institution in Bulgaria
Note: This is a golden visa not citizenship by investment program.
10.Netherlands
Venture capital fund – Approved fund at least € 1.25 million euro that invests in innovative companies
11.Singapore
GIP Fund – S$2.5 million (US$ 1.8m) in Singapore-registered companies or GIP funds that in-turn invest in Singapore companies.
12.Saint Kitts
- Real Estate – USD 200,000 (buyback shares in five star hotels/resorts). Rental yields and investment refundable by developer after 5 years
Note: This is a citizenship by investment program
13.Antigua and Barbuda
- Real Estate – USD 200,000 (buyback shares in five star hotels/resorts). Rental yields and investment refundable by developer after 5 years
Note: This is a citizenship by investment program
14.Grenada
- Real Estate – USD 300,000 (buyback shares in five star hotels/resorts). Rental yields and investment refundable by developer after 5 years
Note: this is a citizenship by investment program
15.North Macedonia
North Macedonia launched citizenship for investment initiative pursuant to laws in 2017. The following investment activity are approved by government.
- Private Investment Fund – €200,000 euro invested for a period of 2 years refundable after
- Direct investment Fund– €5,000,000 euro attracting atleast 20 foreigners
16.Cyprus
- €300,000 in Real estate shares/stocks
- €300,000 in Share capital of a company with activities in Cyprus.
- €300,000 in Collective investments (AIF, AIFLNP, RAIF)
Note: this is a golden visa program not citizenship.
17.Dominica
- Real Estate – USD 200,000 (buyback shares in five star hotels/resorts). Rental yields and investment refundable by developer after 5 years
Note: this is a citizenship by investment program
Disclaimer: All investments are prone to risk of losing money. Please invest carefully. The above are general information and do not provide investment advice. Please consult your investment advisor before investing.
