Golden visas for property investors: a global trend and an opportunity for Vietnam

As the global economy restructures after the Covid-19 pandemic and amid geopolitical upheaval, international capital is looking for destinations that are stable, flexible and of real practical use. Against this backdrop, golden visa programmes, residence or citizenship granted in return for investment, have emerged as a strategic tool for countries seeking to attract wealthy individuals and global citizens. Property investment in particular has been adopted by many countries for its stability, its capacity to generate cash flow and its direct contribution to infrastructure.

While the traditional markets of Europe are tightening the conditions of these programmes, Southeast Asia is showing fresh potential, with flexible approaches, reasonable costs and strong growth prospects. Vietnam does not yet have a golden visa programme, but it has a real opportunity to design one of its own, in step with a sustainable path for its economy, tourism and real estate.

Golden visas and the role of property

A golden visa is a long-term residence visa, usually valid for five to ten years, granted to a foreign national who makes a qualifying investment in the host country’s economy. Property is the most common route, being a tangible asset that is easy to verify and has a direct effect on the domestic market. Investors choose this route not only for a stable place to live and good schooling and healthcare for their families, but also to diversify their assets across borders, particularly where countries offer favourable tax treatment to new residents. Governments, for their part, expect golden visa capital to support the property market, create jobs and contribute to GDP growth.

Golden visas around the world: from the European model to new trends in Asia

Europe is regarded as the birthplace of the modern golden visa, with Portugal, Greece and Spain among the best known. In Portugal, one of the most popular schemes required foreign investors to spend between €280,000 and €500,000 on property in return for five years’ residence and a path to citizenship for those who qualified. Greece, with a minimum investment of only €250,000, became the most attractive destination in the EU for investors seeking holiday property in Athens or Santorini.

Criticism from the European Union over money laundering, and rising house prices in major cities, have since led countries such as Portugal and Spain to revise or even close their programmes. The Middle East and Asia, by contrast, are welcoming a new wave of investment. The United Arab Emirates, Dubai in particular, has introduced a ten-year visa for those investing AED 2 million (about USD 545,000) in property, helping to drive transactions and the development of high-end districts. In Asia, Southeast Asian countries are gradually shaping their own, localised versions of the golden visa, suited to the region’s legal frameworks and needs.

Southeast Asia: models taking shape

Thailand was one of the region’s pioneers with its Thailand Elite Visa, which allows foreigners to stay for five to twenty years depending on the package, from around THB 600,000 (about USD 16,000). The scheme does not require a property purchase, yet most participants combine it with buying a villa or holiday apartment in well-known destinations such as Bangkok, Pattaya or Phuket.

More recently, Thailand launched the Long-Term Resident (LTR) Visa, which grants ten years’ residence to global professionals and investors. Some categories require a minimum investment of USD 500,000 in property or government bonds. The Thai government aims to make the country a place to live and to holiday for the world’s middle class. Indonesia is changing too. Since 2023 it has offered a Second Home Visa, valid for five to ten years, to foreigners who can show at least IDR 2 billion (about USD 130,000) in an Indonesian bank account. Although not tied directly to property, the visa makes it easier for foreigners to buy or rent villas in Bali through long-term land leases.

An opportunity for Vietnam: shaping a distinctive golden visa

In Vietnam, foreigners may currently buy apartments and condotels with ownership of up to 50 years. The law still restricts land ownership, however, and there is no long-term visa linked to property investment. Even so, with rapid urbanisation, a fast-growing resort property segment and rising international arrivals, Vietnam has every condition in place to create a golden visa programme of its own.

Options worth considering include a pilot long-term residence scheme for foreigners investing in high-end resort projects, notably in Ho Tram, Da Nang, Lang Co and Phu Quoc, or in the lakeside eco-tourism areas of the north such as Dai Lai and Nui Coc. Combining branded residences with wellness, leisure and rental returns could create compelling investment packages for foreign buyers.

A golden visa for property investors would not only attract high-quality international capital to Vietnam; it would also raise the profile of its tourism brand, sharpen the competitiveness of domestic projects and give fresh impetus to ecological, smart and sustainable urban development.

Conclusion

A golden visa is more than a way to attract residents. It is a broad economic strategy in which property, tourism, finance and law work together to carry a country onto the global stage. As the traditional markets narrow, Vietnam has a real opportunity to shape a distinctive golden visa suited to both domestic conditions and international trends. Built methodically, transparently and sustainably, such a programme would open the door to global investors and help Vietnam secure its place on the international property investment map.