Vietnam is set to introduce a new golden visa program aimed at attracting investors and skilled professionals. The initiative includes three tiers: a golden visa for extended stays, an investor visa with residency options, and a talent visa for specific professionals. Although eligibility details are yet to be disclosed, the application process will likely be digital, simplifying paperwork. This move aligns with Vietnam's economic growth strategy, transforming from a low-income to a middle-income country, aspiring to become high-income by 2045. Additionally, the program aims to boost tourism, targeting 23 million visitors by 2025.
While Southeast Asia expands its long-term visa offerings, Europe is curtailing similar programs. Nations like Thailand, Indonesia, and Malaysia provide decade-long residency visas, contrasting with Malta and Spain ending their golden passport schemes due to EU court rulings and excessive popularity. In Europe, Greece and Portugal still offer residency through investment but have tightened requirements in recent years.
Exploring Vietnam’s New Golden Visa Program
The Vietnamese government plans to pilot a multi-tiered golden visa initiative in major cities such as Phu Quoc, Ho Chi Minh City, Hanoi, and Da Nang before nationwide implementation. Each tier caters to different groups—long-term residents, investors seeking permanent residency, and skilled professionals needing flexible renewals. With a simplified digital application process, this program seeks to attract affluent individuals and experts contributing to Vietnam's economic development.
This visa scheme reflects Vietnam's ambition to enhance its global standing economically and culturally. By offering extended residency options, the nation aims to draw high-net-worth individuals interested in participating in its rapid economic transformation. Furthermore, it positions itself as an appealing destination for tourists and potential residents alike. The golden visa not only supports Vietnam's vision of becoming a high-income country by 2045 but also complements its tourism goals, which include increasing international visitor numbers significantly over the next few years.
Contrasting Trends in Global Long-Term Visa Programs
In contrast to Vietnam's expanding visa opportunities, European countries exhibit divergent approaches towards long-term residency initiatives. While nations in Southeast Asia continue enhancing their offerings, several European countries are reconsidering or terminating their programs. For instance, Malta recently ended its golden passport initiative following legal challenges, and Spain abolished its real estate-based residency plan earlier this year due to overwhelming demand.
Despite these changes, some European nations retain residency programs linked to significant investments, albeit under stricter conditions. Countries like Greece and Portugal now impose higher financial thresholds and more stringent regulations regarding property purchases. These adjustments highlight differing priorities between regions; while Southeast Asia embraces inclusive policies fostering economic collaboration, parts of Europe adopt cautious measures preserving internal cohesion within the Schengen area. Such contrasts underscore how regional contexts shape immigration strategies globally.