Golden visa for investors in spain and portugal: Residence in exchange of money

Abstract

Residence Permit for Investment Activities (ARI), colloquially known as golden visa, is an initiative that enables the acquisition of residency in exchange for a financial investment in the host country. Portugal, since 2012, and Spain, since 2013, have offered this programme. The aim of this paper is to develop a comparative analysis of the golden visa at four different times. Firstly, we will characterize the measures, requirements and evolution of the programme. We will then conceptualize it sociologically using the notion of capital-linked migration and more specifically addressing it as a phenomenon half way between business migration programmes and foreign investment. Afterwards, we will analyze the political rationality that structures this initiative by using the neofoucaltian perspective of governmentality. Finally, we will address the civic and scientific implications of the golden visa.