Since You Asked

Which Investment Migration Programs Have Bond/Share Investment Options?

In the Reader Mailbox series, we publicly answer reader questions that may be of general interest to a wider audience.

A reader asks: “Do you have an overview of which programs worldwide require investments in e.g. government bonds or similar portfolio investments?

To answer the question, let’s first clarify the premises.

First, we will include not only the programs that require bond or portfolio investments – which only a handful of programs do – but also those that list such investments as an option.

Second, we will interpret “similar portfolio investments” as corporate bonds or equity stakes in private-sector companies (publicly traded or not).

Third, while investments in real estate are technically private sector equity investments, we will consider this asset class separate for the purposes of this discussion.

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The following programs require/allow for investment in bonds and/or equity (government and/or corporate):

Residence by investment programs

  • UK Tier 1 Investor
    Share or bond investments are both permissible but only in private-sector companies. Gilts (UK government bonds) were discontinued as an option following the latest program reforms in 2019.
  • The US EB-5 Program
    Private-sector equity only. Although many regional centers talk of “loan repayments”, the USCIS strictly defines qualifying investments as equity investments. The confusion arises because EB-5 projects are usually financed with loans from a regional center company, which in turn is the entity that has issued equity stakes to EB-5 applicants. In cases where EB-5 applicants wish to directly finance a project, this must invariably come in the form of equity rather than debt.
  • Spain’s Golden Visa
    Both equity and bonds qualify, both in the public and private sectors.
  • Portugal’s Golden Visa
    There’s no bond investment option, but shares in private sector companies qualify
  • Malta Residency Visa Programme (MRVP)
    “Government stock” (essentially, government bonds) or any other debt or equity securities listed on the Official List of the Malta Stock Exchange.
  • Latvia Golden Visa
    Government bond investments or equity stakes in private companies (publicly traded or not) are among the options.
  • Ireland Immigrant Investor Programme (IIIP)
    Equity stakes in private companies, both listed and unlisted ones, are eligible. There was a bond option in the past, but this has been discontinued.
  • Greece Golden Visa
    Both debt and equity investments are eligible, in both the public and private sectors.
  • Italy Investor Visa Program
    Bond investments (government only) and equity in private companies are acceptable.
  • Quebec Immigrant Investor Program (QIIP)
    This program requires an investment in government bonds.
  • New Zealand Investor Visa
    Both of the program’s two categories offer the option to invest in bonds and shares, both in the public and private sectors.
  • Australia Significant Investor Visa
    Equity and bond investments both qualify, but only in private-sector companies.

Citizenship by investment programs

Did we forget to include any programs or make some other mistake? While we are knowledgeable, we are not omniscient or infallible, so please don’t hesitate to point out to us anything that needs correcting by emailing the editor on

More from the Reader Mailbox series:

Christian Henrik Nesheim AdministratorKeymaster

Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 16 years in the United States, China, Spain, and Portugal.

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