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Event Contracts: What They Are, How They Are Used

Fact checked by Vikki VelasquezReviewed by Andrew SchmidtWhat Are Event Contracts?Event futures contracts allow people to speculate on the outcome of a specific event, such as the result of a political election, the winner of a sports championship, or the closing point value of a benchmark average like the S&P 500. Most are formatted for putting money on “yes” or “no” outcomes before expiring.The existence of these products is contentious, and for good reason. There have always been event contracts, but they were considered gambling and barred in the United States. In countries where they are allowed, as in the United Kingdom, they fall under their gambling laws.Unlike traditional futures contracts, which are staked to the expected prices of commodities, financial instruments, or indices, event futures are priced according to the perceived likelihood of particular events winning or losing. The Chicago Mercantile Exchange (CME) has been offering event futures since 2022, allowing clients to choose “yes” or “no” on the predicted closing price of Bitcoin, commodities, and indexes. Kalshi is another major purveyor of event contracts; the online platform has been the most out front defending event contracts’ legitimacy while offering a far wider variety of them than the CME. Key TakeawaysEvent futures contracts pay out if a “yes”/“no” event comes to pass; otherwise, it’s worth zero.Event futures contracts allow investors to speculate on the outcome of future events, ranging from economic indicators to geopolitical occurrences.They have been controversial and were previously barred as games of chance, not investments.The value of event futures contracts fluctuates based on market sentiment on the likelihood of the occurrence.Kalshi and the Chicago Mercantile Exchange (CME) are among the major purveyors of event futures contracts, offering platforms regulated by the Commodity Futures Trading Commission (CFTC). When Kalshi received approval to trade from the Commodity Futures Trading Commission (CFTC) in 2020, CEO and co-founder Tarek Mansour called it a “paradigm shift,” then added, “This designation opens a new chapter in U.S. financial history, one where investors can hedge and mitigate everyday risks.” That can be hard to square with the platform’s offerings a few years later, which include some finance-related “yes”/“no” contracts (“Big tech layoffs this year?”), though many are related to not-very-hedge-seeming contracts, like those on the Oscars, the number of Transportation Security Administration (TSA) check-ins for specific two-week periods, and the chances of assorted pop stars releasing new albums this year.Kalshi's Samantha Schwab says critics have it wrong. "Every contract has a hedging use case, even the less obvious ones." She pointed out that historically speaking, each new investment product has faced challenges that it was nothing other than games of chance. "People used to say grain futures were gambling products before the Supreme Court approved them and said they were ultimately needed for hedging purposes," Schwab said. "Some people will, of course, speculate on these contracts, but speculators are needed to make a market for those that need to hedge their risk."Regulators, market participants, and researchers will continue to grapple with the blurring of the lines between investing and gambling while working to ensure the integrity and fairness of the futures markets. Though event futures can provide a means for hedging risk and information gathering—after all, the CME has been offering weather futures for decades—they also raise important questions about the boundaries of speculation and the potential for firms releasing products to profit from problem gambling in the financial markets. Time will tell if Schwab was right or too optimistic when she told us, "One day we’ll look back on the skepticism of these contacts as a hedging tool the same way we look back on how the public viewed grain futures."Below, we detail further some of the debates and history around events contracts, how they work, and how they are traded. As the interest and money put into event futures contracts increase, the odds are that the controversies surrounding them will also increase.Understanding Event ContractsEvent contracts are part of long trends coming together in the financial markets and the wider culture. Let’s set out some of them:The “financialization” of options, futures, and other forms of financial trading that were once mostly used for hedging or insurance has meant that speculation keeps growing compared to the traditional hedging in these and other investment vehicles.The legalization of sports gambling in the late 2010s resulted in betting app advertisements becoming ubiquitous. This occurred around the same time as free investment trading apps helped dramatically increase retail trading on futures, options, and other instruments. Many individuals tell researchers they simply switch from their betting app to their trading app and back again, which can account for the increasing numbers of people who confuse investing with gambling.There has been the growing gamification of investing, which some now term “gamblification,” which refers to how some investment apps are designed to match the fake-points-earned, colorful formats encountered first on gambling platforms.There has been a massive rise in futures and options trading over the last decade by retail investors—often with little financial knowledge—trading in sometimes-complex derivatives. A 2022 Financial Industry Regulatory Authority (FINRA) study found that almost two-thirds used online platforms for trading. Still, the average investor couldn’t answer more than half of 10 basic financial knowledge quiz questions.Since the establishment of the CFTC in 1974, futures contracts have gradually expanded their scope well beyond agricultural commodities. The 1970s saw the introduction of currency futures, followed by the emergence of stock index futures in the 1980s, which marked a crucial step in connecting the major exchanges of New York with the options and futures trading on the Chicago-based trading floors. In the 1990s and 2000s, contracts became available for a still-wider range of assets, including interest rates, energy, weather, telecommunications bandwidth, and more abstract forms of “underlying assets.” In this context, the rise of event futures can be seen as a natural progression.We can see how far futures have come by comparing traditional and event futures. Here’s a table summarizing their differences below: Feature Traditional Futures Contracts Event Futures Contracts Purpose Risk management, price discovery, and investment diversification Speculation, hedging event-specific risks, and information gathering Underlying Asset Commodities, currencies, financial instruments Outcome of specific events (e.g., elections, album releases, weather temperature, unemployment rate) Value Determination Price changes in the underlying asset The probability of the given event occurring Primary Use Hedging or speculation on the price of the underlying asset Betting on the outcome of events is not directly tied to financial markets Settlement Physical delivery or cash settlement based on the price of the underlying asset Binary outcome (pay out a predetermined amount if the event occurs, expire worthless if not) Regulatory Perception Considered a legitimate investment tool Concerns that it’s more akin to gambling and has no economic benefit Traders Investors, traders, hedgers, and speculators Primarily speculators/bettors Relationship to Markets Directly tied to financial markets and economic indicators Not directly tied to financial markets; more influenced by public opinion, sentiment, and contingent outcomes like exact temperature degrees and inches of rain; also noncontingent events like CEO resignations and sporting events Liquidity Most markets have good liquidity, especially for major contracts Lower liquidity compared with traditional futures; depends on the popularity of the event Margin Requirements Typically requires margin deposits to manage risk Has low margin requirements since the contracts are often smaller in size Risks Market risk, counterparty risk, liquidity risk, and basis risk Event outcome risk, political risk, regulatory risk, liquidity risk, insider trading Event Contracts: A Contentious HistoryThere has been a long history of bans and restrictions on event contracts in the U.S. In the late 19th and early 20th centuries, bucket shops were where individuals placed bets on stock prices without owning the shares. These were eventually banned because of concerns about fraud and price manipulation. In the modern era, the CFTC has moved many times to halt efforts at trading what it believes are games of chance, which it defines as purely speculative and lacking any economic purpose.In 2012, the North American Derivatives Exchange (Nadex), a designated contract market (DCM), listed political event contracts for the results of the different 2012 federal elections. However, the CFTC prohibited Nadex from listing these contracts, citing three main reasons, which remain relevant when the CFTC reviews proposals:The contracts involved “gaming,” which is prohibited under its Rule 40.11 (TAWGA), as some state statutes connect “gaming” and “gambling” to betting on elections. The CFTC regulation also “prohibits event contracts that reference terrorism, assassination, war, gaming, or an activity that is unlawful under any state or federal law...and that the CFTC determines by rule or regulation to be contrary to the public interest.” The contracts didn’t serve an economic purpose, as the economic consequences of an election are so unpredictable that the contracts could not reasonably be expected to be used for hedging purposes.The CFTC said the contracts were contrary to the public interest and could negatively affect the integrity of elections by providing incentives to vote in certain ways because of them.It wasn’t until the late 2010s and early 2020s that regulators allowed event futures contracts, with the CFTC granting DCM status to exchanges like Kalshi, marking a significant shift in the regulatory landscape. Other exchanges, like PredictIt, are run under so-called "no action letters," meaning they don't have DCM status. The CFTC is allowing them to run, essentially punting on the issue as the courts, changes in this area of trading, the actions of other regulators in both the U.S. and abroad settle in this financial area.Event Contracts FeaturesAn event contract pays its face value if the event happens and $0 if it does not. The pricing of event contracts is based on other speculators’ judgments on the likelihood of an event. Traders can buy event contracts at prices from a few dollars to $25,000 to $7 million for very specific economy-wide hedging contracts, depending on the exchange.For example, a contract priced at $0.70 suggests a 70% probability (as perceived by those trading) of the event occurring before the contract’s expiration.Here are further features of event futures contracts:Expirations are event-driven: Instead of expiring on a fixed calendar date, event contracts expire based on the outcome of the underlying event.All-or-nothing payout: Event contracts have binary (“yes”/“no”) payouts equal to the total price of the contract if the event occurs or $0 if it doesn’t.Settlement daily: Event futures also settle daily in cash, based on whether the event happened on that date. New contracts are then listed for the following day.Capped risk: Given the definitive expiration once the event happens and daily settlements, the maximum risk is limited to the initial premium paid.Which Events Are Covered?Here are just a few types of events listed on the relevant platforms:Central bank meetings: Federal Reserve, European Central Bank, etc. rate decisionsEntertainment: Which film will win the Academy Award, etc.Earnings releases: Quarterly corporate reports, earnings missesMacroeconomic data: Gross domestic product (GDP), inflation, consumer sentiment, etc.Regulatory decisions: Government/regulatory rulingsSporting events: Which team will win the Super Bowl, World Series, etc.Weather: What will be the highest temperature in New York City this year? How much rain/snow will fall in Chicago before 5 p.m. today?Pros and Cons of Event ContractsPros Access to event-driven volatility Limited risk exposure Portfolio diversification Simplicity and transparency Cons Addiction Insider trading Market unpredictability Liquidity concerns Volatility slippage Threats to democratic processes BenefitsIt’s worth reviewing what proponents argue are the benefits of trading event futures:Access to event-driven volatility: Elections, central bank meetings, economic data releases, and corporate earnings all drive heavy price swings. Events contracts let traders speculate on this volatility.Limited risk exposure: The definitive expiration and daily cash settlement of event contracts allow traders to cap their potential risk exposure. The most a trader can lose is the premium initially paid to enter the contract.Portfolio diversification: Because event contracts allow speculation on real-world outcomes, they could offer non-correlated returns distinct from typical asset classes like stocks and bonds.Simplicity and transparency: Their most notable characteristic is their simplicity—it’s clear what the payoffs are and what triggers the expiration.Schwab summarized what supporters of these markets say are the gains they offer: "On Kalshi, users can trade directly on the things that are relatable to them. Users can hedge their risk directly, rather than via a proxy, and users have access to a risk management tool that was previously only accessible to the wealthy." Schwab also discussed something that has been heard with the rise of previous investment products and follows from the view of financial markets as superior aggregators of information—a claim that dates at least to the work of Friedrich Hayek but doesn't come out very strong when looking at the data. "Whether you trade on these markets or not, everyone gains a lot more truth from event contracts via the power of the market." Drawbacks and RisksHere are several drawbacks, constraints, and areas of risk to consider:Addiction: The gambling-like nature of event futures contracts, combined with their accessibility through online platforms and mobile apps, may lead to addictive behavior among some users. Like traditional gambling activities, the potential for quick profits and the excitement of betting on high-profile events can create a compulsive desire to trade these contracts.Insider trading: Events such as whether a CEO will resign, a basketball player will score a certain number of points, and the timing of product releases are among the events susceptible, with enough money on the line, to entice those involved and other insiders to trade on that information.Market unpredictability: Unexpected outcomes occur frequently, meaning event contracts carry unpredictable market risk.Liquidity concerns: Since some event contract markets remain relatively new and untested, they pose some liquidity risks when few active parties are interested in a contract.Volatility and slippage: Surprise news can trigger unpredictable swings, making event contracts susceptible to gapping prices and slippage in contract payouts. For instance, if news changes, a contract priced at $0.90 could easily fall to $0.10.Threats to democratic processes: Kalshi has spent the early 2020s working with the CFTC to offer election contracts—efforts that have thus far proved fruitless. Groups like the Center for American Progress have strongly backed the CFTC’s efforts to block Kalshi’s efforts. In 2023, the center argued, “If there is the possibility of acquiring material gain with the result of an election, participants may interfere with the electoral process.” Stop-loss orders are a crucial risk management tool. These can help limit potential losses by automatically closing out positions if the market moves against your positions. How to Trade Events Futures ContractsHere are the steps when trading event futures:Choose a reliable platform: Select a reputable futures exchange like the CME, Kalshi, or an online broker with a background you trust. Many operators—especially those off shore—are fly-by-night operations to steer clear of.Open a brokerage account: Apply for a brokerage account and meet any specific trading-future requirements.Analyze and execute trades: Research upcoming events, analyze potential market impacts, and then place well-timed trades.Close out positions or wait for expiration: Prices will change as the likelihood of “yes”/“no” outcomes develop and approach maturity. You can either sell out of a contract before it expires or wait to see if you are correct and earn the full payout. What Is the Difference Between Event Futures and Prediction Markets? Event futures and prediction markets both involve speculating on the outcomes of future events. However, they operate in slightly different contexts and sometimes under different regulations.Event futures are financial derivatives traded on regulated exchanges, primarily engaging those with a financial investment perspective. By contrast, prediction markets are broader in scope, offering speculative opportunities on events, including nonfinancial audiences. The regulatory oversight for prediction markets depends on whether they are viewed as gambling platforms, research tools, or financial instruments. What Is the Difference Between Event Futures and Binary Options? Event futures and binary options are both financial instruments that allow for speculation on the outcome of future events, but they differ significantly in payouts and regulatory environments. Binary options pay either a fixed monetary amount or nothing at all. Traders speculate on whether an underlying asset will be above or below a certain price at a specific time. Unlike event futures, binary options are tied to the price moves of assets like stocks, commodities, or currency pairs rather than external events. What Were the First Event Contracts? In more recent history, the establishment of formal prediction markets and the introduction of contracts based on political, economic, or other non-commodity outcomes have blurred the lines between gambling, speculation, and hedging strategies. An early and notable example of an organized market for event-based speculation is the Iowa Electronic Markets, formed in 1988 by the University of Iowa’s Tippie College of Business. The market continues to allow people, for research purposes and with trading limits, to buy and sell shares based on the outcomes of political elections—effectively operating as a prediction market.The Bottom LineEvent futures, which have been banned for much of American history, allow participants to speculate on the outcomes of future events. Unlike traditional futures, which are based on commodity or asset prices, event futures hinge on the occurrence of specific events like market outcomes, economic data, sporting events, or entertainment award winners. 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How to Apply for a Golden Visa: A Step-by-Step Guide

Reviewed by Katie MillerFact checked by Vikki VelasquezGolden visas are a type of visa available in approximately 28 countries to wealthy individuals who are able to make significant investments, often in real estate, in a host country. In return, they get residency, a path to citizenship, unrestricted travel to numerous other countries, business and education opportunities, and other benefits.In addition to their investment, golden visa holders must undergo a complex application process that often requires professional guidance. Learn about that process here and which countries are the most popular for those planning to obtain golden visa status. Key TakeawaysGolden visas are available to wealthy individuals wishing to reside in one or more of 28 countries worldwide.A golden visa requires a significant investment in the host country, typically in real estate, and is offered to promote economic growth.Besides the investment, the golden visa application process is time-consuming, requiring vetting, submitting paperwork, and approval.Once obtained, a golden visa allows residency in the host country and unrestricted travel to many other countries.A golden visa often leads to citizenship or the ability to fast-track a citizenship application. What Is a Golden Visa?A golden visa is a type of residency-by-investment program in approximately 28 countries worldwide. Instead of merely traveling abroad, a golden visa allows foreign investors to obtain a temporary or permanent residency permit in exchange for a significant investment in the country. The term “golden” refers to the high value of the investment required.A golden visa’s specific requirements and benefits vary by country, but they are often used to attract foreign investment and promote economic growth.Countries Offering Golden Visa ProgramsAbout 28 countries offer golden visa programs, including Portugal, Malta, Greece, and Italy.Eligibility and investment requirements vary by country, as do benefits. Here are the main guidelines for six popular golden visa programs.PortugalPortugal’s golden visa program allows qualified individuals and their families to live, work, and study in Portugal. To be eligible, you must:Be at least 18 years oldBe a non-European Union (EU), non-Swiss, and non-European Economic Area (EEA) nationalHave no criminal record in your home country or PortugalMake a significant investment of €250,000 or more that benefits the Portuguese economyInvest in investment funds, create a company, or create jobsOwn the money you seek to investCommit to maintaining the investment for at least five years ImportantAs of late 2023, Portugal no longer accepted real estate as a qualifying investment for the golden visa program. However, the private equity and venture capital fund investment method will continue. Benefits of the Portugal golden visa include:Fast processingTax benefitsA minimal residency requirementAffordable investments in rental propertiesThe ability to visit 26 countries in the Schengen Area without a visaMore legitimacy when applying for visas in other countriesThe ability to live, work, and study in PortugalThe ability to apply for citizenship or permanent residency in Portugal after five yearsMaltaThe Malta golden visa program allows high-income individuals to receive a Maltese passport within one to three years. To be eligible, you must:Be at least 18 years of ageBe a non-EU citizenHave no criminal record and no family members with criminal records in your applicationAgree to support family members who are included in your applicationMake a substantial investment in MaltaRent or buy property in MaltaHave health insurance coverageHave assets or capital of at least €500,000 of which €150,000 is in financial assetsHave a clean (noncriminal) source of fundsBenefits of the Malta golden visa include:Visa-free access to all Schengen countries for 90 out of 180 daysThe right to live, settle, and stay in Malta indefinitelyAccess to Malta’s high-quality healthcare systemAccess to Europe’s outstanding education systemA highly advantageous taxation systemThe residency requirement for citizenship is based on your investment. Here are the details:If you invest at least €750,000, you can get a Malta passport after one year.If you invest €600,000, you can get a Malta passport after three years.With Malta citizenship:You and your family can live permanently in Malta or anywhere else in the EU.You and your family can work and study in Malta or anywhere in the EU.You can travel visa-free or obtain a visa on arrival to over 180 countries worldwide.Everyone who is granted Malta citizenship will automatically pass on citizenship to any descendants.You can access the social, educational, and health benefits of Malta.GreeceThe Greece golden visa is a residence-by-investment program that allows non-EU citizens to obtain a five-year residence permit in Greece. The program is open to all nationalities and has no minimum-stay requirement. ImportantChanges to the Golden Visa Program are expected to take effect in 2024, creating two minimum real estate investment tiers, depending on geographic zones.Tier 1 | 800,000 EUR: Real estate investment in the areas of Attica, Thessaloniki, Mykonos, Santorini, and the islands, which have a population of more than 3,100.Tier 2 | 400,000 EUR: Real estate investment in all other regions of Greece. To qualify for the Greece golden visa, you must:Purchase real estate property for a minimum of €400,000Purchase real estate property for a minimum of €800,000 in these selected areas: Attica Region (including Athens), Mykonos, Santorini, and ThessalonikiInvest a minimum of €400,000 in government bonds or capital sharesDeposit a minimum of €400,000 in a Greek bank accountMake an investment of at least €800,000 toward government or corporate bondsThe visa is valid for five years and can be renewed every five years.Benefits of the Greece golden visa include:No residency requirementVisa-free travelAccess to local healthcare and educationEligibility for your entire familyCitizenship optionPermanent residency in GreeceAccess to the wider EUA pathway to a valuable second passportAll the benefits that a citizen would haveCyprus ImportantCyprus has canceled its golden visa residency-by-investment program. Below are the details of the old program, which is no longer available. The Cyprus golden visa was a residency-by-investment program that allowed non-EU citizens to obtain permanent residence and eventually citizenship in Cyprus. The program was one of the fastest and simplest investor visa programs in Europe.To qualify for the Cyprus golden visa, applicants had to meet the following requirements:Invest at least €300,000 into the country’s economyPurchase real estate property worth at least €300,000Be over 18 years oldHave an annual income of at least €50,000, plus €15,000 per spouse and €10,000 per childHave proof of no criminal recordPurchase up to two new or used immovable non-residential properties (offices, shops, hotels, or other developments) of a total market value of at least €300,000 plus value-added tax (VAT)Submit evidence that you maintain the investmentSubmit a health insurance certificate for yourself and your family (in case you are not beneficiaries of the healthcare system, known as the GeSY)Applicants must also visit Cyprus within one year of the date of the permanent residency permit (PRP) to provide biometrics for issuance of a PR card. All family members are required to visit Cyprus once every two years.Benefits of the Cyprus golden visa included:The right to live, work, study, and receive healthcare in CyprusThe option of physically relocating to Cyprus now or upon retirementSpain ImportantOn April 08, 2024, Spain announced that it plans to end its Golden Visa program for foreigners who invest in real estate due to escalating property prices and money laundering concerns. As of April 2024, Spanish government officials and the Housing Ministry are still in talks on how to roll back the program. The Spanish golden visa, also known as the “property visa,” grants automatic residency in Spain when you invest at least €500,000 in property. The visa includes an implicit work permit.To qualify for the Spanish golden visa, you must meet the following requirements:Be at least 18 years oldHave public or private health insurance from a company authorized to operate in SpainHave sufficient financial means to cover personal and family living expensesNot have been refused entry into any of the Schengen countriesInvest at least €500,000 in propertyProvide evidence of the purchase price of the property, the payment of taxes, or documentation of any investments held with a financial institutionPay the visa application fees, which include the initial government application fee and approval feeBenefits of the Spanish golden visa include:The right to live in Spain and travel freely to and from SpainThe ability to return investments after living in Spain for five years and obtaining permanent residenceThe ability to apply for citizenship after another five years of living in the countryItalyThe Italian golden visa, or Italian investor visa, which was introduced in 2017, allows non-EU citizens to obtain a residence permit by investing at least €250,000 in the country’s economy.Benefits of the Italian golden visa include the ability to:Reside in Italy for a minimum of two yearsTravel across Schengen countries for up to 90 days every 180 daysApply for permanent residency after five years of residencyApply for Italian citizenship after 10 years of full-time residencyTravel to more than 190 countries visa-free, or obtain a visa on arrivalBenefit from a special tax regime that allows applicants to pay reduced income taxInclude the family of the main applicant, including spouse, dependent children, and dependent parentsThe minimum investment can be made in the following ways:€2,000,000 in Italian government bonds€500,000 in an Italian limited company€250,000 in an Italian innovative startup€1 million in philanthropic donationsHow to Apply for a Golden VisaThe process for obtaining a golden visa can vary depending on the country that offers the program. However, some common steps include:Step 1. Research Your OptionsStart by researching the countries that offer golden visas and comparing their requirements and benefits. Choose the one that best fits your needs and budget.Step 2. Meet the RequirementsEach country has its own set of requirements for obtaining a golden visa, such as minimum investment amounts, types of investments, and background checks. Make sure you meet all the requirements before applying.Step 3. Prepare Your ApplicationOnce you have chosen a program and met the requirements, you will need to prepare your application. This will typically include filling out forms, providing supporting documents, and paying fees.Depending on the country offering the program, additional steps may be involved in obtaining a golden visa, such as language proficiency tests or interviews. Be sure to carefully review the requirements for your specific program to ensure a smooth application process.Step 4. Submit Your ApplicationYou can submit your application to the relevant authorities after preparing it. This may be done online or in person, depending on the country.Step 5. Wait for a DecisionThe processing time for a golden visa application varies by country, but it can take several months to receive a decision. Once your application is approved, you will need to follow the requirements of the program to maintain your residency status.The application process can take weeks to months, depending on the country offering the program. Once your application has been reviewed and approved, you will receive your golden visa.Step 6. Renew Your VisaGolden visas typically need to be renewed periodically, so ensure that you know your specific program’s renewal requirements. WarningThe process for obtaining a golden visa can be complex and time-consuming. It’s wise to work with a qualified immigration lawyer or consultant to help you navigate the entire process. Costs Associated with Applying for a Golden VisaAs noted in the examples above, the cost of a golden visa varies by country and program. Each program has its own set of investment requirements and fees. Generally speaking, a golden visa can cost anywhere from a few hundred thousand dollars to several million dollars, depending on the country and the type of investment required. $100,000 to over $2 million+Range of minimum investment costs to obtain a golden visa. To apply for a golden visa, you typically must purchase a property (real estate) in a foreign country. This is the most common route and is offered by most golden visa countries. The real estate costs range from $250,000 to over $2 million, which could include purchase, renovation, or construction.There are other costs to consider when applying for a golden visa in addition to the investment. The process for obtaining an American EB-5 visa, for example, includes a petition fee of $3,675. The minimum investment is $1.05 million in a business or $800,000 in a targeted area. Additional costs include filing fees, administration expenses, and costs associated with business planning and formation. Many of these costs are variable and can add tens of thousands to the total expense.Potential Pitfalls and Risks of a Golden Visa A golden visa or citizenship by investment has benefits when it comes to moving to the front of the immigration line in many countries. This does not mean that there are no risks or negative factors to consider.High Cost and Investment RiskThe process of obtaining a golden visa can be quite costly. The investment required can range from hundreds of thousands to millions of dollars, depending on the country. This may not be feasible for everyone, and even if it is, foreign investments can be among the most risky.Lack of ProtectionObtaining a golden visa may not guarantee the same level of protection as traditional citizenship. Some countries that offer golden visas have been criticized for their lack of transparency and due diligence in vetting potential citizens. This could lead to security risks and potential issues with law enforcement.Negative Impact on Original CitizenshipSeeking a golden visa may also have a negative impact on your original citizenship. Some countries do not allow dual citizenship, which means that acquiring a golden visa could result in the loss of your original citizenship. This could impact your ability to travel, work, or access certain benefits in your home country.Negative Impact on Host CountryAcquiring a golden visa may also have a negative impact on the economy of the country offering it. Critics argue that such programs encourage corruption, money laundering, and tax evasion. Additionally, it may lead to the exploitation of natural resources and the displacement of locals.Geopolitical RisksThere may be geopolitical risks associated with acquiring a golden visa. Some countries that offer golden visas may be politically unstable or have strained relationships with other countries. This could impact your ability to travel or conduct business in certain regions. ImportantSeveral countries have either scrapped or made changes to their golden visa programs in recent years, including Canada, New Zealand, Malaysia, and Cyprus. Spain is deliberating whether to end its program as of April 2024. How Much Is a Golden Visa? The cost is several hundred thousand to several million dollars, and it varies by country and program. Each program has its own set of investment requirements and fees. The biggest part of the cost, by far, is the investment you must make. Which Country Has the Cheapest Golden Visa? The cost of a golden visa varies by country and program, so it’s difficult to say which country has the cheapest program. However, some programs are less expensive than others. For example:Portugal requires an investment of just €250,000 to receive a golden visa.Greece requires a real estate investment of €400,000 to receive a golden visa.Other countries with relatively low investment requirements for their golden visa programs include Turkey, Montenegro, and Cambodia. However, it’s important to keep in mind that the cheapest option may not always be the best option. Before making a decision, it’s important to consider other factors, such as the country’s economic and political stability, the benefits of the program, and your personal needs and goals. Who Can Qualify for a Golden Visa? The qualifications to obtain a golden visa vary by country and program, but there are some general requirements that many programs share.1. Minimum investment: This is typically several hundred thousand to several million dollars.2. Good character: Many programs require you to undergo a background check.3. Health insurance: Some programs require applicants to have health insurance coverage.4. Proof of funds: Applicants may be required to show proof of sufficient funds to support themselves and any dependents.5. Residency requirements: Once approved for a golden visa, applicants are typically required to maintain a certain level of residency in the country.6. Other specific requirements: Some programs may have additional specific requirements, such as language proficiency or a minimum age. How Long Is a Golden Visa Valid? The validity of a golden visa typically ranges from one to five years. In some cases, the visa may be valid for a shorter period if it is tied to the expiration of the applicant’s passport. After the initial visa period expires, an applicant may be able to renew their visa or apply for permanent residency or citizenship. Does a Golden Visa Lead to Citizenship? Not necessarily. While some golden visa programs offer a pathway to citizenship after a certain period of time, others offer permanent residency without a pathway to citizenship.The Bottom LineAlthough the application process for a golden visa varies by host country, most countries follow a similar pattern. The variabilities typically have to do with length of residency, language proficiency, and the vetting process.For most people able to afford the required investment, saving money isn’t a major concern, and their residential preferences likely tip toward luxurious rather than low-cost housing. In many cases, taking up residence in a foreign country may be driven by opportunities not available in the home country or tax savings that can be realized.If you seek a golden visa, do your research, pay close attention to the application process, and make sure you follow all of the steps. Finally, seek the advice of an experienced professional to guide you through the sometimes complicated process. 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Choosing Mutual Funds for a Roth IRA

VDIGX, DODFX, and FPACX are highly-rated mutual funds for IRAs