The European Union is gradually phasing out golden visas across the region, with countries like Spain, Portugal, and the Netherlands ending their schemes. However, Hungary has reintroduced its golden visa program. Golden visas, also known as residence by investment schemes, allow wealthy individuals to obtain residency in a country by making a large investment or donation. Applicants must be over 18, have a clean criminal record, and have sufficient funds to meet the investment requirements.
The EU has raised concerns about golden visas and passports, citing potential security risks and transparency issues. The European Commission has urged EU countries to stop selling citizenship to investors and to double-check whether sanctioned individuals are holding golden passports or visas. These schemes have been criticized for posing risks related to money laundering, tax evasion, terrorist financing, corruption, and organized crime. Several countries have scrapped their golden visa schemes, including the UK and Ireland, in an effort to clamp down on dirty money and improve transparency.
Despite the EU’s stance against golden visas, there are still a few countries in the EU that offer such schemes. Malta, for example, offers citizenship through a minimum investment amount starting at €690,000. Spain, which launched its golden visa scheme in 2013, recently announced plans to scrap the real estate investment route in an effort to reduce pressure on the housing market. Hungary, on the other hand, reintroduced its golden visa scheme in 2024, offering residency through real estate investment funds, residential property purchase, or donations to educational institutions.
Italy and Greece are also popular destinations for residence by investment schemes. Italy’s golden visa requires a minimum investment of €250,000 through an Italian limited company, while Greece offers a quick process for obtaining residency with an investment threshold of €800,000 in certain areas. Golden visa holders in Greece are not required to stay in the country to maintain their visas. These schemes have attracted thousands of applications in recent years, with Greece receiving one of the highest numbers of applicants for residence by investment in Europe.
Overall, the EU is moving towards phasing out golden visas in response to concerns about security risks and transparency issues. While some countries have ended their schemes, others have reintroduced them or continue to offer residency through investment programs. The debate over the benefits and drawbacks of golden visas continues, with varying requirements and investment thresholds in different countries. As the political and social landscape evolves, the future of golden visas in the EU remains uncertain.
