Golden visas, also known as residence by investment schemes, allow wealthy individuals to obtain residency in a foreign country by purchasing property, making a significant investment, or donating funds. These visas provide the opportunity to live and work in another country with relatively few requirements, including a clean criminal record and sufficient funds. Golden passports, similar to golden visas but offering citizenship instead, are also available in some countries, granting access to the benefits of EU residency, including free movement between countries. However, the EU has raised concerns about these schemes, citing security risks and potential violations of EU norms.
In response to these concerns, several EU countries have phased out their golden visa schemes. Spain, Ireland, and the UK have all ended their programs, with Ireland suspending its scheme for Russian citizens due to sanctions related to the invasion of Ukraine. Malta is one of the few EU countries still offering golden passports, with a minimum investment requirement of €690,000. The EU has called on member states to cease selling citizenship to investors in an effort to crack down on the multi-billion euro industry and address security and transparency issues.
Despite the trend of phasing out golden visa schemes in the EU, Hungary has announced plans to reintroduce its golden visa scheme in July 2024. The Guest Investor Program will offer three routes to residency, including real estate investment, residential property purchase, or a donation to a higher educational institution. Italy and Greece are other popular destinations for obtaining residence by investment, with Italy requiring a minimum investment of €250,000 and Greece offering a quick process for gaining residency. Greece recently raised its investment threshold to €800,000 in certain areas to address housing shortages.
As the EU continues to grapple with the implications of golden visa schemes on security and transparency, countries are reassessing their programs and making changes to address concerns. While golden visas offer a pathway for wealthy individuals to gain residency in another country, the potential risks associated with these schemes have prompted some EU member states to abolish or amend their programs to ensure compliance with EU norms and values. The future of golden visas in the EU remains uncertain as countries navigate the balance between attracting investment and maintaining security and transparency.
