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The EU is turning its back on "golden visas", here is the only country that is reintroducing the controversial scheme

2024-06-08 08:56:09Kosova&Bota SHKRUAR NGA REDAKSIA VOX

The EU is turning its back on "golden visas", here is the only country

After Spain's government pulled the plug on controversial golden visas, one EU country is reintroducing its scheme. Obtaining the right to live and work in another country can be a long and difficult process. But that's not always the case for those with money to spend.

Golden visas offer the opportunity for wealthy people to essentially 'buy' residency sometimes without actually having to live in the country. And their popularity in the European Union is growing as people seek to get away from political decisions like Brexit that could limit their rights.

With the unstable political and social environment in the US in recent years, the demand for golden visas from Americans was also expected to increase. But golden visas are now being phased out across Europe. Portugal changed its scheme in October, removing real estate investment as a basis for golden visa applications in the hope of reducing property speculation.

The Netherlands followed suit, ending its golden visa scheme in January 2024. Spain has also struck this year by removing golden visas for those investing in real estate. So what exactly are these golden visa schemes and why has the EU raised questions about their security in recent years? In 2022, the European Commission called on EU governments to stop selling citizenship to investors.

Although this is different from golden visas, which offer permanent residency rather than citizenship, the call came as part of a move to crack down on this multi-billion euro combined industry. In the wake of the war in Ukraine, there were concerns that these schemes could pose a security risk.

Brussels also called on countries to double-check whether people sanctioned because of the war had a golden passport or visa they had issued. In the past, the EU has also said that schemes of this type are a risk to security, transparency and the values ​​that underpin the European Union project.

In October 2022, the European Commission asked Albania to "refrain from developing an investor citizenship scheme (golden passports)". Such a scheme would "pose risks related to security, money laundering, tax evasion, terrorist financing, corruption and infiltration by organized crime and would be incompatible with EU norms," ​​he warned in a report. The country has since suspended its plans to introduce a golden visa.

Threats also come from outside the bloc. Also in October 2022, the European Commission proposed a suspension of Vanuatu's visa waiver agreement due to the dangers of the golden passport. This is because the scheme enables third-country nationals to acquire Vanuatu citizenship, which then gives them visa-free access to Schengen countries.

In February 2022, the UK government scrapped its golden visa scheme that allowed wealthy foreign nationals to settle in the country in exchange for taking some of their wealth with them. The decision to end the scheme came as part of a move to crack down on dirty money from Russia.

In February 2023, Ireland also canceled its golden visa scheme – the Immigrant Investor Program – which offered Irish residency in exchange for a donation of €500,000 or a three-year annual investment of €1 million in the country.

Ireland had already suspended the scheme for Russian citizens in March 2022 as part of sanctions imposed on the country over its invasion of Ukraine. The following month, the European Parliament warned that the program was vulnerable to tax abuse. The final decision to end the scheme was the result of various international reports and internal reviews.

There are only a few countries that still offer golden passports in the EU. One of these countries is Malta. Here, the minimum investment amount starts from 690,000 euros and offers citizenship from 12 to 36 months. However, many others still offer golden visa schemes.

Here are some examples of exactly how much it costs to get residency by investment in these countries:

Hungary Golden Visa Scheme

Bucking the trend, Hungary has announced plans to reintroduce its golden visa scheme on July 1, 2024, after ending it in 2017. The so-called Guest Investor Program (GIP) will offer three pathways to residency, including investment in real estate (minimum 250,000 euros), the purchase of a residential property (minimum 500,000 euros) or the donation of at least 1 million euros to a higher education institution in the Country. The visa is extended to the spouse and dependent children of the applicant and enables visa-free travel to the EU.

Italy's Golden Visa Scheme

Italy is another popular destination for those looking to take up residence by investment. Introduced in 2017, its golden visa gives non-EU nationals a two-year residency permit in exchange for an investment in Italy. The minimum investment here is 500,000 euros which must be done through an Italian state limited company. Those who have these visas can also include their family in the application and benefit from a special tax regime. Once those using the scheme have lived in Italy for 10 years, they may be eligible for citizenship. Do you want to move to Italy? These are the jobs most likely to get you a work permit in 2023

Greece's golden visa scheme

Greece offers golden visas, with one of the fastest residency processes. Qualified aliens can obtain a permit within 60 days of application. It used to have one of the lowest investment thresholds of just €250,000 spent on property in the country. In September, the authorities raised this to €500,000 to increase the affordability of real estate for locals. The new threshold applies from 1 May 2023.

This update will apply to the Greater Athens Area, the Municipality of Thessaloniki and the islands of Mykonos and Santorini, but the €250,000 threshold will remain the same in other regions. Golden visa holders are not required to stay in Greece to maintain their visas. By the end of 2021, the country had seen 9,500 applications for these residences from investment schemes, one of the highest figures in Europe.


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