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 who have money to spend.

Golden visas offer wealthy people the opportunity to essentially ‘buy’ the right to reside, sometimes without even having to live in the country.

Their popularity in the European Union is also growing as people seek to move away from countries facing instability and political decisions. Brexit this may limit their safety and rights.

With Trump’s re-election WEGolden visa applications from Americans are also expected to increase.

However, golden visas are now being phased out across Europe.

Spain It has finally provided a legal route to end golden visas through property investment, with reports suggesting the ban could come into force by January 2025. The ban, approved by the country’s Congress, could also affect other avenues of investment.

Portugal raised based on real estate investment golden visa Applications were submitted in October 2023 in the hope of reducing property speculation.

The Netherlands followed suit, ending its golden visa program in January 2024.

However, Hungary has reversed this trend by reintroducing its golden visa program, with applications opening from this month.

So what exactly are these? golden visa These plans and why have the EU raised questions about their security in recent years?

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What is a golden visa?

Date of residence: investment Also known as ‘golden visas’, the programs offer people the chance to obtain a residence permit in a country by purchasing a home or making a large investment or donation.

Applicants must be over 18 years of age, have a clean criminal record, and have enough money to make the necessary investment.

There is also gold passportsThe program, officially known as the citizenship by investment program, allows foreigners to acquire citizenship through the same means.

For EU countries, this also means access to the many benefits of residing in the bloc, including free movement between countries.

Why is the EU against golden visas and passports?

The European Commission has called on EU governments to stop selling citizenship to investors in 2022.

Although this is different from golden visas, which offer permanent residence rather than citizenship, the call comes as part of a drive to crack down on this multi-billion-euro combined industry. After this Ukraine warThere were concerns that these plans could pose a security risk.

Brussels also called on countries to double-check whether people sanctioned because of the war have golden passports. Visa They had published it.

In the past, the EU has also said that such plans pose risks. security, transparency and the values ​​that form the basis of the European Union project.

In October 2022, the European Commission called for: Albania “refrain from developing a citizenship plan for investors (gold) passportsOne report warned that such a plan would “pose risks to security, money laundering, tax evasion, terrorist financing, corruption and infiltration through organized crime, and would be incompatible with EU norms.” The country has since suspended this plan. plans to introduce the golden visa.

Threats also come from outside the bloc. Additionally, in October 2022, the European Commission VanuatuVisa exemption agreement due to golden passport risks. This is because the program allows third-country nationals to acquire Vanuatu citizenship, thus granting them visa-free access. Schengen area countries.

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Which other countries have canceled their golden visa programs?

In February 2022, the UK government canceled the permissive golden visa scheme. rich Foreign nationals settle in the country in return for bringing some of their wealth with them. The decision to end the program came as part of a drive to control dirty money. Russia.

In February 2023, Ireland It also canceled the Immigrant Investor Programme, a golden visa program that offered residence in Ireland in exchange for a donation of €500,000 or a €1 million annual investment in the country for three years.

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

Which EU countries still offer golden visas and what are their requirements?

There are only a few places in the EU that still offer golden passports. one of these countries Malta. The minimum investment amount here starts from €690,000 and offers citizenship between 12 and 36 months.

However, many other countries still offer golden visa programs. Here are a few examples of exactly how much it costs to obtain residence through investment in these countries.

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Does Spain still issue golden visas?

Spain It launched its residence by investment plan in 2013. It allowed wealthy people from outside the EU to obtain a residence permit by investing more than 500,000 euros in real estate or certain types of businesses.

But in April, the country’s government announced plans to cancel the real estate route, which accounts for 94 percent of applications, to reduce pressure on real estate. housing market.

Socialist Prime Minister Pedro Sánchez said the reform was part of the minority coalition government’s effort to make housing “a right, not a speculative business.”

The Spanish House of Representatives has finally approved the bill that will end Spain’s golden visa.

The repeal decision is considered under the Efficiency of Justice Act approved by the General Assembly of Congress, and initial reports indicate that the law will finally be repealed in January 2025. According to local media reports, it is stated that applications made before this date will most likely be cancelled. be honored.

But before that can happen, it will need to be submitted to the Senate for possible amendments and sent back to Congress for final approval before being officially repealed.

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The government says there are more than 15,000 people like this visas The measure has been in place since 2013, when it was enacted by the previous right-wing People’s Party government as a way to attract foreign investors.

Chinese investors have been flocking to buy property in the country since Spain announced plans to end the golden visa, according to a report by Spanish public broadcaster RTVE.

The visa can also be obtained by starting a certain type of business in Spain, holding company shares or bank deposits worth a minimum of €1 million in Spanish financial institutions, or investing in government bonds of at least €2 million. The ban may also cover such investments.

Hungary golden visa plan

Breaking the trend, Hungary It announced that it plans to reintroduce the golden visa program in July 2024 after ending it in 2017.

Called the Guest Investor Program (GIP), it offers three pathways to residence, including real estate investment funds (minimum €250,000), purchasing a residence (minimum €500,000) or donating at least €1 million to a higher education institution in Germany. offers. country.

Visas are issued to the applicant’s spouse and dependent children and grants are provided. visa free Travel in the EU.

The first applications opened at the end of October and new real estate investment funds are expected to be launched by the end of the year.

Italy’s golden visa plan

Italy It is another popular destination for those who want to reside through investment.

The golden visa, which was introduced in 2017, gives non-EU citizens a two-year residence permit in exchange for investing in Italy.

The minimum investment here is €250,000, which must be made through an Italian limited company. Those who have this visa can benefit from a special tax regime by including their families in the application.

After users of the program experience Italy They can qualify for citizenship for 10 years.

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Greece’s golden visa plan

Greece It offers golden visas, which are one of the fastest processes for gaining a residence permit. Foreigners who meet the conditions can obtain a permit within 60 days from the application.

It had one of the lowest thresholds for investment, with only €250,000 spent on properties in the country. However, the country increased this figure to 800,000 euros in September in areas with severe housing shortages, such as Athens, Mykonos and Greece. Santorini.

Elsewhere, this has increased to just €400,000 to encourage investment in a wider range of locations.

Golden visa holders do not need to stay in the country Greece to protect their visas.

As of the end of 2021, the country saw 9,500 applications for these residences with investment plans; this is one of the highest figures in Europe.