EU Countries Still Offering Golden Visas and Their Requirements

EU Countries Still Offering Golden Visas and Their Requirements

KEY TAKEAWAYS

1. Several EU countries continue to run Golden Visa Programs, despite calls to terminate them.
2. Rules for acquiring residency through these programs differ among European countries.
3. Countries such as Spain and Portugal have abolished the real estate investment option, a popular choice, to address the housing crisis.

The European Union's Golden Visa Programs, which allow foreigners to obtain residency through financial investment, remain popular among wealthy investors worldwide. Despite ongoing calls from the European Commission for EU governments to end these schemes due to concerns about money laundering and corruption, several EU countries continue to offer Residency by Investment Programs, known as Golden Visa Programs.

However, the requirements for acquiring residency through these programs vary across European countries.

To address the housing crisis, some EU countries, such as Portugal and Spain, have removed the real estate investment option, which has been one of the most popular choices. Other options for benefiting from these schemes remain available.

Hungary

Hungary relaunched its Golden Visa Program on July 1 this year, after terminating it in 2017. Known as the Guest Investor Program (GIP), the scheme allows internationals to acquire residency by purchasing a real estate unit for at least €250,000 and a residential property for €500,000. Another option is donating at least €1 million to a higher educational institution in the country.

Greece

To benefit from Greece's Golden Visa Program, a financial contribution of at least €250,000 is required. Investing in real estate is possible through this scheme, with the minimum amount required being €250,000. However, in some parts of the country, the minimum amount has increased to €800,000 to address the housing crisis.

Countries That Have Removed Real Estate Options From Their Golden Visa Schemes

The housing crisis has caused significant concerns in several European countries, leading to shortages and escalating rents. About 70 percent of EU residents own their homes, while the remaining 30 percent rent, with approximately 17 percent of the EU population living in overcrowded conditions, according to a Euro News report. To address this, some EU countries have removed the real estate investment option from their Golden Visa Programs.

Spain

To acquire residency in Spain through the Golden Visa Program, wealthy foreign nationals can make a capital investment in Spanish companies, government bonds, or bank deposits. Spain previously offered golden visas for a real estate investment of at least €500,000, but this option was removed in April this year. President Pedro Sanchez emphasized the need to ensure housing is a right, not merely a speculative business.

Italy

Italy's Investor Visa program allows non-EU nationals to reside legally in the country by choosing one of the following options:
- Investing at least €2 million in government bonds
- At least €500,000 in corporate bonds or shares
- A minimum of €250,000 in innovative startups

The Italy Golden Visa program does not include a real estate investment option, but internationals can apply for residency through the Company Startup option.

Portugal

Lisbon offers residency through the Golden Visa Program by choosing one of the following options:
- Investment in research and development
- Cultural Heritage Donation
- Investment in funds or venture capital funds

Recently, Portuguese authorities announced the introduction of the Residence Permits for Social Investment option to expand the categories through which foreign nationals can acquire residency. Portugal has also removed the real estate option from its Golden Visa scheme to address the housing crisis.

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