EU Countries Still Offering Golden Visas and Their Requirements

Despite the European Commission's calls for EU governments to end Golden Visa Programs due to allegations of involvement in money laundering and corruption, several EU countries continue to operate these Residency by Investment Programs.

These schemes remain popular among wealthy investors worldwide, although the requirements for acquiring residency differ among countries. Some EU countries, like Portugal and Spain, have abolished the real estate investment option to address the housing crisis, but other options remain available.

Hungary

Hungary has relaunched its Golden Visa Program, known as the Guest Investor Program (GIP), from July 1 this year, after terminating it in 2017. The GIP allows internationals to acquire residency through a real estate option. To qualify, one can purchase a real estate unit for at least €250,000 and a residential property for €500,000. Another option is to donate at least €1 million to a higher educational institution in the country.

Greece

Greece's Golden Visa Program requires a financial contribution of at least €250,000. Investing in real estate is possible under this scheme, though the minimum amount has increased to €800,000 in some parts of the country to address the housing crisis.

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

The housing crisis, characterized by shortages and escalating rents, has prompted some EU countries to remove the real estate investment option from their Golden Visa Programs. About 70 percent of EU residents own their homes, while 30 percent rent, and about 17 percent live in overcrowded conditions, according to Euro News.

Spain

Spain has removed the real estate investment option from its Golden Visa Program. Previously, wealthy foreign nationals could acquire residency by investing at least €500,000 in real estate. However, since April this year, this option is no longer available. President of the Government Pedro Sanchez announced the decision, stating, “I want to announce that tomorrow’s Council of Ministers is going to study a report submitted by the Minister of Housing and Urban Agenda to modify the law, approved by the Popular Party in 2013, which allows obtaining a residence visa if you invest in housing in our country.” He emphasized that housing should be a right and not “a mere speculative business.”

Italy

Italy's residency-by-investment program, known as the Investor Visa for Italy, permits non-EU nationals to reside legally in the country. Applicants can choose from the following options to benefit from this scheme:

• 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 offer a real estate investment option. However, internationals can still apply for residency by investing in real estate through the Company Startup option.

Portugal

Portugal offers residency through its Golden Visa Program with several investment options:

• Investment in research and developments

• Cultural Heritage Donation

• Investment in funds or venture capital funds

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

By fLEXI tEAM