Europe
EU Countries That Still Offer Golden Visas & Their Requirements. Several European Union (EU) countries continue to operate Golden Visa Programs, despite ongoing calls from the European Commission to terminate them due to concerns over potential involvement in irregular activities such as money laundering and corruption. These programs offer foreigners the opportunity to acquire residency in exchange for financial investment, and they remain popular among wealthy investors worldwide.
Golden Visa Programs Continue Despite Controversy
While some EU nations have responded to the European Commission’s concerns by modifying or eliminating parts of their Golden Visa schemes, others continue to maintain and even relaunch these programs. Rules and requirements for acquiring residency through Golden Visa Programs vary across different countries, offering a range of investment options to potential applicants.
Hungary’s Golden Visa Program
Hungary recently relaunched its Golden Visa Program, known as the Guest Investor Program (GIP), on July 1, 2024, after it was previously terminated in 2017. The program allows internationals to acquire residency by purchasing real estate or through other financial contributions. To qualify, applicants can purchase a real estate unit for at least €250,000 and a residential property for €500,000. Additionally, a donation of at least €1 million to a higher educational institution in Hungary is another viable option under the GIP.
For more details on Hungary’s program, visit the Hungarian Immigration and Asylum Office.
Greece’s Golden Visa Requirements
Greece continues to attract investors through its Golden Visa Program, which requires a minimum financial contribution of €250,000. This investment can be made in real estate, though in some parts of the country, the minimum amount has increased to €800,000 to address the housing crisis. Greece’s Golden Visa remains one of the more accessible options in Europe, particularly for those looking to invest in property.
More information is available on the Hellenic Republic Ministry of Migration and Asylum.
Countries Removing Real Estate Options Due to Housing Crisis
In response to a growing housing crisis marked by shortages and escalating rents, several EU countries have removed the real estate investment option from their Golden Visa Programs. The housing crisis has become a significant concern across Europe, with about 17% of the EU population living in overcrowded conditions, according to a report from Euro News. In a bid to alleviate this issue, some countries have adjusted their Golden Visa requirements.
Spain’s Shift Away from Real Estate Investment
Spain, once a popular destination for real estate investors seeking residency, has recently removed the real estate option from its Golden Visa Program. Wealthy foreign nationals can still acquire residency by making capital investments in Spanish companies, government bonds, or bank deposits. The decision to eliminate the real estate option was announced by Spanish President Pedro Sanchez, who emphasized the need to ensure housing remains a right rather than “a mere speculative business.”
For official information on Spain’s Investor Visa, visit the Spanish Ministry of Foreign Affairs, European Union and Cooperation.
Italy’s Investor Visa
Italy offers a residency-by-investment program known as the Investor Visa for Italy, which does not include a real estate option. Instead, applicants can choose from other investment routes, such as investing at least €2 million in government bonds, €500,000 in corporate bonds or shares, or a minimum of €250,000 in innovative startups. Although the program excludes direct real estate investments, internationals can still obtain residency through real estate by participating in the Company Startup option.
For more details, refer to the Italian Ministry of Economic Development and the Italian Ministry of the Interior.
Portugal’s Revised Golden Visa Program
Portugal has also revised its Golden Visa Program by removing the real estate investment option to address the housing crisis. Instead, applicants can gain residency through alternative investments, such as contributions to research and development, cultural heritage donations, or investments in funds or venture capital. Additionally, Portugal plans to introduce a Residence Permits for Social Investment (RIP) option to expand the categories through which foreign nationals can acquire residency.
For more information, visit the Portuguese Immigration and Borders Service (SEF).
Despite ongoing scrutiny and modifications, several EU countries continue to offer Golden Visa Programs with various investment options. While some nations have removed real estate from the list of qualifying investments to address housing concerns, alternatives such as financial contributions to businesses, government bonds, and cultural heritage donations remain effective pathways to residency in Europe. As these programs evolve, they continue to attract wealthy investors from around the world, offering a blend of opportunity and residency benefits.
