If you want to move to Europe, golden visas allow you to buy your way to residency. Getting 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’ the right to residency - sometimes without even having to live in the country. And their popularity in the European Union is growing as people look to move away from countries facing instability and political decisions such as that may limit their safety and rights. With the re-election of Trump in the , applications for golden visas from Americans are also projected to increase.
But golden visas are now gradually being phased out across Europe. has finally secured a legal route to ending golden visas via property investment, with reports suggesting the ban could come into force by January 2025. The ban, which has been approve by the country's Congress, could also affect other investment pathways.
removed real estate investment as a basis for applications back in October 2023 in the hope of reducing property speculation. The Netherlands followed suit, ending its golden visa scheme in January 2024. But Hungary has bucked the trend by reintroducing its golden visa scheme, with applications open as of this month.
So what exactly are these schemes and why has the EU raised questions about their safety in recent years? Residence by schemes, otherwise known as ‘golden.