Saturday, November 16, 2024 European countries like Spain, Portugal, the UK, and others are phasing out golden visas to tackle issues such as housing affordability, security risks, and concerns over tax evasion, responding to EU pressure to uphold transparency and ethical practices. Meanwhile, Italy, Greece, Malta, and others continue to retain these programs, leveraging them to attract foreign investment and stimulate economic growth, reflecting a divide between nations prioritizing local stability and those capitalizing on global demand for residency pathways. Golden visas have long offered a fast-track route to European residency for those with significant financial means.
These programs allow individuals to gain the right to live, work, and even travel freely within the EU by investing in property, businesses, or other approved avenues. However, as the landscape evolves, these visas are under increasing scrutiny and are being phased out in several countries. Here’s everything you need to know about golden visas, their benefits, and why they’re facing a decline.
Golden visas, or residence by investment schemes, let wealthy individuals obtain residency in exchange for significant financial contributions. Investments typically range from property purchases to large donations or business ventures. Applicants must meet basic requirements: Some countries even offer golden passports , granting full citizenship.
For EU nations, this means access to benefits like free movement.