Despite more caution from EU governments recently, the popularity of the continues to remain significant as many emigrate from politically unstable climates or decisions like Brexit for a better life elsewhere. The UK and the US have been two major benefactors of Golden Visa schemes in recent years. Political polarisation and insecurity mean that investors lose faith in their own country’s financial stability.
However, this may soon be coming to an end as Europe is gradually phasing out this luxury VIP pass to residency. Most Read on Euro Weekly News Limitations increasingly placed on Golden Visas across Europe Some countries have already banned Golden Visas or limited criteria for acquiring one. Real estate as a requirement for applications has been removed from Portuguese policy since last year and the Netherlands ended the scheme altogether this January.
Paradoxically, as Golden Visa schemes end, new doors open for countries like Hungary which has reintroduced the initiative for the so-called Guest Investor Program (GIP) with three routes available to be granted residency: real estate investment (minimum €250,000); residential property (minimum €500,000); or donating at least €1 million to national higher educational establishments. For those not so “au fait” with the Golden Visa scheme, it is, in a nutshell, a channel for wealthier investors to buy into property in a foreign country and by way of a two-way deal, to earn residency rights there. Criteria include.
