Friday, November 8, 2024 golden visa, EU residency, investment immigration, wealthy investors, residency by investment, Europe immigration, citizenship programs, exclusive residency, elite residency The European Union has begun to phase out golden visa programs, yet one country is choosing to reinstate its version of this scheme. Securing the right to live and work abroad can bea complex, time-consuming process, especially for those without substantial financial means. However, wealthy individuals often have an alternative route: golden visas.
Golden visas offer affluent applicants the chance to obtain residency, often without even having to reside in the host country. Demand for these visas in the European Union has increased, driven by those seeking stability amid global uncertainties, including Brexit. In recent years, political and social shifts in the United States have also contributed to rising interest from American applicants seeking golden visas.
But now, Europe is largely moving to end these programs. Spain recently finalized legislation to eliminate golden visas tied to property investments, with the ban likely starting by January 2025. Although the proposal is still under debate, it may expand to other forms of investment.
Similarly, in October 2023, Portugal removed real estate from its golden visa qualifications to curb property inflation. Following suit, the Netherlands ended its golden visa program in January 2024. In a rare exception, Hungary has revived its.
