Obtaining 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 give wealthy people the opportunity to essentially “buy” residency—sometimes without even having to live in the country.

And their popularity in the European Union is growing as people seek to move away from countries facing instability and political decisions such as Brex which may limit their safety and rights.

With Trump’s re-election in USapplications for golden visas from Americans are also expected to increase.

But golden visas are now being phased out across Europe.

Spain has finally secured a legal way to end property investment gold visas, with reports suggesting the ban could come into force by January 2025. The ban, which was approved by the country’s Congress, could also affect other avenues investments.

Portugal eliminated real estate investment as a basis for golden visa applications from October 2023 in hopes of reducing real estate speculation.

The Netherlands followed suit, ending the golden visa scheme in January 2024.

But Hungary has bucked the trend by reintroducing its golden visa scheme, with applications open from this month.

So what exactly are these? golden visa schemes and why has the EU raised questions about their safety in recent years?

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What is a Golden Visa?

Residence of investment the schemes, otherwise known as ‘golden visas’, give people the chance to obtain a residence permit for a country by purchasing a home there or making a large investment or donation.

All applicants must be over 18 years of age, have a clean criminal record and have sufficient funds to make the required investment.

There are also gold ones passportsofficially known as citizenship by investment programs, which allow foreigners to obtain citizenship using the same means.

For EU countries, this also means gaining access to many of the benefits of being a resident of the bloc – including free movement between countries.

Why is the EU against visas and golden passports?

In 2022, the European Commission asked EU governments to stop selling citizenship to investors.

While this is different from the golden visas, which offer permanent residency rather than citizenship, the call came as part of a move to crack down on this multi-billion euro combined industry. Following him The war in Ukrainethere were concerns that these schemes could pose a security risk.

Brussels has also asked countries to double-check whether people sanctioned because of the war hold a golden passport or Visa which they issued.

In the past, the EU has also said that such schemes pose a risk to security, transparency and the values ​​underlying the European Union project.

In October 2022, the European Commission requested Albania “to refrain from developing an investor citizenship scheme (golden passports)”. Such a scheme would “present risks in terms of security, money laundering, tax evasion, terrorist financing, corruption and the infiltration of organized crime and would be incompatible with EU rules”, it warned in a report. The country suspended since then its plans to introduce a golden visa.

Threats also come from outside the bloc. Also in October 2022, the European Commission proposed the suspension VanuatuHis visa waiver deal due to golden passport risks. This is because the system allows third-country nationals to obtain Vanuatu citizenship, which then gives them visa-free access to the Schengen area countries.

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Which other countries have abandoned their golden visa schemes?

In February 2022, the UK government dropped the golden visa scheme that allowed them rich foreign citizens to settle in the country in exchange for bringing with them a part of the wealth. The decision to end the scheme came as part of a move to clamp down on dirty money from Russia.

In February 2023, Ireland it also canceled its golden visa scheme – the Immigrant Investor Program – which offered Irish residency in return for a donation of €500,000 or an annual investment of €1m over three years in the country.

Ireland had already suspended the scheme for Russian citizens in March 2022 as part of sanctions imposed on the country over the invasion Ukraine. The following month, the European Parliament warned that the program was vulnerable to fiscal abuse. The final decision to end the scheme was the result of various international reports and internal reviews.

Which EU countries still offer golden visas and what are the requirements?

There are only a few places that still offer golden passports in the EU. One of these countries is Malta. Here, the minimum investment amount starts from 690,000 euros and offers citizenship between 12 and 36 months.

Many others, however, still offer golden visa schemes. Here are some examples of exactly how much it costs to obtain residency by investment in these countries.

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Does Spain still offer a golden visa?

Spain launched its residency by investment scheme in 2013. It allowed wealthy people from outside the EU to obtain residence permits to invest over €500,000 in real estate or certain types of businesses.

However, in April the country’s government said it planned to ditch the real estate route – which accounts for 94% of applications – to ease pressure on the real estate market.

Socialist Prime Minister Pedro Sánchez said the reform was part of his minority coalition government’s efforts to make housing “a right, not a speculative business”.

Spain’s Congress of Deputies has finally approved the bill that will end Spain’s golden visa.

The repeal is enacted under the Justice Efficiency Act, which was approved in the plenary session of Congress, and initial reports suggest it will finally be repealed in January 2025. According to local media reports, requests made before that time are likely to be removed. be honored

Before that happens, however, it will still need to go to the Senate for possible amendments and then back to Congress for final approval before it is officially repealed.

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The government says more than 15,000 such people VISAS have been issued since the measure was introduced into law in 2013 by a previous right-wing People’s Party government as a means of attracting foreign investors.

Since Spain announced plans to end its golden visa, Chinese investors have rushed to buy property in the country, a report by Spanish state broadcaster RTVE has revealed.

The visa can also be obtained by starting certain types of business in Spain, by holding company shares or bank deposits with a minimum value of €1 million in Spanish financial institutions, or by making an investment in government bonds of at least €2 million. The ban could also extend to these types of investments.

Golden visa scheme for Hungary

Bucking the trend, Hungary announced plans to reintroduce its golden visa scheme in July 2024 after ending it in 2017.

The so-called Guest Investor Program (GIP) offers three paths to residency, including through real estate investment funds (minimum €250,000), purchasing a residential property (minimum €500,000) or donating at least €1 million to a higher education institution in country.

The visa extends to the applicant’s spouse and dependent children and subsidies without a visa travel to the EU.

Initial applications opened at the end of October, with further real estate investment funds to be launched by the end of the year.

Italy’s Golden Visa Scheme

Italy is another popular destination for those looking to obtain residence by investment.

Introduced in 2017, its golden visa grants non-EU citizens a two-year residence permit in exchange for an investment in Italy.

The minimum investment here is 250,000 euros, which must be made through an Italian limited liability company. Those who hold these visas can also include their family in the application and benefit from a special tax regime.

Once those using the scheme lived Italy for 10 years, they may be eligible for citizenship.

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Greece’s Golden Visa Scheme

Greece offers golden visas with one of the fastest residency processes. Qualifying aliens can obtain a permit within 60 days of application.

It used to have one of the lowest investment thresholds at just €250,000 spent on property in the country. But the country raised the amount to €800,000 in September in areas facing severe housing shortages such as Athens, Mykonos and Santorini.

Elsewhere, it has risen to just €400,000 to encourage investment in a wider range of places.

Golden visa holders are not required to stay in the city Greece to keep their visas.

By the end of 2021, the country had received 9,500 applications for these residences through investment schemes, one of the highest figures in Europe.