European Union’s Golden Visa Programs, which allow foreigners to obtain residency in exchange for financial investments, continue to attract wealthy investors from around the globe.
Despite ongoing pressure from the European Commission urging EU governments to end these programs due to concerns about potential issues like money laundering and corruption, several EU countries persist in offering Residency by Investment Programs, commonly known as Golden Visa Programs, according to Schengen.News.
However, the requirements for obtaining residency through these programs vary between European nations.
To address the housing crisis, some EU countries, including Portugal and Spain, have eliminated the real estate investment option—one of the most popular choices in these programs. Nonetheless, other investment routes remain available.
Hungary
As of last month this year, Hungary has reinstated its Golden Visa Program, which had been suspended since 2017. The program, known as the Guest Investor Program (GIP), allows individuals to gain residency through real estate investments, with a minimum purchase price of €250,000 for a real estate unit and €500,000 for a residential property. Alternatively, individuals can secure residency by donating at least €1 million to a higher educational institution in Hungary.
Greece
To qualify for Greece’s Golden Visa Program, applicants must make a financial investment of at least €250,000. Real estate investments are permitted, but in certain areas, the minimum investment required has been raised to €800,000 to address the housing crisis.
Countries That Have Removed Real Estate Options From Their Golden Visa Schemes
The housing crisis in Europe, characterized by shortages and rising rents, has led several countries to eliminate real estate investment options from their Golden Visa Programs.
Spain
Previously, Spain’s Golden Visa Program offered residency in exchange for a real estate investment of at least €500,000. As of April this year, this option is no longer available. Spanish President Pedro Sanchez announced that measures would be taken to ensure housing remains a right rather than a speculative commodity. The upcoming Council of Ministers will review a report from the Minister of Housing and Urban Agenda regarding changes to the law that allowed residency through real estate investment.
Italy
Italy’s Investor Visa program enables non-EU nationals to obtain residency by investing in various sectors but does not include real estate. Applicants can choose to invest at least €2 million in government bonds, €500,000 in corporate bonds or shares, or €250,000 in innovative startups. However, there is a separate route for residency through real estate investment in the context of a Company Startup.
Portugal
Portugal has removed the real estate investment option from its Golden Visa Program in response to the housing crisis. The program now offers residency through investments in research and development, donations to cultural heritage, or contributions to venture capital funds. Additionally, a new Residence Permit for Social Investment option is set to be introduced to broaden the avenues for obtaining residency.
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