What are golden visas? How are they obtained and which EU countries grant them?
For close to a decade many European countries have offered golden visa programs, now many are reconsidering those offers. What is a golden visa?
The Spanish Government, as confirmed to Euro News by sources from the Ministries of Economic Affairs and Inclusion, Social Security and Migration, that they will tighten requirements for the country’s golden visa program. Currently, non-citizens who purchase a home worth $500,000 in Spain had been granted a residency. Or, those who are interested in investing outside of the housing market can obtain a visa by owning a specific level of company shares based in Spain or holding at least one million euros in bank deposits in Spanish financial institutions. Lastly, a person could also purchase two million dollars in State issued bonds to receive their visa.
These permits are known as ‘golden visas’ and refer to a type of visa that grants foreigners the possibility of residing and working in a country in exchange for an economic investment. In Spain, around 5,000 of these permits have been issued since the golden visa program was established in 2013. Now, a progressive political party Más País (More Country, in English) is proposing that this program come to and end, noting that no one should be able to purchase Spanish citizenship. Additionally, leaders like Íñigo Errejón have highlighted the ways in which the entrance of these property owners has led to a steady increase in the cost of living in many cities around Spain.
Ireland and Portugal have taken steps to end their golden ended golden visa programs, and now political leaders across the Spanish state are coming together to do the same. The youtuber, Offshore Citizen released a video earlier this month noting that the applications to apply for the golden visa in Portugal are still available but that he is warning his clients that there is no guarantee that they will be approved.
Which countries of the European Union grant golden visas?
If Spain opts to end its golden visa, the only remaining countries in the European Union where a similar program exists are Italy, Malta, and Greece.
In Malta, a minimum of €690,000 euro invested can earn someone anywhere between twelve and thirty-six months of citizenship.
Italy is another popular destination for those looking to obtain residency by investment. Since 2017, its golden visa grants non-EU citizens a two-year residence permit in exchange for an investment in the country of at least €500,000.
In this sense, it is worth highlighting Greece, where golden visas are offered with one of the fastest processes to obtain residence and one of the lowest thresholds for investment (€500,000). Foreigners who meet the requirements can obtain the permit within 60 days of submitting their application.