What Are Golden Visas and Which European Countries Are Still Offering Them?

A golden visa refers to a special residency permit that provides temporary or permanent residence rights in return for a substantial investment in the country’s economy.

The investment required for a golden visa generally ranges from 250,000 euros to 500,000 euros. The most common routes are through real estate purchases, government bonds, bank deposits, donations, or investments in local businesses.

By making a high-value investment, applicants can obtain residence permits very quickly – often within just 2-3 months. Golden visa holders also enjoy benefits like visa-free travel within Europe’s Schengen area.

The permits allow wealthy individuals and their families to gain residency or even citizenship in countries they may not have ties to. It provides an accelerated path compared to traditional immigration processes. However, applications hoping to secure a Golden Visa to live in one of the countries below must be aged 18+, not have a criminal record, and be willing to invest a fairly significant sum of money in their chosen country.

Let’s look at Golden Visas in more detail.

Why Countries Offer Golden Visas

Nations typically offer golden visa programmes to attract foreign investment into their economies. The large amounts of capital injected by investors are used for infrastructure projects, real estate development, new businesses, and other initiatives.

This creates local jobs, revenue growth, and other economic benefits. Application fees and taxes paid by golden visa applicants also provide a lucrative income stream for governments. Some experts are predicting that Golden Visa schemes will soon see an influx of applications from liberal Americans hoping to escape the US now that Donald Trump has been re-elected for a second term.

Criticisms and Controversies

Despite the clear benefits, golden visa programmes have come under criticism on several fronts in recent years. The EU raised concerns back in 2022, when it accused some countries of “selling citizenships” to investors, but Golden Visas are different in that they offer permanent residency rather than citizenship.

Security experts have raised concerns about the risks of money laundering and criminal elements using these schemes to gain access, with Brussels imploring countries that offer the scheme to check applications don’t come from persons sanctioned due to the war in Ukraine. Some officials have criticized the lack of transparency and due diligence in how applicants are screened.

In cities like Lisbon and Barcelona, the large influx of real estate investment has been blamed for pricing locals out of housing markets, exacerbating shortages and unaffordability.

There are also concerns that golden visa holders do not properly integrate or contribute to the countries they reside in.

Closures of Golden Visa Schemes

In light of these criticisms, the EU has been urging member states to increase reporting, due diligence and minimum stay requirements for golden visa programmes.

Several European nations have closed their schemes in response to the concerns, including the UK, Ireland, and Portugal; the Netherlands ended its Golden Visa scheme in January 2024. Spain has secured a legal route to end Golden Visas obtained via property investment, and Portugal as also removed property investment as a means of acquiring a Golden Visa.

But despite the negative aspects of the scheme, many countries like Malta are choosing to keep their programmes due to the economic benefits.

European Countries That Still Offer Golden Visas

Despite the closures, a number of European nations still have golden visa programmes available in 2024:

Spain

• Permanent residence after 5 years
• Pathway to citizenship after 10 years
• Proposed legal changes could end programme in 2025

Spain’s golden visa remains popular among investors though proposed bans on real estate routes could jeopardise the entire programme.

Greece

• Investment of €250,000, rising to €900,000 in some areas
• No stay requirements
• Citizenship possible after 7 years

Greece upped its minimum investment in regions facing housing shortages but remains one of the most affordable programmes overall.

Italy

The most cost-effective route to a Golden Visa in Italy is to invest €250,000 in a startup. Other routes include:

• Investment of €500,000 in an Italian company
• Minimum of €2 million in government bonds
• A charity donation of €1 million
• Citizenship after 10 years
• No real estate investment option

Italy offers a golden visa through commercial investments rather than real estate purchases.

Hungary

• Investment of €250,000 in a real estate fund
• No stay requirements
• Lifelong residency, renewed every 10 years

Hungary reinstated its Golden Visa scheme this year after previously ending it, with applications open as of November 2024. The scheme offers residency through property funds.

Cyprus

• Investment of €300,000 in real estate
• No stay requirements
• Not part of the Schengen zone

Cyprus has the lowest property investment minimum but does not provide Schengen access rights.

Malta

• Investment of €150,000 for permanent residency
• Citizenship from €600,000 via the MEIN scheme
• No stay requirements

The Malta Golden Visa scheme has options for residency or full citizenship but requires a mix of investments.

Making the Right Golden Visa Choice

For high-net-worth individuals, golden visa programmes remain a viable route to EU residency and citizenship despite the closures.

But the options have narrowed significantly, making careful selection important. Applicants should assess their specific needs, capabilities, and timeline before choosing a programme.

Seeking professional advice can help navigate changing regulations and identify the best programme based on the desired benefits and long-term goals.

With reforms looming in many countries, the window for some golden visa options may be limited going forward. Leveraging expert guidance can help capitalise on programmes while they remain open.