Why is the EU against Golden Visas?

Highlights: Know more about EU Golden Visa

• Golden visas facilitate international individuals the right to avail of permanent residency.
• It is gaining support from the authorities in multiple countries.
• The candidates can buy real estate properties or make a significant investment to be eligible for Golden Visa.
• Few countries of EU are against Golden Visas.
• The candidates can also apply for citizenship in the EU countries with the Golden Visa.

Abstract: Certain European countries offer the EU Golden Visa to facilitate international individuals to gain permanent residency.

 A few EU or European Union countries have introduced the Golden Visa for international individuals. It aims to offer permanent residency to international individuals.

The EU Golden Visa offers an opportunity for foreign nationals to gain permanent residency without having to come and live in the country. 

*Wish to migrate overseas? Y-Axis offers you the required guidance.

What is the EU Golden Visa?

The EU Golden Visa is officially known as Residence by Investment Schemes. It offers foreign nationals obtain a residency permit in a country by buying a residential real estate property or making a significant investment or donation.

The candidates must fulfill the eligibility criteria listed below:

• The applicants should be of 18 years or more.
• They should have no criminal records.
• The candidate should have adequate funds for investment.

The EU countries are also offering Golden Passports for citizenship through investment programs that allow foreign nationals to gain citizenship through the same method.

It will also imply free movement between countries in Europe.

Which countries are offering EU Golden Visa?

The EU countries offering Golden Visas are given below:

• Malta

The candidate must make an investment of a minimum of 690,000 Euros in Malta. It offers citizenship for 12-36 months.

• Spain

Spain introduced the scheme of Residence by Investment in 2013. It grants permanent residency to foreign nationals and their family members. The candidate should make an investment of at least 500,000 Euros.

It facilitates the candidate to live, study, and work in Spain.

The visa can be gained by establishing business in Spain, holding shares of a company, or deposits in a bank with a value of at least 1 million Euros in the financial institutions of Spain, or make a governmental bond investment of a minimum of 2 million Euros.

• Italy

Italy is a popular destination for international individuals to obtain a residence by investment. The Italian residence permit is valid for2 years. The candidates are required to make an investment of at least 500,00O Euros. 

The applicant is eligible for citizenship if they have lived in Italy for a minimum of 10 years.

• Greece

Greece is offering a quick process for gaining residency through the Golden Visa. Qualifying candidates can obtain a permit under 60 days of applying.

The candidate is required to invest 500,000 Euros in a property in Greece. The holders of the Greek Golden Visa are not required to stay in Greece and have valid visas.

In 2021, Greece received 9,500 applications for residence permits by investment schemes. It is among the highest numbers witnessed in Europe.

Inhibitions about EU Golden Visa

Some countries in the European Union are of the view that the Golden Visas inviting foreign nationals for permanent residency can pose security threats. It threatens the European Union project.

In October 2022, Albania was urged to refrain from offering citizenship to international investors to avoid security threats, money laundering, evasion of tax, financing anti-social groups, corruption, and the arrival of organized crime groups.

Which countries of EU are against Golden Visas?

These are the countries that have dropped Golden Visa:

• The UK

In February 2022, the government of the UK scrapped the scheme for Golden Visa, which allowed foreign nationals to settle in the country through investing.

• Ireland

In February of 2023, Ireland also dropped the Golden Visa scheme. It was known as the Immigrant Investor Program in Ireland. It offered an Irish residence permit through 500,000 Euros of investment or 1 million Euros of investment for 3 years in the country.

• Portugal

In February 2023, Portugal stopped the Golden Visa scheme to address property and the price of rent. Foreign nationals could purchase property or invest. It was known as capital transfer investment for permanent residency in Portugal.

In January- August 2022, the program brought approximately 398 million Euros to Portugal.

To gain Portuguese residency status, foreign nationals had to stay in Portugal for approximately 7 days a year.

Want to migrate overseas? Contact Y-Axis, the leading Overseas Immigration Consultant of Australia.

If you found this news article helpful, you may want to read…

Want to work in Europe? Here are the top 5 easiest EU countries to get a work visab