Does Spain still offer a golden visa?
Spain launched its residence by investment scheme in 2013. It allowed wealthy people from outside the EU to obtain residency permits on investing more than €500,000 in real estate or certain types of business.
However, on Monday 8 April, the country’s government said it plans to scrap the real estate route – which accounts for 94 per cent of applications – to reduce pressure on the housing market. The legal process for ending the visa is still underway.
Socialist Prime Minister Pedro Sánchez said the reform was part of his minority coalition government’s push to make housing “a right, not a speculative business”.
The government says some 10,000 such visas have been issued since the measure was brought into law in 2013 by a previous right-wing Popular Party government as a means to attract foreign investors.
The visa can also be gained by starting certain types of business in Spain, holding company shares or bank deposits with a minimum value of €1 million in Spanish financial institutions, or making a government bonds investment of at least €2 million.
Hungary golden visa scheme
Bucking the trend, Hungary has announced plans to reintroduce its golden visa scheme on 1 July 2024, after having ended it back in 2017.
The so-called Guest Investor Program (GIP) will offer three routes to residency, including through real estate investment (minimum €250,000), purchasing a residential property (minimum €500,000) or donating at least €1 million to a higher educational institution in the country.
The visa is extended to the spouse and dependent children of the applicant and grants visa-free travel in the EU.
Italy’s golden visa scheme
Italy is another popular destination for those looking to get residence by investment. Introduced in 2017, its golden visa grants non-EU nationals a residence permit for two years in exchange for an investment in Italy.
The minimum investment here is €500,000 which must be done through an Italian limited country. Those holding these visas can also include their family in the application and benefit from a special tax regime.
Once those using the scheme have lived in Italy for 10 years, they can be eligible for citizenship.
Greece’s golden visa scheme
Greece offers golden visas, with one of the quickest processes for gaining residency. Qualifying foreigners can get a permit within 60 days of applying.
It used to have one of the lowest thresholds for investment at just €250,000 spent on property in the country. In September, the authorities raised this to €500,000 to increase the affordability of real estate for locals. The new threshold applies from 1 May 2023.
This update will be implemented in the Greater Area of Athens, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini but the €250k threshold will remain the same in other regions.
Golden visa holders aren’t required to stay in Greece to keep their visas.
By the end of 2021, the country had seen 9,500 applications for these residence by investment schemes, one of the highest numbers in Europe.
