Tin du lịch What is a "golden visa" and which EU countries issue them?

With the EU calling on member states to stop selling citizenship to investors, many countries are now seeking to loosen stricter requirements for golden visa programs.
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Obtaining the right to live and work in another country can be a long and arduous process. But this is not always the case for those with money.
Golden visas offer wealthy individuals the opportunity to essentially 'buy' residency rights—sometimes without even needing to live in the country.
And their popularity in the European Union is rising as people seek to distance themselves from political decisions like Brexit that might curtail their rights.
With the unstable political and social environment in the U.S., the number of golden visa applications from Americans is expected to increase. In a 2022 report, passport company Get Golden Visa predicted: “This will be the busiest year.”
However, golden visas are now gradually being phased out across Europe. Portugal became the latest country to consider ending its scheme in February 2023—a move heavily criticized by the autonomous region of Madeira. Spain is now looking to follow suit and has proposed tightening the requirements for its own program.
So what exactly are these golden visa programs, and why has the EU raised questions about their safety in recent months?

What is a Golden Visa?​

Residency through an investment program, also known as a 'golden visa', offers individuals the opportunity to obtain a residency permit in a country by purchasing property there or making a significant investment or donation.
Any applicant must be over 18 years of age, have a clean criminal record, and possess sufficient funds to make the required investment.
There is also a golden passport, officially known as an investor citizenship program, which allows foreigners to obtain citizenship using similar means.
For EU countries, this also means access to many benefits of being a resident of the bloc—including free movement between countries.

Why is the EU against Golden Visas and Passports?​

In 2022, the European Commission called on EU governments to stop selling citizenship to investors.
While this is different from golden visas, which provide permanent residency rather than citizenship, the call was made as part of a move to crack down on this multibillion-euro industry. Following the Ukraine war, there have been concerns that these schemes could pose a security risk.
Brussels has also urged countries to closely examine whether those sanctioned due to the war hold golden passports or visas they issued.

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Applicants must be over 18 years of age, have a clean criminal record, and possess sufficient funds to make the required investment. canva
Previously, the EU had also stated that such schemes posed risks to security, transparency, and the values underlying the European Union project.
In October 2022, the European Commission urged Albania to "restrict the development of citizenship programs for investors (golden passports)." Such a scheme would "pose risks related to security, money laundering, tax evasion, terrorism financing, corruption, and organized crime infiltration and would not be compatible with EU regulations," it warned in a report.
Threats also come from outside the bloc. Also in October, the European Commission proposed suspending Vanuatu's visa-free agreement due to the risks of golden passports. This was because the program allows citizens of third countries to obtain Vanuatu citizenship, after which they gain visa-free access to Schengen area countries.

Which Countries Have Eliminated Their Golden Visa Programs?​

In February 2022, the UK government abolished its golden visa program that allowed wealthy foreign citizens to settle in the country in exchange for bringing a portion of their wealth. The decision to end this program was made as part of a move to curb dirty money from Russia.
In February 2023, Ireland also eliminated its golden visa program—the Immigrant Investor Program—which granted residency in Ireland in exchange for a €500,000 donation or an investment of €1 million annually in the country over three years.
Ireland suspended this program for Russian citizens in March 2022 as part of sanctions imposed on the country for its invasion of Ukraine. The following month, the European Parliament warned that this program was open to tax abuse. The final decision to eliminate this program resulted from many international reports and internal assessments.
In February 2023, Portugal's Prime Minister António Costa announced plans to end the country's profitable residency through investment scheme to address real estate speculation and rental prices. Until now, foreigners could buy properties or invest a portion of their wealth in the country—known as capital transfer investments—in exchange for residency rights.
According to Portugal's national news agency LUSA, from January to August 2022, this program generated nearly €398 million for the country.
The autonomous region of Madeira will not let it pass without a fight. In March, regional president Miguel Albuquerque declared that he refused to end golden visas in the archipelago.
He stated in an interview with the Diario de Noticias newspaper: “This program has brought many high-income foreign residents to Madeira, giving clear benefits to the local economy,” further adding that the plan “backfired,” only benefiting Porto and Lisbon. According to Albuquerque, the Azores also oppose the elimination of visas.

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Portugal is phasing out its residency through investment program Pexels
To maintain residency status previously, individuals only had to spend about seven days per year in Portugal. However, these visas will now only be renewed for those who use their properties as their primary residence or those who lease their properties long-term.
Which EU countries still issue golden visas and what are the requirements?
Only a few places still offer golden passports in the EU. One of these countries is Malta. Here, the minimum investment starts at €690,000 and grants citizenship within a period of 12 to 36 months.
However, many others still offer golden visa programs. Here are some specific examples of the costs to obtain residency by investing in these countries.

Spain​

Spain launched its investor residency program in 2013. Since this program was implemented, government figures show that nearly 5,000 permits have been granted. It also provides residency rights to foreigners and their families who invest in local real estate.
An investment of €500,000 in real estate is required to obtain a golden visa, granting the right to live, work, and study in Spain. Although this amount is significantly higher than Portugal's minimum investment, there are fewer restrictions on the type of property one can buy.
Visas can also be obtained by starting certain businesses in Spain, holding company stocks, or bank deposits worth a minimum of €1 million at Spanish financial institutions, or investing in government bonds of at least €2 million.
However, some politicians have called for the termination of this program. In February 2023, the centrist political party Más País registered a bill to abolish or significantly amend the Spanish Investment Residency Program, stating that it affects housing prices and is not beneficial to the economy.
Party leader Iñigo Errejon told reporters on May 8 that a preliminary agreement had been reached with the Ministry of Social Security to terminate this program.
But Errejon stated: “Spanish nationality cannot be bought.” He blamed golden visas for causing “brutal” increases in housing prices and forcing people to leave their neighborhoods. Errejon also claimed that this program does not create many new jobs.
No official agreement has been reached to end the golden visa program, but according to local media, Spain is reviewing stricter requirements for applications. This could include raising the investment requirement to €1 million as real estate experts believe that the minimum of €500,000 is no longer sufficient and cannot be considered the price of a luxury property.

Italy​

Italy is another popular destination for those wishing to invest in residency. Launched in 2017, its golden visa grants non-EU citizens a residency permit for two years in exchange for an investment in Italy.
The minimum investment here is €500,000, which must be made through a limited company in Italy. Those using this visa can also include their families in the application and benefit from a special tax regime.
Once individuals using this program have lived in Italy for 10 years, they may qualify for citizenship.

Greece​

Greece offers a golden visa, with one of the fastest processes for obtaining residency rights. Eligible foreigners can receive permits within 60 days of applying.
It used to have one of the lowest investment thresholds at just €250,000 spent on local real estate. In September, the authorities raised this amount to €500,000 to enhance the ability of locals to purchase properties. The new threshold will come into effect on May 1, 2023.
This update will be implemented in the Greater Athens area, the City of Thessaloniki, and the islands of Mykonos and Santorini, but the €250k threshold will remain unchanged in other areas.
Holders of golden visas are not required to stay in Greece to maintain their visas.
By the end of 2021, the country had received 9,500 residency applications under the investment program, one of the highest numbers in Europe.