Exploring European Countries Offering Golden Visa Programs 2024

The European Union’s Golden Visa Programs have long attracted wealthy investors seeking residency in exchange for significant financial investments. Despite mounting pressure from the European Commission to discontinue these programs due to concerns over money laundering and corruption, several EU countries continue to offer them. These programs, also known as Residency by Investment Programs, provide a pathway to residency and, eventually, citizenship in some cases, in exchange for financial contributions.

Hungary’s Guest Investor Program (GIP)

Hungary has recently reintroduced its Golden Visa Program, which had been suspended since 2017. The program, now known as the Guest Investor Program (GIP), allows individuals to obtain residency through various investment routes. To qualify, investors must purchase real estate with a minimum value of €250,000 for a single unit or €500,000 for residential properties. Another option for securing residency is by making a substantial donation of at least €1 million to a higher educational institution in Hungary. This flexibility makes Hungary’s Golden Visa Program an attractive option for investors looking to gain European residency through financial means.

Greece’s Real Estate Investment Program

Greece continues to be a popular destination for those seeking a Golden Visa, with its relatively affordable investment threshold. To qualify for Greece’s Golden Visa Program, applicants must make a financial investment of at least €250,000. However, due to the housing crisis, the minimum investment requirement has been increased to €800,000 in certain areas, particularly in prime locations. This adjustment aims to control the impact of foreign investments on the local housing market while still attracting international investors.

Countries Phasing Out Real Estate Options in Golden Visa Schemes

In response to the growing housing crisis in Europe, several countries have eliminated the real estate investment option from their Golden Visa Programs. The rising rents and housing shortages have compelled these nations to take action, ensuring that housing remains accessible to locals rather than being dominated by speculative investments.

Spain’s Shift Away from Real Estate Investments

Spain has been a popular destination for Golden Visa applicants, particularly due to its real estate investment option. Previously, Spain’s Golden Visa Program offered residency to those who invested at least €500,000 in real estate. However, as of April this year, this option is no longer available. Spanish President Pedro Sanchez emphasized that housing should be a right, not a speculative commodity. Consequently, the Spanish government is reviewing laws to further restrict residency permits obtained through real estate investments, focusing instead on more sustainable investment avenues.

Italy’s Investment-Focused Visa Program

Italy’s Golden Visa Program stands out because it does not include real estate investments as a qualifying option. Instead, non-EU nationals can obtain residency by investing in various sectors. Options include investing €2 million in government bonds, €500,000 in corporate bonds or shares, or €250,000 in innovative startups. Additionally, there is a separate route for obtaining residency through real estate investment, but only in the context of a Company Startup. This approach reflects Italy’s broader economic strategy to stimulate growth in innovative sectors rather than the housing market.

Portugal’s Response to the Housing Crisis

Portugal, once a frontrunner in attracting foreign investments through real estate, has recently removed this option from its Golden Visa Program. This decision comes as a response to the housing crisis affecting the country. Instead of real estate, the program now offers residency through alternative investments such as research and development, donations to cultural heritage projects, or contributions to venture capital funds. Portugal is also set to introduce a new Residence Permit for Social Investment, further broadening the avenues through which investors can obtain residency. This shift underscores the country’s commitment to addressing housing affordability while still providing opportunities for foreign investments in other critical sectors.

The landscape of Golden Visa Programs in Europe is evolving, driven by both economic considerations and social challenges such as the housing crisis. While some countries have tightened their regulations and removed real estate options, others continue to offer attractive investment routes for those seeking residency in Europe. Investors interested in these programs should stay informed about the ongoing changes to make the best decision based on their financial goals and desired residency outcomes.