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These 5 EU countries offer golden visas: what it takes

Natasha Kumar By Natasha Kumar Jun9,2024

You can buy a golden visa in these countries/wirestock

There are only a few countries in the EU that still offer golden passports. And we will tell you in more detail about them and how much it will cost.

The publication Euronews told about 5 countries of the European Union, where you can buy yourself a golden visa. Among them are Spain and Greece.

Malta

One of these countries is Malta. Here, the minimum investment amount starts at €690,000 and citizenship is granted for a period of 12 to 36 months.

However, many other countries still offer golden visa schemes. Here are some examples of exactly how much it costs to get a residence permit for investment in these countries.

Does Spain still offer the golden visa?

Spain launched a residence permit-by-investment scheme in 2013. It allowed wealthy people from outside the EU to obtain a residence permit after investing more than €500,000 in real estate or certain types of business.

However, on Monday, April 8, the country's government said , which plans to scrap the property scheme, which accounts for 94% of applications, to ease pressure on the housing market. The legal process of canceling the visa is still ongoing.

Socialist Prime Minister Pedro Sánchez said the reform was part of his minority coalition government's efforts to make housing “a right, not a speculative business”.

These 5 EU countries offer golden visas: what it takes

Spain has launched golden visas since 2013/Photo by bearfotos

The government says that around 10,000 such visas have been issued since the law was passed in 2013 by the previous right-wing People's Party government as a means of attracting foreign investors.

The visa can also be obtained by starting certain types of business in Spain by owning shares companies or bank deposits of at least 1 million euros in Spanish financial institutions, or by investing in government bonds of at least 2 million euros.

Hungarian Golden Visa Scheme

Contrary to trends, Hungary announced plans to revive its golden visa scheme from 1 July 2024, after it was phased out in 2017.

The so-called Guest Investor Program (GIP) will offer three ways to obtain residence permits, in particular through investment in real estate (minimum 250,000 euros), acquisition of residential real estate (minimum 500,000 euros) or a donation of at least 1 million euros to a higher education institution in the country.

The visa covers the applicant's spouse and dependent children and entitles them to visa-free entry to the EU.

Italy's Golden Visa Scheme

Italy is another a popular country for those looking to get a residence permit for investment. Introduced in 2017, the “golden visa” provides citizens of non-EU countries with a two-year residence permit in exchange for investments in Italy.

The minimum investment here is 500,000 euros, which must be made through a country governed by Italian law. Holders of such visas can also include their family members in the application and benefit from a special tax regime.

After those who use this scheme have lived in Italy for 10 years, they can obtain the right to citizenship .

These 5 EU countries offer golden visas: what is it for required

Golden visa in Italy introduced since 2017/Photo by frimufilms

Golden visa scheme of Greece

Greece offers golden visas with one of the fastest residence permit processes. Eligible foreigners can obtain a permit within 60 days of application.

Greece used to have one of the lowest investment thresholds of just €250,000 spent on real estate in country. In September, the authorities increased this amount to €500,000 to increase the affordability of real estate for local residents. The new threshold applies from 1 May 2023.

This update will be implemented in the Greater Athens Region, the Municipality of Thessaloniki and the islands of Mykonos and Santorini, but in other regions the €250,000 threshold will remain unchanged.

Golden visa holders do not have to stay in Greece to keep their visa.

At the end of 2021, the country received 9,500 applications for these visas under investment schemes, one of the highest figures in Europe.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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