What are "golden visas" and which EU countries still issue them

Two years ago, foreigners who wanted to live in the European Union without obtaining citizenship were actively applying for "golden visas," a type of entry document that allows a person to stay in a country if they invest in it. This method was actively used by the EU before the start of Russia's full-scale war in 2022.

Since then, countries have been trying to avoid this type of visa in order not to endanger their fellow citizens, as the document can be easily obtained by a person subject to EU sanctions. However, according to EuroNews, certain European countries still issue it. These are Malta, Hungary, Italy, Greece and partially Spain.

Golden visas allow wealthy foreigners to de facto buy the right to reside in exchange for replenishing the state budget. In certain cases, this does not even require living in the country. The applicant must be over 18 years old, have no criminal record, and have the financial ability to make the investment. This proposal was welcomed by the world and has been growing in popularity since the introduction of the golden visa.

However, despite their popularity, EU countries are gradually limiting or even canceling them. In October 2023, Portugal removed the possibility of investing in real estate as a basis for obtaining golden visas. This was supposed to reduce real estate speculation. The Netherlands followed suit.

Since the beginning of the full-scale war in Ukraine, the UK and Ireland have abandoned this type of visa primarily to fight dirty money coming from Russia.

Albania intended to introduce a "golden visa," but the EU called for "refraining from developing a citizenship scheme for investors," so the country suspended the initiative.

In early 2024, Spain also supported the initiative, but has not yet implemented it. The country proposed to cancel foreign investment in the real estate market to reduce pressure on housing. In total, it accounts for 97% of all visa applications.

It can still be obtained by starting certain types of business in Spain, holding shares in companies or bank deposits worth at least EUR 1 million, or investing in government bonds worth at least EUR 2 million.

As for Malta, the country still actively supports the initiative but issues residence permits for 12 to 36 months and from a minimum investment of EUR 690,000.

Hungary abolished the issuance of "golden visas" back in 2017 but expressed a desire to return it from July 1, 2024. It also applies to the applicant's spouse and dependent children and grants the right to enter the EU without a visa.

Greece is the fastest of all the countries that still issue "golden visas" to accept applications. Foreigners who meet the requirements can obtain a residence permit within 60 days of submitting their documents. In particular, it is the only country that does not require physical residence within its borders for the visa to be valid.

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