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Published Date: 16.01.2025
Spain to Terminate Golden Visa Program by April 2025
Spain has announced the termination of its Golden Visa program, effective April 3, 2025. This initiative, which granted residency to non-EU nationals investing over €500,000 in real estate, aimed to attract foreign capital. Since its inception in 2013, Spain has issued approximately 22,430 Golden Visas, predominantly in regions like Barcelona, Madrid, and Málaga. The program's end is part of broader efforts to address housing affordability and market speculation.
Portugal Phases Out Real Estate Option in Golden Visa Scheme
Portugal has officially ended the real estate investment route in its Golden Visa program as of October 7, 2023. The decision, driven by concerns over housing affordability, redirects foreign investments towards other sectors. Since its launch in 2012, the program attracted over €7 billion, with nearly 50% of visas issued to Chinese nationals. The government continues to offer residency through other investment avenues, excluding real estate.
Hungary Introduces New Guest Investor Program
Hungary has launched the Guest Investor Program (GIP), effective July 1, 2024, offering 10-year residence permits to foreign investors. Investment options include acquiring investment certificates worth at least €250,000, purchasing residential real estate valued at a minimum of €500,000, or donating €1 million to Hungarian higher education institutions. This initiative aims to attract substantial foreign capital into the country.
Ireland Ends Immigrant Investor Program
The Irish government has terminated its Immigrant Investor Program (IIP) as of February 15, 2023. Introduced in 2012, the IIP offered residency to non-EU nationals investing in Ireland. The closure follows a comprehensive review, aligning with EU concerns over such schemes. Existing applications submitted before the deadline will continue to be processed.
Greece Reduces Minimum Investment for Golden Visa
Greece has lowered the minimum real estate investment required for its Golden Visa program from €500,000 to €250,000. This adjustment aims to attract more foreign investors by making the program more accessible. The Golden Visa grants five-year residency permits, renewable indefinitely, to non-EU nationals investing in Greek real estate.
United Kingdom Closes Tier 1 Investor Visa Route
The UK government has closed its Tier 1 Investor Visa route as of February 17, 2022. The decision follows concerns over security and misuse of the program. The Tier 1 Investor Visa required a minimum investment of £2 million and was a popular route for high-net-worth individuals seeking residency in the UK.
Canada Suspends Federal Immigrant Investor Program
Canada has suspended its Federal Immigrant Investor Program (IIP) and Federal Entrepreneur Program as of June 19, 2014. The decision was made to address concerns about the effectiveness of these programs in delivering economic benefits to the country. The government is exploring more efficient ways to attract business immigrants.
Australia Increases Investment Threshold for Significant Investor Visa
Australia has increased the investment threshold for its Significant Investor Visa (SIV) from AUD 5 million to AUD 7.5 million. The SIV grants residency to individuals investing in complying Australian investments and aims to attract high-net-worth individuals to contribute to the Australian economy.
Cyprus Ends Citizenship by Investment Program
Cyprus has terminated its Citizenship by Investment Program as of November 1, 2020. The decision follows concerns over due diligence procedures and potential misuse of the program. The program offered Cypriot citizenship to foreign investors investing at least €2 million in real estate or other sectors.
Malta Revises Individual Investor Program
Malta has revised its Individual Investor Program (IIP), introducing more stringent due diligence processes and increasing the minimum investment requirements. The changes aim to enhance the program's integrity and ensure it attracts genuine investors contributing to Malta's economy. The IIP offers Maltese citizenship to individuals making significant investments in the country.
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Date: 16.01.2025
