Golden Visa & Immigration Updates - A LAND Magazine | Latest Residency & Investment News
Published Date: 30th Jan, 2025
Spain Announces Termination of Golden Visa Program
Spain has officially declared the end of its Golden Visa program, effective April 3, 2025. This initiative, which granted residency to non-EU citizens investing at least €500,000 in real estate, has been under scrutiny due to concerns over escalating housing prices in major cities. Between 2013 and 2023, Spain issued 14,576 Golden Visas, predominantly to investors from China, Russia, and the United States. The program's conclusion reflects efforts to address housing affordability issues.
Surge in American Interest Towards Greek Golden Visas
Following Spain's decision to terminate its Golden Visa program, there has been a notable increase in interest from American investors towards Greece's Golden Visa scheme. Greece offers residency permits to non-EU citizens who invest a minimum of €250,000 in real estate. This program provides access to the Schengen Area and has become an attractive alternative for those seeking European residency through investment.
United States Enacts Stricter Immigration Enforcement
The U.S. House of Representatives has passed the Laken Riley Act, mandating the detention of unauthorized immigrants accused of theft and violent crimes. Named after a university student murdered by a Venezuelan immigrant, the bill reflects a significant shift in U.S. immigration policy. Critics highlight concerns over due process and the substantial implementation costs, estimated at $26.9 billion in the first year.
UK's Labour Government Reviews Immigration Policies
The UK's Labour government is reassessing immigration policies, particularly focusing on the activities of people-smuggling gangs. Measures include establishing a new Border Security Command and enhancing cooperation with Europol. Despite inheriting effective visa curbs from the previous administration, the asylum backlog remains a significant challenge. The government aims to articulate a comprehensive immigration strategy amidst ongoing issues.
Spain's Non-Lucrative Visa Gains Popularity Post Golden Visa Termination
With the impending end of Spain's Golden Visa program, non-EU citizens are turning to the Non-Lucrative Visa as an alternative. This visa requires applicants to demonstrate sufficient economic resources and prohibits employment in Spain. It has become an attractive option for individuals seeking residency without the need for significant investments.
UK Projects Population Growth Due to Increased Migration
Official projections indicate that the UK's population will rise by almost 5 million to 72.5 million by 2032, bolstered by higher migration. Economists suggest this growth could enhance public finances by expanding the economy. The Labour government views this demographic shift as a potential economic advantage, reducing the need for immediate fiscal interventions.
Spain Fast-Tracks Eviction Trials Amid Housing Crisis
In response to a growing housing crisis, Spain has introduced legislation to expedite eviction trials, particularly in cases of property squatting. The new law aims to protect property owners' rights and address illegal occupations more efficiently. This move complements the termination of the Golden Visa program as part of broader housing market reforms.
UK Increases Minimum Salary Threshold for Skilled Worker Visas
Effective April 4, 2024, the UK has raised the minimum salary threshold for Skilled Worker visas from £26,200 to £38,700 per annum. This change aims to attract highly skilled professionals and ensure that sponsored roles meet the country's economic needs. Employers and prospective applicants must adjust to these new requirements in their workforce planning.
Spain's Golden Visa Termination Set for April 2025
Spain has set April 3, 2025, as the final date for accepting Golden Visa applications. The program's closure is part of broader judicial reforms aimed at addressing housing affordability and market stability. Investors are advised to finalize any pending applications before the deadline.
UK Labour Government Retains Strict Immigration Rules
The UK's Labour government, under Home Secretary Yvette Cooper, has announced plans to retain strict immigration rules introduced by the previous administration. The focus remains on reducing net migration and preventing immigration abuses. The government is reviewing policies, including the minimum income requirement for sponsoring partner visas, to ensure they align with current economic and social objectives.
Date: 30th Jan, 2025
