Top 10 Immigration & Golden Visa Updates – February 4, 2025 | The ALand Times
Published Date: 4th Feb, 2025
Spain to Terminate Golden Visa Program in April 2025
Spain has announced the termination of its Golden Visa program, effective April 3, 2025. This program, initiated in 2013, granted residency permits to non-EU nationals investing at least €500,000 in Spanish real estate. The decision aims to address concerns over escalating housing prices attributed to foreign investments. Between 2013 and 2023, Spain issued 14,576 Golden Visas, with significant uptake from Chinese, Russian, and American investors. In response, many prospective residents are now considering the non-lucrative visa, which requires proof of sufficient financial means without the need for employment in Spain.
UK Visa Policies Hinder Science and Technology Sectors
The UK's House of Lords Science and Technology Committee has raised concerns that the country's high visa fees and rigid immigration policies are deterring international science students and early-career researchers. These challenges are perceived as detrimental to the UK's ambitions in fields like artificial intelligence, which are vital for economic growth. The committee has called for a review of restrictions affecting international students and their families to maintain the UK's competitive edge in science and technology.
Portugal Phases Out Golden Visa Program
Portugal has officially ended its Golden Visa program as of October 2023, ceasing new applications linked to real estate investments. The decision was influenced by rising housing costs and aims to redirect foreign investments towards other sectors. Existing visa holders are not affected by this change, but the termination marks a significant shift in Portugal's approach to attracting foreign capital.
Greece's Golden Visa Program Sees Surge in Interest
Greece has reported a 75% increase in interest in its Golden Visa program within a single month. This program offers residency permits to non-EU nationals who invest at least €250,000 in Greek real estate. The surge is attributed to competitive investment thresholds and Greece's appeal as a favorable destination for investors seeking residency in the European Union.
Indonesia Introduces Golden Visa to Attract Foreign Investors
Indonesia has unveiled plans for a Golden Visa program aimed at attracting wealthy foreign nationals. The initiative seeks to boost foreign investment by offering residency permits to individuals who make substantial financial contributions to the country's economy. Specific investment thresholds and benefits are expected to be detailed in the coming months.
Italy Suspends Golden Visas for Russian and Belarusian Nationals
Italy has suspended its Golden Visa program for Russian and Belarusian nationals, aligning with European Union recommendations. The suspension affects individuals from these countries seeking residency in Italy through significant investments. This move reflects broader EU sanctions and policies in response to geopolitical tensions.
Latvia Offers Competitive Residency by Investment Program
Latvia's residency by investment program allows foreign investors to obtain a five-year residency permit by investing €50,000 into a Latvian company, provided the company pays at least €40,000 per annum in taxes. A one-time government fee of €10,000 is also required. This program presents an accessible pathway for investors seeking residency within the European Union.
UAE Expands Golden Visa Eligibility to More Professionals
The United Arab Emirates has expanded its Golden Visa program to include a broader range of professionals, such as PhD holders, scientists, outstanding professionals in specific fields, and doctors and their families. The 10-year residency visa allows holders to live, work, and study in the UAE without the need for a national sponsor, aiming to attract and retain top talent to bolster the country's economic development.
Russia Launches Investor Visa Program
Russia has initiated its Investor Visa program, providing permanent residency opportunities for applicants and their immediate families. To qualify, individuals must sponsor a social project, purchase real estate, invest in a business, or establish their own company in Russia. Residency can be converted to citizenship after five years, offering a new avenue for investors seeking opportunities in Russia.
Hungary Introduces New 5-Year Renewable Visa for Investors
Hungary has launched a new five-year term renewable visa for investors. Applicants can obtain this visa by investing €155,000 in completed residential property or by creating a local company to provide services or trade goods. After three years of continuous residence, investors may apply for permanent residency, with the possibility of obtaining citizenship after seven years, subject to language proficiency requirements.
Date: 4th Feb, 2025
