European golden visa refers to specific programs developed by countries to attract wealthy people to become residents or citizens; the specifications of every program vary significantly across the member’s states and countries. The European countries have invested in these programs to support their economic crisis in exchange for permanent residency or passports.
These types of programs are:
- economic citizenship by investment (ECI)
- citizenship by investment (CBI)
- residency by investment (RBI)
The financial crisis and social conditions of some of these countries have played a prominent role in trying to attract capitalists and encourage them to invest in one of these programs.
But recent attention has been drawn to the fact that some European countries have made it almost impossible for real estate companies to encourage large-scale investors to invest in these countries, in return for guaranteeing them access to residency, passports, and privileges practically equal to full citizenship.
Real Estate Investment
European countries are attracting investors to invest in luxury real estates and houses in wealthy areas and trying to convince them that their investments will boost their profits and protect their capital, especially if their countries are facing political and social instability. Just as they have played a prominent role in encouraging European and other rich countries to invest in the Caribbean in developing the profit-driven tourism sector and tax evasion in their home countries, the same methods have been adopted in recent years.
On the other hand, the real estate companies and European countries, reassure investors to provide a safe environment and psychological stability, in addition to granting them residence and passports governed by different conditions.
One of these European countries is Spain, Portugal, Malta, Cyprus, and Greece.
According to statistics, the European countries most encouraging foreign investors in return for residence or passport are them: Bulgaria, Hungary, Malta, Cyprus and Austria, each state has different terms.
Spain golden Visa requires non-European investors the same amount but adds another condition: those who want permanent residence should stay in Spain for at least 180 days per year. But these statistics and conditions are not fixed and may be changed from time to time according to the requirements of the political and social conditions of European countries.
Portugal golden visa, on the other hand, will grant a 5 years residency permit for non- EU citizen in return of investing in a real estate new property with a minimum value of 500,000 euro, the investor can purchase of real estate property, with construction dating back more than 30 years or for refurbishing, for a total minimum value of 350,000 Euros.
Investment In Malta, the investor, should maintain property ownership or rent for at least 5 years to get the citizenship and by investing in a minimum investment of 350,000 euro or lease a property for at least 16,000 euro per year.
But these statistics and conditions are not fixed and may be changed from time to time according to the requirements of the political and social conditions of European countries.