Post by account_disabled on Mar 16, 2024 18:37:23 GMT 12
In the wake of the 2008 global financial crisis, more than a dozen European countries attempted to plug budget deficits with programs that included home purchases . Without EU-wide rules, requirements varied dramatically: from a minimum investment of €50,000 in Latvia to €1.2 million in the Netherlands. In exchange, investors typically live and work in the country for three to five years and can apply for citizenship.
The EU has long pressured governments to end these visas, arguing that they are undemocratic and can serve as a means for black money to enter the region. “European values are not for sale,” said Didier Reynders, EU Commissioner for Justice, a year ago .
Now, with most European countries in a stable financial Phone Lead position, it is high house prices and increased domestic opposition that are pushing governments to put the brakes on these investments.
Amid growing discontent over rising housing prices, the Portuguese government signaled a few months ago that it would end the residence permit program for foreigners (ARI), as soon as Parliament debated and approved revised legislation, likely In the next weeks.
Some popular destinations for applicants are becoming less welcoming. Ireland closed its plan on February 15 . And from Greece they say that it will double its investment threshold to 500,000 euros in several places, including Athens. As the Portuguese and Irish programs wind down, consultants note that there has been an increase in interest towards Greece and Spain.
In Spain, adverse opinions such as that of Más País have emerged, and the Government is considering tightening the granting of this visa for investment in housing or withdrawing it completely. Here, a residence permit is granted for three years, extendable to two after a real estate investment of at least 500,000 euros. According to data from the Executive, 94% of these authorizations have come from investment in residential.
Chinese, Russians and Americans, among the most benefited
It is difficult to obtain statistics at the European level, but the available evidence suggests that a large majority of people benefiting from the programs are from China . In Ireland, which granted residency in exchange for an investment of 500,000 euros to buyers with a personal wealth of at least 2 million euros, Chinese citizens represent more than 90% of the 1,727 applications approved since 2012.
In Greece, they represent almost 60% of the 12,818 'golden visas' in the last decade. In Portugal, the figure is almost half of the 11,758 permits granted since 2012. Before the invasion of Ukraine, many Russians applied for visas in European countries, and the number of Americans seeking a residence permit has increased in recent years.
The EU has long pressured governments to end these visas, arguing that they are undemocratic and can serve as a means for black money to enter the region. “European values are not for sale,” said Didier Reynders, EU Commissioner for Justice, a year ago .
Now, with most European countries in a stable financial Phone Lead position, it is high house prices and increased domestic opposition that are pushing governments to put the brakes on these investments.
Amid growing discontent over rising housing prices, the Portuguese government signaled a few months ago that it would end the residence permit program for foreigners (ARI), as soon as Parliament debated and approved revised legislation, likely In the next weeks.
Some popular destinations for applicants are becoming less welcoming. Ireland closed its plan on February 15 . And from Greece they say that it will double its investment threshold to 500,000 euros in several places, including Athens. As the Portuguese and Irish programs wind down, consultants note that there has been an increase in interest towards Greece and Spain.
In Spain, adverse opinions such as that of Más País have emerged, and the Government is considering tightening the granting of this visa for investment in housing or withdrawing it completely. Here, a residence permit is granted for three years, extendable to two after a real estate investment of at least 500,000 euros. According to data from the Executive, 94% of these authorizations have come from investment in residential.
Chinese, Russians and Americans, among the most benefited
It is difficult to obtain statistics at the European level, but the available evidence suggests that a large majority of people benefiting from the programs are from China . In Ireland, which granted residency in exchange for an investment of 500,000 euros to buyers with a personal wealth of at least 2 million euros, Chinese citizens represent more than 90% of the 1,727 applications approved since 2012.
In Greece, they represent almost 60% of the 12,818 'golden visas' in the last decade. In Portugal, the figure is almost half of the 11,758 permits granted since 2012. Before the invasion of Ukraine, many Russians applied for visas in European countries, and the number of Americans seeking a residence permit has increased in recent years.