EU Golden Visa Changes in 2024: Not Cheaper/Faster/Easier

EU Golden Visa Changes in 2024: Not Cheaper/Faster/Easier

residence and citizenship by investment

Still considered a relatively young industry, residence and citizenship by investment (RCBI) continues to experience rapid growth and change. Thus far, 2024 has been no different with programs all over the world, and European Golden Visas (EU GVs) have not been spared from the winds of change. A drastic overhaul of the Caribbean citizenship programs this in 2024 have pushed many to focus their attention on European residence programs.

Due to a combination of demand and both external and internal political pressures, the Portuguese, Greek, Spanish, Italian, and Hungarian Golden Visas are all evolving.  What does this mean for investors?  Let’s take a look.

Portuguese Golden Visa (PGV)

Since the Portuguese government removed the direct real estate option from the table with the PGV in late 2023, investors have felt the squeeze and are now putting their money into investment funds. With the previous real estate option starting at EUR 280k, the PGV’s fund requirement of a minimum EUR 500k investment is a significant increase. The PGV has long been viewed as the premier residence by investment program in the world, and Portuguese immigration authorities are working through many thousands of backlogged applications, causing extraordinary delays for investors—many of whom have been waiting years for approval and an initial residence card.

Due to a combination of demand and both external and internal political pressures, the Portuguese, Greek, Spanish, Italian, and Hungarian Golden Visas are all evolving.  What does this mean for investors?  Let’s take a look.

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Within the first few months of 2024, Greece responded to increased EU GV demand by increasing its investment thresholds from EUR 250k for less sought-after areas in the country and EUR 500k for prime locations (including Athens, Thessaloniki, Santorini, and Mykonos) to EUR 500k and 800k, respectively. While the EUR 250k option is still available, investors will now need to restore listed historical buildings or convert commercial properties to residential to take advantage of the lower investment price point.

Demand outweighs government processing for the program, and more than 30,000 investors and family members were waiting their initial golden visas or renewals in March 2024.

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Spain’s Golden Visa program, introduced in 2013 as a means to increase foreign capital during lean economic times, has seen more than 14,000 visas issued through real estate investment. The government appears intent to limit the program, however, and Spain’s Council of Ministers announced in April they would be taking steps to end the program altogether. Nothing official has yet to materialize on this front as of October 2024, and the program remains open to applicants seeking to invest a minimum of EUR 500k into real estate in the country.

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Italy’s Golden Visa program, often referred to as “La Dolce Visa,” has maintained its appeal since inception in 2018. While investment into real estate is not permitted in the IGV, applicants often choose option to invest EUR 500k into company shares or funds to obtain their golden visas. The program lost some shine in August 2024, however, as the government ruled that its flat tax regime for wealthy expats with foreign income would increase from EUR 100k to EUR 200k per year.

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The newest golden visa in the EU, Hungary’s GV program was announced in July 2024 to much excitement. With 3 options available—EUR 1m donation to higher education institutions, EUR 500k residential property investment, and EUR 250k real estate fund investment—the program has been poised to disrupt the market. The fanfare has subsequently washed away with delays piling up, and as of October 2024, no real estate funds have been approved by the government, and the residential property option is not slated to be active until January 2025. This leaves the EUR 1m donation option the only currently- available route to the HGV.

Conclusion

EU Golden Visas remain an excellent opportunity for investors and their families to obtain EU residence and the multitude of benefits which accompany EU resident status. The changes seen in 2024 with EU GVs are not unprecedented—the collective RCBI industry has grown, sidestepped, and evolved over time since its inception in the 1990s. What EU GVs can tell us with increasing costs and processing time is that for those families seeking a Plan B, now is the time to act. For investors brave enough to wait for an easier and perhaps less costly entry point into an EU residence, all signs point to entry barriers increasing rather than subsiding.

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