The time for golden visas in Europe seems to be coming to an end, writes Bloomberg amid reports that Portugal and Ireland are stopping issuing them.
As Will Harvey, a professor at the University of Bristol in the UK, told the publication, EU countries are facing a paradox: they want investment, but do not want to give privileged status to “very wealthy investors from abroad” against the backdrop of problems facing broad sections of society.
Bloomberg recalled that European countries, including Portugal, Ireland, Greece and Spain, launched golden visa programs in the past decade to attract foreign investment after the financial crisis. As a result, they were able to attract billions of dollars from abroad.
At the same time, in particular, the British visa program for millionaire investors ceased to operate last year. The head of the British Ministry of Internal Affairs, Suella Braverman, pointed out that ten Russians, against whom sanctions were imposed, had previously taken advantage of the kingdom’s visa program. On February 14 of this year, the Irish Department of Justice also announced that the Golden Visa program would be terminated after a review of its “feasibility”.
In April last year, the European Commission said that schemes for investors to obtain EU passports “undermine the essence of EU citizenship.” Citizenship of an EU member state gives the right to free movement, access to the Union’s internal market, as well as passive and active suffrage. The “inherent risks of such schemes” became apparent after the start of the Russian military operation, the EC document said.
Source: Rosbalt
Mario Twitchell is an accomplished author and journalist, known for his insightful and thought-provoking writing on a wide range of topics including general and opinion. He currently works as a writer at 247 news agency, where he has established himself as a respected voice in the industry.
