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Golden visas, various mechanisms in force around the world to grant residency

Golden visas, various mechanisms in force around the world to grant residency

Obtaining residency in exchange for investment is a procedure available in numerous countries, some of which, however, have decided to withdraw it or, as Spainmodify it, as announced this Monday by the President of the Government, Pedro Sánchez.

Portugal

It no longer grants new “golden visas” since October. He had been giving them since 2012 for the purchase of real estate, large investments or for creating jobs. It was called the Residence Permit for Investment Activity (ARI) and had 10,000 beneficiaries.

Italy

It approved its plan in 2017 for non-EU citizens by “invest in strategic assets for the development and competitiveness of the System Italy” and allows you to obtain a special two-year visa.

It is granted for an investment in public debt of at least 2 million euros or an investment in an Italian capital company of at least 500,000 euros; if at least 250,000 euros are invested in an innovative start-up company or at least one million euros are donated in different social, cultural or scientific fields. In July 2023 it was suspended for Russians (the most benefited in 2022) and Belarusians.

Cyprus

He closed his program after a corruption scandal. He provided for the granting of a Cypriot passport for investing two million euros in real estate and donating 100,000 euros to the Government’s research and development fund, plus another 100,000 to the Land Development Organization.

France

This mechanism does not exist for the purchase of residential properties, but it does exist for the technology sector, for high-level employees, entrepreneurs in emerging companies and investors.

These must acquire at least 30% of a company with an investment of 300,000 euros in fixed assets, in addition to committing to create or protect jobs during the four years in which that visa is valid. The visa is renewable and allows family reunification.

Germany

There is a residence permit for foreign entrepreneurs, temporary for three years and then indefinite if a self-employed activity is established that is in the economic interest of the country or meets a regional need, has a positive impact on the economy and financing is guaranteed. by own capital or credits. There is no minimum investment, but it is usually recommended at least an investment of 250,000 euros or the creation of five jobs.

Baltic countries

These programs have stalled primarily because lawmakers or governments have restricted or cut off access to Russian and Belarusian citizens after Russia invaded Ukraine. In Latvia, the majority were Russians who were welcomed and a minimum of 250,000 euros had to be invested.

In Estonia the threshold is 65,000 euros (16,000 for the self-employed) and gives temporary residence for five years. In Lithuania it is awarded for creating companies in specific fields such as nanotechnology, electronics and biotechnology. There is also a business visa for a minimum investment of around 28,000 euros.

Greece

In force since 2013 and initially for investing 250,000 euros in housing you obtained a residence permit for five years and citizenship in seven years. The threshold rose to 500,000 euros and was expanded to include investments of 400,000 euros in bonds or shares.

Its impact on rent and real estate prices was criticized and Athens tightened the conditions: since March 31, it is required to invest at least between 400,000 and 800,000 euros; It drops to 250,000 euros if it is for the restoration of historic buildings or the conversion of industrial facilities into homes. Short-term rentals on platforms such as Airbnb are prohibited.

Luxembourg

It is not given for investing in housing, but a citizen of a third country can apply for a residence permit if he proves that he is going to invest 500,000 euros in an existing company based in Luxembourg, which he must maintain for at least five years, or that same amount in a new company that must create five jobs in its first three years.

Holland

Temporary residency (three years) is granted if the applicant has at least 1.25 million euros and invests it in a Dutch business. It has a system that evaluates whether the investment contributes to the Dutch private sector in areas such as employment (at least 10 positions in 5 years) or innovation. Since its inception, in 2013, the purchase of real estate was excluded from having this type of visa.

United Kingdom

In 2022, the Tier 1 Visa was eliminated, which allowed obtaining residency by investing a minimum of two million pounds (2.3 million euros), after the Government considered that it facilitated the presence of “people who depend on funds that have been obtained illicitly or that represent a security risk.”

It was replaced by the so-called Global Talent visa, which allows people to work in the country as long as the person demonstrates that they are leaders in three areas: academics and research, art and culture, and digital technology. If granted, it allows you to reside in the United Kingdom for five years, renewable indefinitely.

USA

Since 1990 there has been a visa that provides permanent legal residence in exchange for capital investments or job creation through a company established in the country. Now a capital investment of just over 1 million dollars (about 921,000 euros) or US$ 800,000 (about 737,000 euros) is required in areas of job creation.

It can also be obtained with investments in a company that creates 10 full-time jobs. It is one of the fastest and most effective ways to obtain a “green card” which allows the applicant to reside, work, study or retire in the US.

Russia

From 2023, a foreign citizen who invests large amounts of money in the Russian economy can obtain a permanent residence permit, with conditions.

You must invest no less than 15 million rubles (150,000 euros) in a social project in three years; pay 4 million rubles (40,000 euros) in taxes for two years for the activities of a legal entity; invest more than 30 million rubles (300,000 euros) in a Russian company or buy a year before the application a real estate property for a minimum of 25 million rubles (250,000 euros).

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Source: Gestion

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