As the allure of Golden Visas continues to draw investors and individuals seeking residency in Europe, the numbers behind these coveted programs are a testament to their enduring popularity. From the sun-kissed Mediterranean coast to the financial hubs of Western Europe, Golden Visas have become a coveted commodity for those seeking a foothold on the European continent. But what do the numbers tell us about the demand for these programs, and which countries are leading the charge?

A Continent-Wide Phenomenon

Golden Visa programs, also known as residency-by-investment or citizenship-by-investment programs, offer individuals the opportunity to invest in a country in exchange for residency or citizenship rights. In Europe, these programs have become a staple of many countries’ economic development strategies, attracting millions of euros in foreign investment and creating new opportunities for businesses and individuals alike.

“The Greece Golden Visa Program has one of the lowest investment requirements in the European Union. However, it’ll change in 2024: the investment threshold for purchasing real estate will rise to €400,000—800,000 on September 1st, 2024.”

Golden Visa Programs in Europe: By the Numbers

So, which European countries are leading the way in Golden Visa programs, and what do the numbers tell us about their popularity?

• Portugal:Portugal’s Golden Visa program has been one of the most successful in Europe, with over 10,000 residence permits granted since its inception in 2012. In 2020 alone, the program generated €742 million in investment, with the majority coming from Chinese and Brazilian investors.
• Spain:Spain’s Golden Visa program has also seen significant growth, with over 20,000 residence permits granted since its launch in 2013. In 2020, the program generated €2.2 billion in investment, with a significant portion coming from investors from China, Russia, and the United States.
• Greece: Greece’s Golden Visa program has seen a significant increase in popularity in recent years, with over 5,000 residence permits granted since its inception in 2013. The program has generated over €1 billion in investment, with the majority coming from Chinese and Turkish investors.
• Cyprus:Cyprus’s Citizenship by Investment program has been one of the most popular in Europe, with over 3,000 passports issued since its launch in 2013. The program has generated over €5 billion in investment, with the majority coming from investors from Russia, China, and the Middle East.
• Malta:Malta’s Individual Investor Program has generated over €1.5 billion in investment since its launch in 2014, with the majority coming from investors from Russia, China, and the Middle East. The program has issued over 1,000 passports to date.

Trends and Insights

So, what do these numbers tell us about the Golden Visa landscape in Europe? A few trends emerge:

• China and Russia Lead the Way: Chinese and Russian investors continue to dominate the Golden Visa market in Europe, with many taking advantage of the programs to secure residency and investment opportunities.
• Real Estate Remains King: Real estate investment remains the most popular route to Golden Visa residency, with many countries offering attractive property investment options.
• Diversification is Key: While some countries have dominated the Golden Visa market in the past, newer entrants like Greece and Cyprus are gaining popularity, offering more diversification options for investors.

Challenges and Controversies

While Golden Visa programs have brought significant investment and economic benefits to European countries, they have also raised concerns about transparency, due diligence, and the potential for abuse.

“Bucking the trend, Hungary has announced plans to reintroduce its golden visa scheme on 1 July 2024, after having ended it back in 2017.”

The EU has been critical of Golden Visa programs, citing concerns about money laundering, tax evasion, and the potential for abuse. In response, many countries have tightened their due diligence procedures and introduced stricter eligibility criteria.

The Future of Golden Visas in Europe

As the Golden Visa landscape in Europe continues to evolve, one thing is clear: these programs will remain a critical component of many countries’ economic development strategies. While challenges and controversies remain, the allure of Golden Visas will continue to draw investors and individuals seeking a foothold on the European continent.