Golden Visa Programs offer internationals the chance to acquire residency in exchange for financial investments, provided they meet certain conditions. Despite their potential economic benefits, these programs are often scrutinized for being involved in money laundering and corruption. Even as the European Union has called for their termination, several countries continue to offer these schemes, attracting high-net-worth individuals from around the world.
Hungary's Guest Investor Program
Hungary originally launched its Golden Visa Program in 2013, quickly becoming one of Europe’s most popular Residency Investment Programs. By 2017, the scheme was terminated, but its success had already drawn significant attention from international investors. Between its launch and closure, the program brought €1.4 billion to the country’s economy.
In a new development, Hungary reintroduced the scheme on July 1, 2023, under the name Guest Investor Program (GIP). The renewed program continues to appeal to wealthy foreign nationals, particularly due to the availability of real estate investment options—a route that has been restricted in countries like Portugal and Spain in efforts to address housing crises.
Greece: Modifications to the Golden Visa Program
Greece has also made its mark with a Golden Visa Program, but recent changes reflect the government's intention to address the housing market. As of September 1, 2023, the minimum required investment for a Golden Visa has increased significantly, with certain regions such as Mykonos, Santorini, and Thessaloniki now requiring a minimum investment of €800,000.
In addition to these changes, Prime Minister Kyriakos Mitsotakis announced an expansion of the program to include entrepreneurs. Foreign nationals can now secure a five-year residency permit by investing €250,000 in Greek startups, further bolstering the country’s economy through innovation and business growth.
Italy: The Investor Visa for Italy
Italy’s version of the Golden Visa, known as the Investor Visa for Italy, continues to be a popular option for internationals seeking residency through investment. The program offers various investment options, including €2 million in government bonds, €500,000 in corporate bonds or shares, or at least €250,000 in innovative startups.
These options cater to a range of wealthy investors looking to contribute to Italy’s economy while securing residency.
Golden Visa Programs remain an attractive opportunity for internationals seeking residency in Europe, despite criticism and EU pressure to halt such schemes. With changes in investment requirements and new opportunities, countries like Hungary, Greece, and Italy continue to lure investors, balancing economic growth with regulatory adjustments to address internal concerns such as housing crises.