According to reports from foreign media cited by WorldWay Group, a special committee of the European Parliament recently passed a proposal to abolish 'Golden Visas' with 34 votes in favor, 4 against, and 3 abstentions. The committee called on all EU member states to gradually phase out all 'Golden Visa' schemes that do not comply with EU legal requirements, including EU permanent residency and EU citizenship investment programs.
The committee believes that although 'Golden Visas' have brought significant economic benefits to member states, these do not outweigh the substantial risks regarding security, money laundering, and tax evasion. Therefore, they have called on all EU member states to gradually abolish their 'Golden Visa' programs.
In simple terms, a 'Golden Visa' is a convenient pathway for foreign nationals to quickly obtain European status. By utilizing various investment methods such as purchasing real estate, buying government bonds, or investing in businesses, investors can apply for residency visas in certain European countries, granting them the right to live and enjoy superior benefits in those nations.
Currently, 12 EU member states have opened 'Golden Visa' policies, including Greece, Malta, Cyprus, Portugal, Spain, Austria, Belgium, Latvia, Lithuania, Monaco, Switzerland, and the United Kingdom. Among them, Cyprus and Malta offer policies that include not only permanent residency but also direct citizenship.
Taking Portugal, which launched its Golden Residence Permit program early, as an example: investors only need to purchase property in Portugal starting from 350,000 euros to have three generations of their family apply for and quickly obtain a Portuguese Golden Residence Permit. The low investment threshold and fast approval process have attracted the attention of many high-net-worth individuals.
According to statistics from the Portuguese Immigration and Borders Service, since the launch of the Golden Visa program in 2012 through the end of January this year, a total of 7,107 families have been granted Golden Visas, with 4,127 of these applicants being Chinese families. As of the end of January this year, the Portuguese Golden Visa program has brought a cumulative investment of 4.33 billion euros to Portugal, with real estate investment accounting for 3.92 billion euros.
It is foreseeable that with the proposal to abolish 'Golden Visas' passed by the European Parliament's special committee, the path to immigrating to Europe via 'Golden Visas' will become increasingly narrow. Policy tightening is not an alarmist claim; for instance, the Cyprus Investment Program has recently passed legislation requiring an additional donation of at least 150,000 euros for applicants seeking a Cyprus EU passport starting May 15, 2019. If an investor purchases property that has already been used to apply for a Cyprus investment project (resale property), the minimum investment amount will increase from the original 2 million euros to 2.5 million euros. Therefore, investors interested in immigrating to Europe via 'Golden Visas' should act as soon as possible to catch the last train to obtain European status before policies change or are terminated.
As a pioneer in European investment immigration, WorldWay Group possesses an industry-leading project team, a senior professional documentation team, and a comprehensive customer service team. These three teams work together to not only customize a complete immigration plan for investors but also to carefully prepare and oversee every key detail, helping investors seize the policy window and successfully immigrate to Europe! For details, please click to consult: 400-138-2929.
