Wealthy expat investors go for golden visas

The recent introduction of the so-called ‘Golden Visas’ is drawing huge numbers of wealthy expats to Eurozone destinations. \r\n\r\nControversial from the outset but now considered highly successful, Golden Visas allow wealthy foreigners to purchase the right to live permanently in a number of European Union countries. They include special privileges as well as permanent residency and often citizenship including a EU passport allowing free movement within the union. \r\n\r\nClaims have been made that these expensive visas are honey pots aimed at luring ultra-rich businessmen and their families, whilst those in favour state they’re simply tools encouraging overseas investment. Rules and extras vary between the countries offering the visas, with Portugal, Spain, Malta, Cyprus and Greece at the front of the queue for loads of cash. Generally speaking, an investment in either a business, bonds or expensive property is the main requirement. \r\n\r\nFor example, to qualify for Spain’s golden visa, applicants have a choice between purchasing a minimum of two million euros’ worth of Treasury bonds, investing one million euros in shares or buying a property worth no less than 500,000 euros. According to the Spanish government, 25,000 golden visas have been granted over the past three years, raising 2.16 billion euros for the state. Two out of every three visas issued go to Chinese or Russian nationals, with Malaga, Alicante and Madrid favourites for property purchases. \r\n\r\nSince 2012, Portugal has issued some 4,000 golden visas representing 1.5 billion euros of investment, and Malta’s total so far is 1,000 passports. Unsurprisingly, Greece’s scheme is the least popular due to continuing uncertainty about its debts and status within the European Union. One strong criticism of the scheme is that wealthy foreigners simply take citizenship and the EU passport which comes with it and don’t bother to even visit their new homes until their visas need renewal. Governments offering golden visas don’t care, as they now have the money.