They will be for “Oligarchs, criminals and corrupt politicians” ways to“Buy their entry into Europe and [de] And launder their money, image and identity.”. These documents that most frighten European authorities are golden visas, which allow wealthy foreigners to obtain residency in the European Union by investing in real estate or local financial assets. Summary of the economic site Bloomberg.
In the face of pressure from Brussels to close these programs, many countries amended their legislation. Thus, the Portuguese Prime Minister announced this last February “Nothing justifies [ait] This special diet, While Spain and Greece, for their part, are considering increasing the amounts required to obtain golden visas in order to restrict access to them.
However, despite the wishes of the European Union, these documents remain popular. “We did not notice any significant changes in the difficulty of obtaining a visa.”declares to Bloomberg Patricia Casaburi, CEO of immigration consulting firm Global Citizen Solutions.
Foreign capital is still necessary
Rather, the opposite seems to be happening. Demand has never been higher. In Greece and Portugal, the number of visas granted has been increasing in recent months, and demand in Italy and Spain has reached record levels. The American website indicates. With 180 Golden Visas issued in May, a record number since the program was established in the country, Portugal remains a favorite destination for ultra-wealthy foreigners. In neighboring Spain, 2,462 golden visas were granted in 2022, an increase of 60% compared to the previous year.
In a sign that the statements issued by Brussels have not had any impact at the present time, immigration consulting companies are inundated with requests for information. Consulting firm Henley & Partners noted a 125% increase in requests for information regarding Italy.
“The main reason immigration consultants are not concerned about these programs disappearing is simply the amount of money involved.” analysis Bloomberg. Over the past decade, golden visas have brought nearly €25 billion in foreign direct investment into Europe. Portugal was one of the main beneficiaries with €6.8 billion.
“Governments [européens] They want to show that they are tough on golden visas, but these visas are important for struggling economies, so many EU countries end up being quite ambivalent. Sums up Will Harvey, a professor at the University of Bristol, where he studies the migration of eligible profiles.
“Countries facing high debt and low growth while trying to meet ambitious targets to reduce greenhouse gas emissions are more likely to need foreign capital.” complete bloomberg, Which adds that if Golden Visa programs are effectively reformed or eliminated, other tax incentives could take their place.
