European Golden Visas Update: Fewer Choices, but Some Bright Spots Ahead

Sovereign Confidential

Monthly Letter

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"Golden Visas" is a colloquial term referring to residencies obtained through investment in the country, typically in the local property market. 

These visas grant the right – though not the obligation – to reside in the issuing country. 

It's a great option if you're not yet prepared to relocate overseas and seek foreign residency as insurance in our increasingly uncertain world.

Most other residency types require living in the issuing country.

Latvia and Portugal pioneered the Golden Visa concept in Europe in 2010 and 2012, respectively. This was in response to the Great Financial Crisis, which devastated the countries' property and financial markets.

Soon after, many other European countries adopted similar programs, including Spain, Greece, Malta, and Cyprus. Billions of euros from investors worldwide poured into the continent, providing much-needed relief.

Over the years, these programs have evolved into a dynamic industry, with new programs emerging, existing ones becoming more restrictive, and some disappearing entirely. 

The past few months have been no exception to this trend.

In this Monthly Letter, we delve into some of the most significant developments in Europe, including changes to the Portuguese, Greek, and Bulgarian programs, while also analyzing the new programs in Hungary and Russia.

“Golden Visas” is a colloquial term for residencies you obtain by making an investment in the country, usually in the local property market.  Portugal pioneered the term Golden Visa when establishing a Residency By Investment program in 2012. Deeply affected by the 2008 Global Financial Crisis, Portugal sought innovative ways to raise funds and rejuvenate…

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