Demand for 'Golden Visas' Remains High Among Millionaires Despite Fewer Offerings

The demand for 'golden visas', which offer residency or citizenship in exchange for investment, remains high among millionaires despite a reduction in the number of countries offering such programs. The Portuguese Golden Visa program, widely regarded as one of the top global options, continues to attract significant interest from wealthy individuals seeking a high standard of living, affordable costs, and the ability to travel, reside, and work in other European countries.

Recent legislative adjustments to the Portuguese program, driven by the need to alleviate pressure on the real estate market and attract investment for economic development, have eliminated real estate investment as a qualifying option. However, other investment routes such as funds, company creation, job creation, and donations remain available. Experts suggest that the Golden Visa program remains an attractive option for those wishing to invest in Portugal and secure mobility within the European Union.

Why this matters: The continued demand for golden visas highlights the ongoing appeal of investment migration programs for high-net-worth individuals seeking greater mobility and access to desirable locations. As countries adjust their programs to balance economic benefits with potential concerns, the landscape of golden visa offerings continues to evolve.

In Greece, the demand for golden visas has reached record levels, with property sales for Golden Visa acquisition surging. The number of applications in the first two months of 2024 alone has already reached 1,299, indicating that the program is on track to set a new record this year, with investment levels expected to surpass the 3 billion mark. From 2021 to 2023, the Greek Golden Visa program attracted a total of 4.3 billion from 7,387 foreign investments.

However, not all countries are embracing golden visa programs. The Spanish government has announced the cancellation of its residency by investment program, which was introduced in 2013 to boost the property market after economic challenges. Critics argue that such programs drive up housing prices, prompting the government to prioritize housing as a fundamental right rather than just a venture. Over 14,000 visas were issued between 2013 and 2023, primarily to Chinese and Russian nationals.

Despite the closure of some programs, the global market for golden visas remains vibrant, with countries ranging from Portugal to the UAE and Singapore continuing to offer such opportunities. American and Canadian citizens are increasingly seeking overseas options, driven by concerns about domestic politics and social conditions. Factors like taxes, weather, and bureaucracy play a role in the appeal of these programs, and advising on them has become a lucrative business for specialist consultancies.

As Luiz Felipe Maia, a lawyer specializing in migration and foreign investment, notes, "The Golden Visa program remains an attractive option for those wishing to invest in Portugal and secure mobility within the European Union." While the landscape of golden visa offerings may be shifting, the demand among millionaires for such opportunities shows no signs of abating.

Key Takeaways

• Demand for 'golden visas' remains high despite fewer countries offering such programs.
• Portugal's Golden Visa program continues to attract significant interest from wealthy individuals.
• Greece's Golden Visa program has reached record levels, with investment expected to surpass 3 billion.
• Spain has announced the cancellation of its residency by investment program due to housing concerns.
• The global market for golden visas remains vibrant, with countries like Portugal, UAE, and Singapore offering such opportunities.