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What are ‘golden visas’ and which EU countries still hand them out?

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With the EU warning against citizenship by investment schemes, Spain’s government is looking to pull the plug on golden visas.

Getting the right to live and work in another country can be a long and difficult process. But that’s not always the case for those with money to spend.

Golden visas offer the opportunity for wealthy people to essentially ‘buy’ the right to residency – sometimes without even having to live in the country.

And their popularity in the European Union is growing as people look to move away from political decisions such as Brexit that may limit their rights.

With the unsettled political and social environment in the US in recent years, applications for golden visas from Americans were also projected to increase.

But golden visas are now gradually being phased out across Europe. Portugal amended its scheme in October, removing real estate investment as a basis for golden visa applications in the hope of reducing property speculation.

In the same month, the Netherlands announced it will end its golden visa scheme in January 2024.

Spain has announced plans to follow suit. The country had already proposed toughening the requirements for its golden visa last year, and in December the government’s junior coalition partner Sumar voiced support for scrapping the scheme.

So what exactly are these golden visa schemes and why has the EU raised questions about their safety in recent years?

What is a golden visa?

Residence by investment schemes, otherwise known as ‘golden visas’, offer people the chance to get a residency permit for a country by purchasing a house there or making a large investment or donation.

Any applicants must be over the age of 18, have a clean criminal record and have sufficient funds to make the required investment.

There are also golden passports, known officially as citizenship by investment programs, that allow foreigners to gain citizenship using the same means.

For countries in the EU, this also means gaining access to many of the benefits of being a resident of the bloc – including free movement between countries.

Why is the EU against golden visas and passports?

In 2022, the European Commission called on EU governments to stop selling citizenship to investors.

Though this is different to golden visas, which offer permanent residency rather than citizenship, the call came as part of a move to crack down on this combined multi-billion euro industry. In the wake of the Ukraine war, there were concerns that these schemes could be a security risk.

Brussels also called for countries to double-check whether people sanctioned due to the war were holding a golden passport or visa that they had issued.

In the past, the EU has also said that schemes of this kind are a risk to security, transparency and the values that underpin the European Union project.

In October 2022, the European Commission urged Albania to “refrain from developing an investors’ citizenship scheme (golden passports)”. Such a scheme would “pose risks as regards security, money laundering, tax evasion, terrorist financing, corruption and infiltration by organised crime, and would be incompatible with EU norms,” it warned in a report. The country has since suspended its plans to introduce a golden visa.

Threats also come from outside the bloc. Also in October 2022, the European Commission proposed a suspension of Vanuatu’s visa waiver agreement due to golden passport risks. This is because the scheme enables nationals of third countries to gain Vanuatu citizenship, which then earns them visa-free access to Schengen zone countries.

Which countries have scrapped their golden visa schemes?

In February 2022, the UK government scrapped its golden visa scheme that allowed wealthy foreign nationals to settle in the country in exchange for bringing part of their wealth with them. The decision to end the scheme came as part of a move to clamp down on dirty money from Russia.

In February 2023, Ireland also axed its golden visa scheme – the Immigrant Investor Programme – which offered Irish residence in return for a €500,000 donation or three-year annual €1 million investment in the country.

Ireland had already suspended the scheme for Russian citizens in March 2022 as part of sanctions imposed on the country for the invasion of Ukraine. The following month, the European Parliament warned that the programme was vulnerable to tax abuse. The final decision to end the scheme was the outcome of various international reports and internal reviews.

In February 2023, Portugal’s Prime Minister António Costa announced plans to end the country’s lucrative residence by investment scheme to tackle property and rent price speculation. Until then, foreigners could either purchase a property or invest some of their wealth into the country – known as capital transfer investments – in exchange for residency.

Between January and August 2022, the program brought almost €398 million to the country, according to Portugal‘s national news agency LUSA.

**Madeira**opposed the decision to end Portugal’s golden visa by real estate, which brought many high-income foreign residents to the autonomous region.

Since 6 October 2023, you are no longer able to apply for a golden visa through a real estate investment in Portugal. The new rules do not apply retroactively to existing visa holders, however.

Which EU countries still offer golden visas and what are the requirements?

There are only a few places that still offer golden passports in the EU. One of these countries is Malta. Here, the minimum investment amount starts at €690,000 and offers citizenship for between 12 and 36 months.

Many others, however, still offer golden visa schemes. Here are a few examples of exactly how much it costs to get residence by investment in these countries.

Does Spain still offer a golden visa?

Spain launched its residence by investment scheme in 2013. It allows wealthy people from outside the EU to obtain residency permits on investing more than €500,000 in real estate.

However, on Monday 8 April, the country’s government said it plans to scrap the scheme.

Socialist Prime Minister Pedro Sánchez said his minority coalition government would study the reform in the weekly Cabinet meeting on Tuesday 9 April.

Speaking on Monday, Sánchez said the reform was part of the government’s push to make housing “a right, not a speculative business”.

The government says some 10,000 such visas have been issued since the measure was brought into law in 2013 by a previous right-wing Popular Party government as a means to attract foreign investors.

In May, leader of the centre-left political party Más País Iñigo Errejon, blamed golden visas for a “brutal” increase in house prices that is forcing residents out of their neighbourhoods. Errejon also claimed that the scheme hadn’t created many new jobs.

Golden visas are strongly criticised for spurring property price hikes and speculation in the housing sector. Soaring house prices have long been a major problem for many Spaniards, particularly in the country’s major cities.

Renewed support for ending Spain‘s golden visa scheme came in December from the country’s government coalition partner Sumar, which wants to tackle soaring housing prices.

The visa can also be gained by starting certain types of business in Spain, holding company shares or bank deposits with a minimum value of €1 million in Spanish financial institutions, or making a government bonds investment of at least €2 million.

Italy’s golden visa scheme

Italy is another popular destination for those looking to get residence by investment. Introduced in 2017, its golden visa grants non-EU nationals a residence permit for two years in exchange for an investment in Italy.

The minimum investment here is €500,000 which must be done through an Italian limited country. Those holding these visas can also include their family in the application and benefit from a special tax regime.

Once those using the scheme have lived in Italy for 10 years, they can be eligible for citizenship.

Greece’s golden visa scheme

Greece offers golden visas, with one of the quickest processes for gaining residency. Qualifying foreigners can get a permit within 60 days of applying.

It used to have one of the lowest thresholds for investment at just €250,000 spent on property in the country. In September, the authorities raised this to €500,000 to increase the affordability of real estate for locals. The new threshold applies from 1 May 2023.

This update will be implemented in the Greater Area of Athens, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini but the €250k threshold will remain the same in other regions.

Golden visa holders aren’t required to stay in Greece to keep their visas.

By the end of 2021, the country had seen 9,500 applications for these residence by investment schemes, one of the highest numbers in Europe.

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  • Daniela Daecher

    Daniela Daecher is a twenty-something bookworm and coffee addict with a passion for geeking out over sci fi, tv, movies, and books. In 2013 she completed her BA in English with a specialization in Linguistics. In 2014 she completed her MA in Linguistics, focusing on the relationship between language and communication in written form. She currently lives in Munich, Germany.

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Seat reservations on Spanish trains just got easier for Interrail and Eurail passholders

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Interrail and Eurail passholders rejoice, as you can now skip the queues and reserve your seats on long- and medium-distance RENFE trains online.

Rail Europe, a European train booking platform, has expanded its offering to include trains operated by Spain’s state-owned railway, eliminating a major hurdle that has dogged rail passholders for years.

“The addition of RENFE’s passholder fares to our platform is a game-changer for travellers eager to explore Spain with ease,” says Jürgen Witte, Chief Product and Technology Officer of Rail Europe. “This enhancement ensures Interrail and Eurail Global Pass holders can navigate its world-class rail system seamlessly.”

With the new service, passholders can easily see if a seat reservation is required for their journey and what the associated costs will be.

From there, they can make their reservation online, eliminating the need for time-consuming in-person bookings where a lack of Spanish language skills is sometimes an issue.

What’s the problem with booking RENFE seats with a rail pass?

While many Interrail and Eurail trains don’t require seat reservations, Spanish high-speed trains – the Alta Velocidad Española (AVE) – do.

Although Interrail purports to allow bookings on some AVE trains via its self-service system, users report extensive issues in getting the platform to work. Some trains available on Interrail/Eurail are not bookable via the self-service system at all.

Previously, the only option to secure a seat reservation without buying a ticket on a RENFE high-speed train was to call the company. The traveller would then have to go to a RENFE station to pick up and pay for the reservation within 72 hours of booking, which is often not convenient.

“In Spain, almost all trains, apart from purely suburban ones, require a reservation, and RENFE’s own website doesn’t offer passholder reservations,” explains train travel expert Mark Smith, who runs the website The Man in Seat 61.

“Furthermore, Spanish trains can leave fully booked, so you ideally need to book ahead. This was a major issue for using an Interrail or Eurail pass in Spain.”

Smith warns that, particularly on peak travel days, such as Fridays and Saturdays in the summer months, queues can be atrocious. At major stations in Madrid and Barcelona, passengers can wait as long as one or two hours to be served.

The complexity has caused confusion and frustration among travellers. On the Eurail forum, one user said, “Not gonna jump through hoops to go to Spain. I’ll cancel the Spain leg and stay in France.”

How to book seat reservations with RENFE

To reserve a seat on a RENFE high-speed AVE train, simply head to the Rail Europe website.

Click ‘add rail pass’ below the journey planner and select the type and class of pass you hold. Then, you can search for a journey as normal, but you should only see the passholder reservation costs rather than the normal ticket costs.

Smith notes that the Rail Europe system defaults to a second-class reservation in the search results. Holders of first-class passes need to manually change the price drop-down if they want to reserve a first-class seat.

There are other options for booking seats on RENFE with a pass. These include using Dutch agency HappyRail, which has proven to be successful at booking seats on AVE trains, but charges a 3.5 per cent fee.

Interrail and Eurail reservation services have been available since 2023, but success is patchy. Smith notes that, when the systems do work, they allow booking in first or second class, but not in the ‘premium’ class that gets passholders Sala Club lounge access and a meal with wine included on AVE and Euromed trains.

Smith has long recommended Rail Europe as a booking service for Interrail and Eurail passholders, as it has more seat choices, more benefits for first-class passholders, and no booking fees.

“This is a big step forward,” says Smith, “and if one system won’t get you the reservation you want, try the other.”

Where can you travel with RENFE?

RENFE operates a comprehensive route network across Spain, with both its AVE (high-speed) and Larga Distancia (long-distance) trains. On the map below, the purple lines are AVE trains, and the grey lines are the slower long-distance routes.

As well as travelling within Spain, RENFE connects to several international destinations. These include Oporto in Portugal and several destinations in France.

From 23 April, RENFE will launch a new direct Seville-Barcelona train service, cutting out the transfer in Madrid and making it easier to get between the two popular cities.

Along the way, it stops in Córdoba, Puertollano, Ciudad Real, Madrid, Zaragoza, Lleida, Tarragona, and Girona, which are all attractive destinations to visit, too. The high-speed service takes around six hours and is set to make travel between the south and northeast of Spain a much more convenient option.

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  • Daniela Daecher

    Daniela Daecher is a twenty-something bookworm and coffee addict with a passion for geeking out over sci fi, tv, movies, and books. In 2013 she completed her BA in English with a specialization in Linguistics. In 2014 she completed her MA in Linguistics, focusing on the relationship between language and communication in written form. She currently lives in Munich, Germany.

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ETIAS scams: Everything Brits need to know about EU travel as ETA launch causes confusion

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Brits planning travel to Europe are being warned by an industry body not to fall for scams amid confusion over entry and exit rules.

With the UK’s Electronic Travel Authorisation (ETA)coming into force this week, scammers are busy taking advantage of the uncertainty. The Association of British Travel Agents (ABTA) has warned of fake websites offering a similar pass to British travellers heading into mainland Europe.

From 2 April, Europeans who don’t have a British passport are required to obtain an ETA to visit the UK. The Electronic Travel Information and Authorisation System (ETIAS) is a similar system that will affect UK travellers heading to Europe.

However, ETIAS is not due to launch for another 18 months, and there is presently no requirement for Brits to obtain any additional documentation to travel.

What authorisations are currently required for travel between the UK and the EU?

The UK’s ETA came into force for Europeans on 2 April, and means any EU passport holders will need to apply for and secure an ETA before visiting the UK.

The scheme has been live for visitors from non-European visa-free nationalities since January. However, its rollout has come with plenty of hiccups and confusion.

“If you have friends, family, or business associates visiting from abroad, they’ll need to check if they need to get an ETA,” says ABTA. “This is one of three changes coming up for travelling across borders between the EU and UK, but the only one to have gone live, meaning there is scope for confusion.”

There is an equivalent rule coming in for Brits traveling to Europe – the ETIAS. However, the ETIAS won’t be introduced until the new EU Entry/Exit system (EES) goes live.

The EES has been pushed back several times already, but is presently anticipated to launch in October 2025. It will be rolled out in stages, so not all changes will take effect immediately.

The ETIAS is expected to be introduced in 2026, and ABTA says likely not before the end of 2026. Even then, ETIAS is expected to be optional for at least six months. Right now, there is no additional documentation required for Brits to holiday in Europe.

“With three new changes coming in over the next couple of years, we’re keen that people understand what it means for them,” says Graeme Buck, director of communications at ABTA. “In short, the only thing to act on now is for European visitors to the UK to apply for an ETA. Nothing will be changing for UK travellers going to Europe this summer.”

How to apply for ETIAS when it comes into effect

ETIAS will be similar to the US ESTA scheme, where a simple online application grants permission to travel within the relevant area for a period of time.

For the EU scheme, the cost of an ETIAS is expected to be around €7 and will be valid for up to three years (or until the passport reaches three months to expiry). It will allow British visitors to stay in any EU country (or countries) for up to 90 days in any 180 day period.

According to the EU, third-country nationals, including the UK, will be granted a ‘grace period’ of six months on a one-time basis if they forget their ETIAS.

“Those coming to Europe for the first time since the end of the transitional period will be allowed to enter without an ETIAS provided they fulfil all remaining entry conditions,” the EU says.

ABTA warns that “people who try to apply for an ETIAS now may be at risk of fraud, with a loss of money and possibly personal data too.”

When the time does come, the only place to apply for an ETIAS will be on the official website. Any apps, websites, or social media posts suggesting there is an alternative route are impostors.

Travellers will need to submit personal information and passport data, as well as disclose any serious convictions in the past 20 years. They must state the reason for their travel and where they will be staying, as well as the Schengen Area country they will first be visiting.

The fee is payable for all applicants aged between 18 and 70. Those under 18 or over 70 will still need to apply for the document, but won’t be charged.

“With two further changes planned, the situation may not seem simple,” adds Buck. “As the changes affecting UK travellers start to come in towards the end of the year, ABTA and our members will be on hand to support travellers.”

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  • Daniela Daecher

    Daniela Daecher is a twenty-something bookworm and coffee addict with a passion for geeking out over sci fi, tv, movies, and books. In 2013 she completed her BA in English with a specialization in Linguistics. In 2014 she completed her MA in Linguistics, focusing on the relationship between language and communication in written form. She currently lives in Munich, Germany.

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UK ETA travel permit: British dual nationals flag issues with application system

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The UK’s Electronic Travel Authorisation (ETA) system has officially expanded to European travellers.

Starting 2 April 2025, all EU (except Irish nationals), EEA, and Swiss citizens need ETA approval to enter the UK.

The system became mandatory for travellers from the US, Canada and Australia on 8 January 2025, following its rollout last November for nationals of Bahrain, Jordan, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

To obtain the visa waiver, which costs £10 (€12) from today or £16 (€19) from 9 April, travellers need to complete an online process – but some British citizens with dual nationality are already flagging issues.

How to apply for the UK’s ETA visa waiver

Travellers can either use the official mobile app, which can be downloaded from the UK government website, or apply online here.

To complete the application, you need the passport you’ll be travelling on, an email address and a credit card, debit card, Apple Pay or Google Pay. You will have to answer a set of suitability questions. You don’t need to enter your travel details.

The government advises applying at least three working days before your trip.

You can delete the app when you’ve finished applying. Your ETA will be linked to your passport digitally, and you will not need to show anything else when you enter the UK.

Though it seems pretty simple, the application process has left a handful of British dual nationals confused about whether they need to apply for the visa waiver or not.

ETA application issues for British dual nationals

In theory, British citizens with dual nationality do not need ETA and should be able to travel to the UK on whatever passport they choose.

But confusion has arisen for those who don’t have a British passport because theirs is expired, lost, or they were never issued with one.

If they choose to travel on their EU passport, the process of applying for ETA – and whether it is necessary – remains unclear.

The ETA application form asks travellers to declare any other nationalities, but the drop-down menu does not give the option to select ‘British citizen’.

Should British dual nationals continue with their application without declaring their ‘secondary’ nationality, they would theoretically be forced to give misinformation about their dual nationality.

Euronews Travel posed the question to an ETA advisor from the Home Office on their web chat.

The advisor refused to give guidance about not declaring British nationality on the ETA form. They stated that if you are a dual citizen with British/Irish citizenship, you do not need an ETA.

However, “you prove your permission to travel using your valid British/Irish passport or other passport containing a certificate of entitlement to the right of abode in the UK.”

When asked what to do if the traveller is not in possession of any of these documents, the advisor responded, “You either need to apply for a British passport or a certificate of entitlement”.

Renewing a UK passport from overseas costs £101 (€123), while a certificate of entitlement comes with a £550 (€658) fee. Both application processes take several weeks.

Euronews Travel has reached out to the Home Office for official guidance.

Author

  • Daniela Daecher

    Daniela Daecher is a twenty-something bookworm and coffee addict with a passion for geeking out over sci fi, tv, movies, and books. In 2013 she completed her BA in English with a specialization in Linguistics. In 2014 she completed her MA in Linguistics, focusing on the relationship between language and communication in written form. She currently lives in Munich, Germany.

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