Travel
Spain aims to ban golden visas from January – but one country is reintroducing its scheme
The EU is turning its back on golden visas – but one country is reintroducing its scheme.
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 countries facing instability and political decisions such as Brexit that may limit their safety and 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.
Spain has finally secured a legal route to ending golden visas via property investment, with reports suggesting the ban could come into force by January 2025. The ban, which is still being debated, could also affect other investment pathways.
Portugal removed real estate investment as a basis for golden visa applications back in October 2023 in the hope of reducing property speculation.
The Netherlands followed suit, ending its golden visa scheme in January 2024.
But Hungary has bucked the trend by reintroducing its golden visa scheme, with applications open as of this month.
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 other 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.
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 allowed wealthy people from outside the EU to obtain residency permits on investing more than €500,000 in real estate or certain types of business.
However, in April, the country’s government said it plans to scrap the real estate route – which accounts for 94 per cent of applications – to reduce pressure on the housing market.
Socialist Prime Minister Pedro Sánchez said the reform was part of his minority coalition government’s push to make housing “a right, not a speculative business”.
The road to banning the visa has been a long and rocky one, having failed to secure parliamentary support from major opposition parties.
According to local media reports, a ban could be on the horizon in January 2025 but applications made before then are likely to be honoured.
The government says over 15,000 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.
Since Spain announced plans to end its golden visa, Chinese investors have rushed to buy property in the country, a report by Spanish state broadcaster RTVE revealed.
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. The ban could extend to these types of investments, also.
Hungary golden visa scheme
Bucking the trend, Hungary announced plans to reintroduce its golden visa scheme in July 2024, after having ended it back in 2017.
The so-called Guest Investor Program (GIP) offers three routes to residency, including through real estate investment funds (minimum €250,000), purchasing a residential property (minimum €500,000) or donating at least €1 million to a higher educational institution in the country.
The visa is extended to the spouse and dependent children of the applicant and grants visa-free travel in the EU.
Initial applications opened at the end of October, with further real estate investment funds expected to be released by the end of the year.
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 €250,000 which must be done through an Italian limited company. 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. But the country raised this to €800,000 in September in areas facing severe housing shortages, such as Athens, Mykonos and Santorini.
Elsewhere, it only rose to €400,000 to encourage investment in a wider range of places.
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.
Travel
Seat reservations on Spanish trains just got easier for Interrail and Eurail passholders
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.
Travel
ETIAS scams: Everything Brits need to know about EU travel as ETA launch causes confusion
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.”
Travel
DiscoverEU: How to get one of the EU’s 36,000 free rail passes for young people this summer
There’s good news if you are young and looking for a budget-friendly way to explore Europe this summer.
The EU is giving away almost 36,000 free rail passes to 18-year-olds under the DiscoverEU scheme.
Introduced by Interrail and the EU, the scheme aims to give young Europeans the opportunity to learn about their neighbouring countries and cultures.
Those eligible will be able to explore Europe’s heritage and history while meeting people from across the continent.
All you need to do is answer six questions.
DiscoverEU: How to apply for a free EU rail pass
To be in with a chance of winning a free rail pass, applicants must be born between 1 July 2006 and 30 June 2007.
The scheme is open to legal residents of the 27 EU member states or Overseas Countries. Residents of third countries associated with the Erasmus+ programme can also apply. These include Iceland, Liechtenstein, North Macedonia, Norway, Serbia and Türkiye.
If that’s you, the next stage is to head to the European Youth Portal to take an eligibility quiz.
You will have to answer five multiple-choice questions about the EU and one additional question. These cover general knowledge about the EU and its initiatives aimed at young people.
You will also be asked to give more information about your travel plans. This includes when you plan to travel, whether it will be the first time you have travelled alone without your parents, what you would like to learn from the experience and how you will finance your trip.
This information will not have any impact on the selection process.
The Commission will rank applicants based on their EU quiz responses and will offer travel passes following their ranking up to the limit of available tickets.
Applications are open from 2 April to 16 April 2025.
You cannot apply if you have previously been given a DiscoverEU pass.
How will the free rail pass scheme work?
Those who prove successful will get a free rail pass to travel in Europe for up to 30 days between 1 July 2025 and 30 September 2026.
At the application stage, you can choose to either travel alone or with a group of up to five friends. If you choose to travel as a group, you can share your application code with your friends to allow their registration.
Only the group leader has to answer the EU quiz questions; group members just need to supply personal data to complete the application and fulfil the age and residency criteria.
The travel pass can be used in your residency country only for one outbound and one inbound journey. It must include travel to at least one other country eligible under the scheme.
The overall journey can last from one day up to a maximum of one month, including up to seven travel days.
Participants will generally be eligible for a pass worth up to €283.26 in second or economy class. The amount may be raised for applicants travelling from remote or overseas regions.
In some cases, coach and ferry passes will be included too. To ensure young people living in remote areas or on islands are not excluded, flights may also be awarded in exceptional cases. Preference will always be given to the most sustainable option.
If you’re one of the lucky awardees, you will also be given a European Youth Card (EYCA) valid for one year. This grants discounts for cultural visits and activities, learning, nature, sports, local transportation, accommodation, food and more across the EU.
How will applicants for the free rail pass be selected?
Applicants will be selected up to the available budget and ranked following the correctness of their replies.
There is a quota of travel passes set for each country. If a country has fewer applications than the quota, the remaining passes will be distributed to countries with a higher number of applications.
If there are too many eligible applicants, a ‘first come, first served’ principle will apply – meaning earlier applications could be favoured as a last resort.
Special support is available for participants with disabilities or health conditions.
Successful applicants will be notified by email after the selection period has ended in May.
They will then be connected with an EU contractor who will take care of the travel bookings and payments.
Passes purchased directly by the selected applicants will not be reimbursed.
Is anything expected in return for the free rail passes?
When you apply for a free pass, you are invited to become a ‘DiscoverEU Ambassador’. This means you are encouraged to report back on your travel experiences through social media or school and community presentations.
The scheme’s app will allow you to create a customised map of your itinerary with statistics on the number of trains taken, number of countries visited and CO2 savings, which can be shared on social media.
Young travellers will also need to report back in an online survey after taking part in the scheme.
On its completion, travellers will receive a certificate of participation highlighting competencies and skills gained from their travel experience.
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