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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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Want to get paid to move to Spain? Extremadura is luring digital nomads with €15,000 grants

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Digital nomads may be unwelcome in many places but one area of Spain is luring them with grants.

Once considered beneficial to a community, digital nomads have become unwelcome in many areas of Europe, accused of aggravating gentrification and pricing out the local population.

But one region of Spain is still keen to host remote workers – so much so that it is offering financial aid to those who relocate there.

Extremadura, an autonomous community bordering Portugal, is one of Spain’s lesser visited regions but nevertheless is home to wild nature reserves, fauna-filled mountain ranges and a capital scattered with Roman ruins.

Here’s who is eligible for the grant to move to Extremadura and how to apply.

You can get paid to be a digital nomad in Spain’s Extremadura

The regional government of Extremadura is offering digital nomads up to €15,000 to move to the area.

The autonomous community has one of the lowest populations in Spain and is one of the least-developed regions. It has one of the country’s lowest GDPs per capita and one of the highest rates of unemployment at 17.6 per cent compared to the national average of 11.9 per cent.

To bolster both the population and the economy, authorities in Extremadura have earmarked €2 million that will be used to aid the relocation of 200 remote workers and digital nomads to the region.

As well as receiving financial aid, digital nomads can enjoy a low cost of living compared to many other areas in Spain. When compared with the Spanish capital Madrid, the Extremadurian city of Badajoz costs on average 30 per cent less for meals out, public transport and utilities, according to Numbeo.

According to regional authorities, Extremadura lacks in transport infrastructure but has above national average fibre optic and mobile coverage.

Who can apply for Extremadura’s digital nomad grants?

Extremadura is targeting remote workers who are highly qualified professionals in the tech industry.

You must be able to work completely remotely and online “through the exclusive use of media and IT systems, telematics and information fields.”

Those who wish to apply have to commit to maintaining a remote job and living in Extremadura for at least two years.

Both those living in other regions of Spain and those living abroad are eligible as long as they have not lived in Extremadura in the previous six months.

Foreign nationals may apply, but must be resident legally in Spain and be in possession of a foreign identity number (NIE) as found on their green EU certificate or non-EU TIE card.

Non-EU nationals can also apply as long as they are already participating in Spain’s digital nomad visa scheme.

Those not in possession of a digital nomad visa would need to apply for this first and have it approved by Spanish authorities as well as obtain a residency document before applying for the Extremadura scheme.

How much funding will digital nomads receive?

Women, young people under 30 years old and those who relocate to towns in Extremadura with populations less than 5,000 are eligible for a €10,000 grant. Others will receive €8,000.

After two years, those in the first category who choose to stay on another year will receive a second payment of €5,000 while the others will be given €4,000.

When can digital nomads apply for the Extremadura grant?

The date when applications open has not yet been confirmed but authorities say it will be the day after publication of the scheme in the Official Gazette of Extremadura, likely to be around mid-September.

Authorities say applications will stay open until all the funds to cover around 200 digital nomads have been allocated which will be no less than a month but no more than a year.

How can digital nomads apply for the Extremadura grant?

Applications have to be submitted electronically using the Extremadura General Electronic Access Point. Applicants need to be in possession of a digital certificate or electronic Spanish ID card which allows for electronic identification.

You must submit your application form along with an official document issued by your country or another region in Spain to prove your current place of residence and a certificate from your employer authorising you to work in Extremadura or remotely in Spain or, if you are self-employed, a document detailing the terms and conditions in which you will carry out your professional activity remotely.

If you are moving from another Spanish region, you will need an original report supplied by the General Treasury of Social Security showing you are up to date with social security payments, a document certifying you are up to date with your tax payments and a certificate proving you don’t have any debts with the Treasury of Extremadura.

Documents not in Spanish need to be accompanied by a sworn legal translation certified by a professional.

Applicants will hear within three months if they have been successful.

Those successful need to register with a municipality in Extremadura to get a padrón certificate (a local record for people residing in a Spanish municipality) within three months.

After this, you have a month to request payment of the grant, which will be made in a single transaction.

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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100ml limit on liquids to return to all EU airports from September

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The latest generation of scanners allows passengers to carry electronic devices and liquids without quantity restrictions, but the European Commission questions their reliability and calls for a temporary restoration of the previous model.

Passing through airport security can be a tedious part of the air travel process but some European airports had managed to speed it up thanks to the installation of state-of-the-art scanners, which allow passengers to carry electronic devices and cosmetics of any quantity in their luggage without having to take them out.

But despite the equipment’s positive reception, Brussels recently called for a return to the previous model of limiting liquid containers to 100 milliliters.

Efficient but insufficient

The C3 EDSCB technology, as these advanced scanners are called, displays high-resolution three-dimensional images of baggage contents from CT scans and can easily detect explosive components in all kinds of cosmetics, liquids or electronic devices.

Passengers therefore don’t need to open suitcases or take out some of their belongings, which can create delays, and only have to pass through a metal detector.

But its effectiveness was called into question by a technical report that the Commission sent to the European Civil Aviation Conference (ECAC) last May, according to which the software of these scanners cannot guarantee their reliability for containers with a content of more than 330 milliliters.

Then on July 31, Brussels announced the decision to apply “temporary” restrictions to these C3 explosives detection systems as a “precautionary measure” until “certain technical problems are solved”, a Commission spokesperson said. Officially, however, “the Commission has not changed its opinion on the quality of this new generation of scanners and their performance has not been called into question”, the spokesman added.

Airports already using the C3 model will now have to switch back to the traditional X-ray scanner, whose technology is insufficient to show in detail the interior of objects and thus detect explosive material in liquids.

Financial losses for airports

These new scanners are “eight times more expensive” with maintenance costs “four times higher”, so airports that have already invested in these new scanners to improve the passenger experience “will be heavily penalised, as the benefits associated with the use of this state-of-the-art technology will hardly materialise”, the Airports Council International Europe (ACI) said in a statement.

“Security is non-negotiable, it is one of the top priorities of European airports. Therefore, all airports will fully comply with the new restriction. However, airports that have been early adopters of this new technology are being heavily penalised, both operationally and financially,” ACI director general Olivier Jankovec said.

“The decision to now impose significant restrictions on its use calls into question the confidence that the industry can place in the current EU certification system for aviation security equipment,” he added.

Most of the passengers interviewed by Euronews at Zaventem airport in Belgium said they were used to not travelling with liquids and trying to leave electronic devices at home, so this change in regulations would not affect them too much. Those who had encountered the high-tech C3 scanners or the advanced body scanners at an airport, however, recognised a fundamental difference in the ease with which they gained access to boarding gates.

Nevertheless, the response is unanimous among airport staff and travelers alike: everyone wants to start their holiday as soon as possible and as easily as possible. To this end, those who have decided to postpone their break in September should make sure that sun cream and beauty products do not take up more than 100 milliliters if they do not want to waste any more of their free time at an airport checkpoint.

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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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Europe’s travel strikes: Flight and train disruption you can expect in August and September

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Our travel guide is updated as soon as a new European strike is announced.

Strikes are a regular occurrence in Europe, as employees withhold their labour to fight for better pay and conditions.

Walkouts are sometimes planned months ahead but others are announced last minute, showing that it always pays to check before you travel.

Luckily, we have gathered all of the strike information together below.

Read on to find out where and when are walkouts taking place.

If your flight or train is cancelled or delayed, you will be entitled to a new ticket or compensation. Read our guide for the full details.

Germany: Staff at airline Discover vote in favour of unlimited strikes

Pilots and cabin crew of the airline Discover have voted in favour of strike action in two separate ballots.

They will stage walkouts if the flight company, a subsidiary of Lufthansa, does not meet their demands over pay and working conditions.

This means unlimited strikes could now take place on Discover flights.

The airline has a fleet of 27 planes operating routes from Frankfurt, where it is based, and Munich to holiday destinations around Europe and overseas.

Italy: No strikes allowed during peak summer season

Italy’s transport sector is forbidden from going on strike between 27 July and 5 September, when most Italians take their holidays, meaning disruption at the height of the summer is unlikely.

Alicante airport: Security staff strike

Security staff strikes at Alicante-Elche airport in Spain have been extended.

Originally a five-day strike from 1-4 August, further dates have now been added: 15, 16, 17, 18, 30 and 31 August.

The airport serving the Costa Blanca will be affected between 8.30am-9.30am and 6pm-7pm local time.

British holiday company Jet2, which uses the airport for its package holidays, posted on its website: “The strike is supported by security services at the airport and will affect congestion at security control.” They advised passengers to arrive at the airport in plenty of time.

However airport operator Aena said there have yet to be significant delays to Alicante’s operations.

Scotland trains could be hit by strikes

Trains in Scotland could be delayed or cancelled if proposed strikes go ahead.

ScotRail’s 1,300 drivers are going to vote on whether to go on strike or take other action. They are in a pay dispute with union Aslef.

ScotRail runs trains between big tourist destinations like Edinburgh, Glasgow, Aberdeen and Inverness.

Dates for the potential strikes have not been announced but they could affect the Edinburgh Fringe Festival which happens in August.

France: Motorway strikes hit summer holidays

Workers on France’s Autoroutes du Sud (ASF) and Vinci motorways have begun a summer of strikes in protest over falling staff numbers.

Weekend walkouts earlier this month hit holidaymakers heading out on their first trips of the summer break.

It is not yet clear whether further strike action will take place in the coming weeks.

Paris airport workers call off strike in July

Paris airports were threatened by strike action ahead of the Olympic Games, with unions calling a walkout on 17 July – just 10 days before the sporting event begins.

However, the strike was called off at the last minute on Tuesday after workers reached a deal on pay. They were calling for bonuses offered to some personnel to be applied across the board.

Flights at both Roissy-Charles de Gaulle and Orly airports will now be running as normal.

Could strikes hit the Paris Olympics?

CGT-RATP union members announced a seven-month strike notice from 5 February to 9 September that could hit the Ile-de-France bus and metro network – including during this summer’s Olympic Games.

However, the French Senate adopted a bill on 9 April to allow the state to ban transport strikes for set periods each year to avoid disruption during major events like Paris 2024. It also calls for more advance warning of strikes and increased minimum service obligations.

The bill faces opposition and must be adopted by the French National Assembly before it becomes law.

Workers at the state-owned public transport company say they are walking out over pay.

Netherlands: Public transport strikes planned in September

A public transport strike has been announced in the Netherlands’ biggest cities on 12 September, with more walk outs possible.

It comes ahead of the Cabinet’s budget proposal, which workers hope will include plans to allow those in physically demanding jobs to retire earlier.

Services in Amsterdam, The Hague and Rotterdam will be impacted.

If you know of a big strike happening in your country that we have missed, we’d love to hear from you via Twitter.

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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