The Global Shift: Why countries are rethinking Golden Visa schemes amid overtourism fears.
The political debate on both sides of the Atlantic is hotting up with more and more cries to stop the boats, build the wall, and wave goodbye to undocumented or illegal visitors.
The line between migrant and ex-pat has always been a thin one, and the protests against overtourism rumble on.
Now it seems more countries are looking to secure their borders against a wide variety of incomers, with Spain taking a big step towards removing its Golden Visa scheme as soon as January 2025.
Golden Visa schemes can be used to boost economies, but many see them as divisive, with tougher restrictions on less wealthy immigrants.
What is Spain’s Golden Visa?
It’s a residency by investment programme where, anyone who buys property in Spain worth at least USD 500,000, invests USD 2 million in the Spanish public debt, makes a Spanish bank deposit of at least USD 1 million or buys lots of shares in a company, qualifies for residency status.
It’s not an automatic route to citizenship, but hold the Golden Visa for ten years and you and your dependents could be eligible.
Now the Spanish government is looking to update the rules to ensure only people who buy property in Spain will be covered.
Does the UK have a similar scheme?
Not any more.
The Tier 1 (investor) visa is closed, but there are similar schemes available, based around what skills are being brought to the country, rather than money. These include the Global Talent Visa, The Innovator Founder Visa and the Skilled Worker Visa.
Where else has Golden Visa schemes?
Spain’s not the only country with residency by investment programmes, plenty of other European countries offer investor schemes leading to possible EU residency, with a variety of price tags, but many of them are reviewing their criteria and, like Spain, are contemplating changes.
Greece’s Golden Visa scheme, one of the most popular, still offers residency in return for investment in property but has raised the threshold for purchases in Athens, Thessaloniki and islands with fewer than 3,100 inhabitants.
Italy still has a wide-ranging scheme for the wealthy, offering residency in return for €2 million investment in Italian government bonds, or €500,000 investment in an Italian limited company, €250,000 investment in an Italian innovative startup or a
€1 million donation to a philanthropic initiative.
However, The Netherlands removed their scheme altogether in January 2024, and Portugal removed real estate investment from their golden visa in 2023, in a bid to reduce property speculation.
There are many more similar schemes worldwide, and Golden Visas are here to stay for a while longer.
Hungary, which shut down its scheme in 2017 amid allegations of corruption, relaunched its scheme earlier in 2024, and the US still has the EB-5 visa programme which lets investors pave the way for a green card.
Other ways to live abroad
Of course, you don’t have to be super-wealthy to live in a foreign country, but the restrictions if you don’t have millions are much tougher. Many countries allow residency for work, study or joining family members, but the process can be long and complicated.
There’s official EU guidance for non EU nationals and the general rules on immigration and citizenship in the US are outlined here.
And it’s not impossible to buy a home-in-the-sun, even if you don’t have deep pockets. Just be sure you know the rules for the specific country. You don’t want to fall foul of any hidden pitfalls.
The UK government has a useful starter guide, for anyone considering buying property abroad.
Is the end in sight for Golden Visa schemes?
No, it seems they are here to stay, but expect tightening of regulations from individual countries.
Maybe Spain and post-Brexit Britain are just a small part of a growing trend of pulling up the drawbridge, even for the wealthy.
And is the ongoing row about over-tourism and locals being priced out of their own country, feeding this change?
Only time will tell, and we will re-visit this topic as we find out more.
Where to next?
• Europe’s new Entry/Exit System
• Tourist taxes
• Will new Visa rules hit the Channel Islands?