Following concerns over ‘persons of concern’ entering Europe or indeed non-European nationals speculating on EU property ownership, driving prices evern higher to secure an EU/Schengen travel area visa, has prompted the EU to clamp down on member countries offering Gold Visa Passports if you invest in real estate, community projects or other investments schemes in that country granting ‘free reins’ to live in any EU country without actually staying in the visa granting country for more than a few days a year.
The UK has already closed its Golden Visa problem due to concerns of fraud, proceeds of crime, corruption and of course, Russia.
EU, Ireland and Portugal
Likewise, the EU has been applying pressure with Cyprus stopping their programme in late 2021 and over the last week, Ireland and Portugal have pulled their schemes with concerns for Chinese and Brazillian wealthy applicants. Malta is fighting to retain their Golden Visa programme with the EU likely to take Malta to court.
We have always thought it short sited for countries to try and attract wealth and investment when offering the goldden ‘ticket’. Euope and the UK has a poor reputation for money laundering failures and we should hold firm. By making it harder to get passport, it may impact on international investment but to try and grow your economy by fair or foul means is not the answer.
If a country has attractive opportunities anyway via tax or growth in certain industries, investors will be attracted anyway.