Hungary, Greece, and Italy have Europe’s best Golden Visa Programs, based on findings of the financial advisory firm Arton Capital.
According to the firm, when it comes to Europe’s Residency by Investment Scheme, these three countries are the most sought-after schemes by foreign nationals, Schengen.News reports.
Armand Arton, 47, president of Arton Capital, told Business Insider that the top five list of Golden Visa Program consists of the following countries:
- Hungary
- Greece
- Italy
- The United Arab Emirates
- The Caribbean Islands Antigua and Barbuda
During the COVID-19 pandemic, many American investors couldn’t enter Europe, so they are now looking for residency programs in European countries. After this year’s elections in France and the UK, we’re also seeing millionaires in those countries looking to relocate.
Golden Visa Programs allow internationals to acquire residency in countries that offer these kinds of programs in exchange for financial investments and meeting the needed conditions.
The programs that often are in the spotlight for irregular affairs related to money laundering and corruption continue to be offered in several European countries in spite of calls from the EU to terminate them as soon as possible.
Hungary
Hungary launched its Golden Visa Program in 2013, which soon would attract a large number of international investors, thus becoming among Europe’s most favourite Residency Investment Programs.
The scheme was terminated in 2017. However, the government of Hungary decided to launch the scheme again on July 1 this year, which is now known as the Guest Investor Program (GIP).
Among the reasons why Hungary’s Golden Visa Program has seen increasing interest from wealthy foreign nationals is the fact that the country offers the real estate investment option, which in countries like Portugal and Spain has been terminated as part of efforts to deal with the housing crisis.
Since its launch in January 2013 and until March 31, 2017, the Golden Visa Program has brought a total of €1.4 billion to Hungary.
Greece
Greece is also known for its Golden Visa Program. However, in a bid to deal with the housing crisis, Greece’s Golden Visa Program was subject to new changes that took effect from September 1 this year.
Among the changes was the increase of the minimum amount required for investments made through this scheme.
Announcing the new changes, Greek Prime Minister Kyriakos Mitsotakis said that in some parts of the country, such as Mykonos, Santorini, and Thessaloniki, the minimum amount required for Golden Visa Investments would reach €800,000.
Recently, Greece’s PM also announced that golden visas would now be granted to entrepreneurs, thus allowing internationals to obtain a five-year residence permit through a €250,000 investment in the country’s startups.
Italy
Italy’s Golden Visa Program, called Investor Visa for Italy, is also famous among internationals planning to acquire residency in European countries through this program.
Wealthy foreign nationals are eligible to benefit from this scheme by choosing several investment options offered, among them investing €2 million in government bonds, €500,000 in corporate bonds or shares or at least €250,000 in innovative startups.