EU country reintroduces golden visa scheme following Spain’s crackdown on controversial visas

Hungary’s decision to reintroduce its golden visa scheme has sparked interest and controversy in the EU, especially after Spain recently abolished its own golden visa program. The Guest Investor Program (GIP) in Hungary will offer three routes to residency, including real estate investment, purchasing a residential property, or donating to a higher educational institution.

The move comes at a time when other EU countries, such as Portugal and the Netherlands, have been phasing out their golden visa schemes. The European Commission has raised concerns about the safety and security risks associated with these programs, especially in the wake of the Ukraine war.

Despite these concerns, countries like Malta, Italy, and Greece still offer golden visa schemes with varying requirements and benefits. Italy, for example, grants residence permits for two years in exchange for a minimum investment of €500,000, while Greece offers a quick process for gaining residency with a minimum investment threshold.

With Hungary’s decision to reintroduce its golden visa scheme, the debate over the future of these programs in the EU is likely to continue. As more countries reconsider their policies on golden visas, the impact on immigration, investment, and security will be closely monitored.