EU countries have begun to abandon the issuance of so-called golden visas en masse. Find out why residence permits and citizenship in exchange for investments are now perceived as a security threat and which countries no longer offer this option

Legal advice on migration issues

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Given the unstable political and social situation in the world, including in the United States, EU countries expect that the number of applications for golden visas may increase dramatically in 2024. However, the question arises whether they will be able to get them, as EU countries have already begun to abandon this option. The European Commission also emphasized the need for such a decision, urging Albania to refrain from developing an investor citizenship scheme as early as 2022. 

This decision was influenced by many factors, but the main reason was russia's full-scale invasion of Ukraine. After all, having such a special status for people under sanctions can pose a threat to global security.

What is a golden visa and a golden passport?

A golden visa is a certain scheme that allows a person to obtain a residence permit in a certain country by purchasing real estate there or making investments for a certain amount. As a rule, a certain number of requirements are imposed on candidates, in particular: to be of legal age, to have no criminal record and to have sufficient financial security for the investment.

A golden passport is also a kind of investment program that gives the right to obtain citizenship of a certain country after making certain investments or donations.

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Which countries no longer issue golden visas and passports?

Albania has suspended the development of gold visas, because, as Euronews notes, the European Commission emphasized that it "poses security risks, money laundering, tax evasion, terrorist financing, corruption and organized crime infiltration and would be incompatible with EU regulations."

The UK, Ireland, Montenegro, Moldova, Bulgaria, Cyprus, and Portugal have also canceled golden visa schemes in exchange for investments. The latter abolished the possibility of investing in real estate to obtain a special status, i.e. eliminated the tool that helped to obtain a golden visa.

The Netherlands will stop issuing them in January 2024, and Spain plans to follow suit soon.

In which country can I still get a golden visa?

Currently, there are not many countries left where you can get a golden visa. Among them: Italy, Greece, and Malta. However, this option is not available to citizens of the aggressor country. More information on the conditions and benefits of obtaining a golden visa can be found on the Visit World website at the link or in the country cards.

Please note! When planning a trip abroad by car, it is important to take care of obtaining an appropriate car insurance policy in advance. For 50 countries of the world, including the EU, this is a "Green Card". Without such insurance, the driver will not only be unable to move freely on European roads, but also risks a fine several times higher than the cost of the insurance policy, and in some cases may even be deported from the country with a subsequent entry ban. 

Until the end of December 2023, Visit Ukraine has a special offer on the portal. If you buy a policy for a period of 1 month or more, you are guaranteed to receive a certificate for free fuel, and if you buy a policy for a period of 6 months or more, you will receive + 15 days of the policy as a gift.

You can order a Green Card here. For more information, please contact the hotline via online chat or Telegram.

We remind you! That digital platforms for applying for a Schengen visa will be launched soon, as the European Council has supported the introduction of the new system. Read what will change for travelers and how to apply for a visa online in our previous article.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

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