There are a number of European countries that offer permanent residence visas and citizenship through Golden Visa Programs. After making a substantial amount of investment, the individuals are granted a residence permit which allows for the right to live and work in the parent country and visa-free travel within the Schengen area.
Citizenship by investment programs attract the attention of many investors, as well as policy-makers. The supporters and opponents of the programs raise various opinions.
Effect of Tourism on the European Economy
One main argument put forward by the advocates of the program is based on the touristic potential that can be generated through these programs.
Among the ten most visited countries in the world, six of them are European countries. The role of tourism in the European economy is very essential. European countries collectively host more than ten million employees that work in the tourism sector. This does not cover the indirect sectors and their employees, which take advantage of growing tourism. This economic return is particularly critical for countries with tourism-based economies such as Portugal and Greece.
Most non-EU member tourists coming to Europe need to apply for a tourist visa to enter the relevant countries. Most of these countries require a Schengen Visa. On the other hand, Golden Visa residence permit holders no longer need to obtain a visa to travel to Europe.
Overcoming Economic Crisis
The Golden Visa programs in Portugal, Greece, and Spain all serve the same purpose for the parent country. They were each affected severely in the European Union debt crisis of 2008. These residency by investment programs are essentially a way to attract foreign capital into their economies to stimulate growth.
It was a similar drill for the Caribbean countries. They relied on similar citizenship by investment programs after experiencing devastating natural disasters. The incoming international investments helped and continue to help restructure the regions that were most affected by hurricanes.
It would be safe to state that the Golden Visa programs are win-win schemes. Both the countries that offer the programs and the participating investors benefit greatly.
Golden Visa is a program that allows investors to earn temporary residence in a foreign country by making one of the necessary investments. The most popular form of investment in these programs is by far real estate acquisition. Many families chose to buy a property in these attractive European destinations, generally renting them out to generate passive income. Some chose to relocate to the countries to make use of the healthcare and education systems. While Portugal makes it rather easy to qualify for Portuguese citizenship at the end of five years, Greece and Spain do not make it as easy. However, if you intend to make a permanent move, you should choose the country that best suits your needs on a multitude of layers.
Greece Golden Visa is among the most popular European residency by investment programs. Why? Mostly because of how affordable the investment threshold is compared to the other programs. Greece Golden Visa program requires one of the lowest investment requirements when compared to other investor visa programs in the market. Will the success of the program continue in 2020? It is expected that Greece will be stronger than ever, check out the article on the future development in Greece’s residency by investment program.
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