Countries such as the UK, Ireland, Portugal, and the Netherlands, have now opted to modify or completely discontinue their golden visa program.
This shift reflects a broader focus by governments on prioritizing authentic economic contributions over mere revenue generation from investment funds.
This shift has caused dismay among affluent individuals in pursuit of alternative routes to acquiring citizenship through investment, as they grapple with the changing global landscape of residency and citizenship programs.
This article explores the reasons behind the cancellation of some popular Golden Visa Programs and the implications for individuals seeking citizenship by investment.
The United Kingdom
In February 2022, the UK government made the decision to terminate its Tier 1 Investor visa program, commonly referred to as the “golden visa.”
The rationale behind this move was the government’s apprehensions regarding money laundering and misuse.
This program, which had been operational for more than a decade, had successfully drawn billions of pounds in investments into the UK economy.
Nonetheless, the UK’s Golden Visa initiative has faced a potential to facilitate unlawful activities.
Ireland
In the first months of 2023, Ireland also made a similar move, declaring the discontinuation of its Immigrant Investor Programme (IIP), commonly referred to as the “golden visa.”
The decision came in response to the Irish government’s worries about the program’s influence on housing affordability and its role in driving up property prices.
The IIP had been in existence since 2012 and had successfully attracted over €1 billion in investments.
Portugal’s
In January 2023, Portugal tightened regulations by unveiling substantial modifications to its Golden Visa Program, effectively eliminating the option of acquiring residency through real estate investments in major cities and coastal areas.
The government’s objective is to redirect investments towards underdeveloped regions while promoting investments in venture capital funds, research endeavors, and cultural heritage projects.
According to SchengenVisaInfo.com “The approval of new changes to Portugal’s Golden Visa Program, part of the “More Housing” bill, will not affect property values, as home prices are forecast to increase 8.7 percent next year.”
The Netherlands
In September 2023, the Netherlands revealed its intentions to cease its Investor Visa Program, commonly referred to as the “golden visa,” commencing in January 2024.
The government’s rationale for this decision was rooted in concerns about the program’s efficacy in drawing authentic entrepreneurs and its susceptibility to individuals with questionable backgrounds..
Reasons for the Cancellation of Golden Visa Programs
The decision to alter golden visa programs results from concerns including money laundering risks, housing affordability issues, and transparency shortcomings.
Governments now prioritize attracting productive entrepreneurs and innovators who contribute meaningfully to their economies.
This shift affects citizenship by investment seekers, who must seek alternative pathways like genuine business investments or sector-specific contributions.
They may also consider countries with stricter due diligence processes to ensure their investments benefit the local economy.
Effect on Citizenship by Investment Aspirants
The discontinuation or revamping of golden visa programs will significantly affect high-net-worth individuals pursuing citizenship through investment.
These individuals must now explore alternative avenues, which may involve programs mandating genuine business investments or sector-specific contributions.
Additionally, they can consider investing in countries with stricter due diligence procedures to guarantee the legitimacy and positive impact of their investments on the local economy.
Sir I’m Mohammed sohail from Pakistan I need work visa
I need work visa
I understand that Ireland is a remarkable country and on the path of more and more successes and developments. Many of my relatives are posted on highest positions and serving the country. I’m recently retired from a highest position i.e Chairman Capital Development Authority (CDA) Islamabad Pakistan . Now I desire to invest and live in Ireland. I visited US, UK, Germany, Canada , France and Bilgium etc. in my official capacity…
Kindly guide me as how to apply for a visit visa 1st for Ireland.
Regards
Good
actually i want simple work permit in Portugal, tell me best way abut it.
Am interesting
Hi sir
I need work permit in Portugal can someone tell me about this
I’m interested but you can’t tell me? I’m interested Portugal & Ireland . you tell me?
Portugal & Ireland different?
I’m going to work in the Poland.I’m a fast food worker man.I know work in the fast food item.I make in the chicken fried, chicken & beef burger, chicken pale, kudu, juice, etc . My work experience in 10 years.Before I’m going to work in Saudi Arabia fast food restaurant job
I’m going to work in the Portugal. I’m a fast food worker man.I know work in the fast food item.I make in the chicken fried, chicken & beef burger, chicken pale, kudu, juice etc .My work experience in 10 years. Before I’m going to work in the Saudi Arabia fast food restaurant job
I’m going to work in the UK. I’m a fast food worker man.I know work in the fast food item.I make in the chicken fried, chicken & beef burger, chicken pale, kudu, juice etc.My work experience in 10 years. Before I’m going to work in the Saudi Arabia fast food restaurant job
I’m going to work in the Ireland. I’m a fast food worker man.I know work in the fast food item.I make in the chicken fried, chicken & beef burger, chicken pale, kudu, juice etc.My work experience in 10 years. Before I’m going to work in the Saudi Arabia fast food restaurant job
I’m going to work permit visa in Nederland. I’m a fast food worker man.I know work in the fast food item.I make in the chicken fried, chicken & beef burger, chicken pale, kudu, juice etc.My work experience in 10 years. Before I’m going to work in the Saudi Arabia fast food restaurant job
I am intersted for Nederland
I have expierce Aout Line Bearing and
Electric iteam Ex
Thanks