There is currently great dynamics in the market for residency by investment programs, especially among offers from European countries. In fact, there is only one citizenship by investment program left in Europe – naturalization for investors under the Malta MEIN program, but also through a residence permit stage.
Other countries will only offer resident status, while the option to purchase real estate under such programs is gradually disappearing. It is being replaced by offers to invest in local venture funds, supporting cultural heritage, etc. The exception is Greece, which, with the support of its residency by investment program, is restoring the real estate market throughout the country. Here is an overview key industry news.
Europe. Greece
In 2024, the Greek authorities received a total of 9,289 applications for participation in the Residency by Investment program. Applications: 1,617 applications have been approved, 30 have been rejected and 7,641 are pending. Compared to the figures registered in 2023, the number of people wishing to obtain a Greek residence permit has increased by 10% percent.
The offer of residence permits in exchange for investment, which in some parts of the country requires €250,000, has attracted interest among non-EU citizens.
Europe. Hungary
Hungary has approved the second fund for the Golden Visa program, residency by investment – Gravitas Hungary. A real estate fund managed by Gránit Asset Management was created specifically for this purpose and is already registered with the National Bank of Hungary.
In accordance with legal regulations, at least 40% of the fund’s assets will be invested in residential real estate in Hungary. The fund plans to primarily acquire new, modern residential properties, which it will rent out for a long term. Gránit Asset Management has been in existence for 16 years and manages assets worth more than €2.6 billion, of which almost €1 billion is in real estate investment trusts.
Europe. Spain
You can apply for the Spain Golden Visa program until April 3, 2025. King Felipe VI signed a law repealing articles 63-67 of Law 14/2013 – Ley Orgánica, which have been the legal norm for Spanish golden visas since 2013.
Investors or family members of investors who submit a complete set of documents by the April 2025 deadline “may receive a visa or permit in accordance with the rules in force on the date of application.” Those who have obtained a Spanish residence permit under this program will retain their status.
How to travel with a European residence permit?
Suppose you have obtained a residence permit in Europe for investment, for example a Greek residence permit. This means that the right to visit Schengen countries is given by the residence permit status. Thus, at the airport of departure to the EU countries, together with your international passport when checking in for a flight, instead of a visa, you show a residence permit of Greece.
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When you fly into a Schengen country, for example Greece or Spain, and stand in a queue at customs control, the queue for EU citizens is not suitable for you. Since you cannot fall into this category with a European residence permit. Once in the Schengen zone with a residence permit from one of the countries included in the agreement, you can move freely within them.
And also, with a European residence permit you can live permanently in the territory of the country that issued it. In this case, it is necessary to take into account all the features of tax residency.
Middle East. UAE
Digital content creators can now obtain the UAE Golden Visa. As part of the Creators HQ initiative, Dubai authorities are looking to attract influencers, creatives and designers from all over the world. Participants in this program will be able to open their own companies in the country and work without the involvement of a local sponsor. They will be helped with moving to the United Arab Emirates and obtaining a “Golden Visa” for 5 or 10 years. To implement these initiatives, a special Support Fund with a capital of $40.8 million has been created.
