An IMGW News Report
Golden visas, which grant wealthy investors residency through significant financial investments, are under increased scrutiny across Europe. According to informed sources, Spain appears poised to abolish its golden visa programme entirely. However, as of November 2024, the government has yet to finalise the legal framework for its abolition, leaving the programme temporarily in place.
“While some EU nations remain resistant to the shift, Spain’s anticipated move could be a defining moment in the evolution of residence-by-investment opportunities in Europe. Whether other countries will follow Spain’s lead is still an open question.”
Golden visas have provided affluent individuals with an expedited route to residency, bypassing the traditional and often lengthy immigration processes. These schemes gained popularity amid political upheavals such as Brexit, as people sought more secure residency options. Interest from American applicants has also grown in recent years, driven by domestic uncertainties. However, rising concerns about security, money laundering, and the potential for abuse have prompted the European Union to push for their elimination.
Portugal led the charge by amending its Golden visa scheme in 2024, removing real estate investments as a qualifying category to reduce housing market pressure. The Netherlands soon followed, ending its programme altogether. Now, Spain is in the spotlight. Despite announcing plans in April to cut the real estate route—which represents 94% of applications—these changes have not yet been enacted. The Socialist-led government aims to go further by banning golden visas tied to any form of investment, including shares and bonds, intensifying pressure on other EU nations that continue to offer such schemes.
The EU’s concerns are rooted in the belief that these programmes pose risks to transparency, security, and the fundamental values of the European project. The conflict in Ukraine underscored these vulnerabilities, prompting Brussels to advocate for stricter oversight to ensure that sanctioned individuals were not benefiting from golden visas.
In a related development, the highly anticipated court session in the case brought by the European Commission against the EU member state of Malta saw the Advocate General issuing his concluding, albeit non-binding, opinion. He defended national sovereignty, dismissing the EU Commission’s concerns regarding Malta’s citizenship-by-investment (CBI) programme. “I propose that the Court dismiss the Commission’s action, order the Commission to pay its costs on those of the Republic of Malta,” stated the Advocate General.
Although non-binding, this opinion, following the June 17 hearings, sheds light on the next steps for the programme. A final ruling on the legality of Malta’s CBI programme is expected by the end of 2024 or early 2025.
While some EU nations remain resistant to the shift, Spain’s anticipated move could be a defining moment in the evolution of residence-by-investment opportunities in Europe. Whether other countries will follow Spain’s lead is still an open question.
