Luxembourg still maintains the possibility of obtaining golden visas even after the European Union's public dissatisfaction. And although work and family reunification are still the main reasons for obtaining a residence permit in the Grand Duchy, citizenship-by-investment programs represent an impressive amount of the reasons for applying for residence permit.
Luxembourg is one of 17 EU countries that offer such programs. However, it has been suggested that the Grand Duchy might end these regulations and golden visas at the latest EU meeting. The Czech Republic shows solidarity in this matter.
The trend to limit the possibility of obtaining citizenship for investment is not new. In the spring, it was announced first by Ireland and then by Portugal. For a long time, Portugal's extremely loyal policies made it almost the main hub for many wealthy migrants. At the same time, Italy, for example, is discussing the possibility of expanding and optimizing the program.
But in Portugal, it was not so simple. Officially, the end of the program has been announced, but the ban only affects two options: transferring money to a Portuguese bank account and investing in housing. However, there are 4 other options that are still incredibly popular:
It is noteworthy that the demand for residence permits and citizenship for investment purposes in Europe has only been on the rise. Experts believe that it has now reached its peak.
Research by Oxford University shows that by 2020, the Golden Visa programs were allowed to invest 20 billion euros in the EU. 6.8 billion of which went into the accounts of Portugal.
And these numbers will continue to grow. The pressure of COVID-19 is no longer there, and the conditions for relocation are increasing.
There are several major scandals in Bulgaria and Cyprus, in contrast to the countries' desire for additional external funding. Accusations of corruption and money laundering have followed, due to the highly questionable origin of the invested capital.
At the same time, experts point out: The systems of residence permits and citizenship for money in the EU are well thought out and safe. They are often compared to banks that know that for every 1,000 customers there will be a few unscrupulous ones and simply stop working with them.
Will there be a call for a mass liquidation of programs by the EU? Probably not, because this is a very dynamic environment. Some countries are closing programs, others are opening them.
For example, Spain will issue 2,462 golden visas in 2022, 60% more than in 2021. The lively Italians, of course, cannot boast such numbers — they have only 79 visas, issued mainly to Britans, Russians and Americans.
Portugal and Greece are doing quite well. The former issued 180 visas in May this year, above the average for several years. Greece has even more — 412 visas.
Luxembourg, unlike its southern partners, does not make much of its numbers. And they are likely to remain at a rather moderate level.
Nevertheless, according to Bloomberg, Luxembourg is among the top 10 countries offering golden visas: