Swiss Golden Visa Faces Opposition

Opposition has concentrated on Swiss Golden Visa residency agreements, which are granted only to the highest bidders. An increasing number of affluent migrants are willing to pay hundreds of thousands of francs to enter Switzerland through this method.

The Swiss Secretariat for Migration reports that 496 individuals currently hold a Golden Visa in Switzerland, up from 404 in 2022, according to the Tages-Anzeiger.

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The cost of Golden Visas varies based on the canton of residency. Obwalden charges CHF250,000 ($300,000), while Zurich requires at least CHF1 million, the newspaper notes.

Left-leaning political parties express frustration with catering to the wealthy. The Green Party is making a second attempt since Russia's invasion of Ukraine to abolish the visa program.

The visa system was introduced by Switzerland in 2008 to attract wealthy foreigners from outside the European Union, provided their move is of "special interest" to the country. Visa recipients are granted an extended residency, which can be converted to citizenship after at least ten years.

"What bothers me is that not everyone is treated equally under immigration law. The wealthiest get the best deal," Green Party parliamentarian Balthasar Glättli told Swiss public broadcaster, SRF.

Glättli also worries these visas might invite oligarchs and other undesirables into the country. "Russians and Chinese continue to top the list of recipients. We all know that in these countries you can't get rich without pleasing the regime."

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However, the right-wing Swiss People's Party, which opposes mass immigration, has a different perspective on this entry method. "We need immigration that benefits society as a whole and the economy. And that is certainly the case with these people," Swiss People's Party parliamentarian Barbara Steinemann told SRF.

Switzerland is not the only country offering residency through Golden Visas, also known as Citizenship by Investment (CBI) schemes. European countries like Portugal and Greece have similar programs. U.S. President Donald Trump plans to issue such visas costing $5 million (CHF4.1 million).

However, the European Union is urging member states to reduce the practice of selling EU residency. The Organisation for Economic Co-operation and Development (OECD) also fears that CBI schemes are being used to launder criminal funds.

The European Court of Justice recently ruled that Malta's visa scheme is illegal as it undermines trust between EU member states regarding citizenship.

Elsewhere, Australia scrapped its Golden Visa program last year, citing "poor economic outcomes." Meanwhile, a similar scheme in New Zealand is thriving after being expanded last month.

In recent weeks, 53 people have applied for a New Zealand Golden Visa, according to the Neue Zürcher Zeitung newspaper, compared to 115 over the previous three years when the scheme was less appealing.

Golden Visas target wealthy entrepreneurs to run businesses from Switzerland, but they are not the only way for affluent individuals to gain entry to the Alpine nation. Cantons also offer special lump sum tax deals for wealthy people, provided they don't earn an income within Switzerland.

This makes Switzerland an attractive destination for rich individuals seeking a new place to live. Their desire to relocate could be driven by conflict, increasing authoritarianism in their home country, or, as in Britain, a radical tax regime overhaul.