Why Golden Visa's Remain Important In The EU

Golden visas are an exciting force in Europe's economic landscape, delivering essential financial boosts and providing stability to economies when traditional investment avenues face challenges.

Golden visas are a magnet for investors eager to inject substantial capital, offering immediate liquidity and nurturing long-term economic engagement. These investors are often genuine, continually reinvesting and driving sustained growth across various sectors. The investment migration scene is booming, with remarkable effects. In Greece, during the financial crisis, nearly a third of real estate transactions were tied to golden visa investments, proving to be a critical lifeline. Across Europe, countries have shown they can reap significant rewards from these programs, using them to unlock capital, invigorate markets, and create jobs. In 2024 alone, Greece welcomed nearly 10,000 new applications, underscoring the ongoing demand and importance of these initiatives. The case for golden visas is undeniably strong, with their contributions to growth clearly visible.

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Portugal's residency-by-investment program, launched in 2012, has attracted over €5 billion in total investment and approximately €670 million annually. It has also generated between 25,000 and 30,000 jobs, with each €500,000 investment creating an estimated two to four direct roles. These figures are impressive, representing significant capital flows into sectors from real estate to innovation and cultural projects. In Greece, our story follows a similar trajectory. Launched during our last financial crisis—sparked by high government spending, hidden debt, and the global recession—the program was vital for securing investment. At one point, it accounted for a third of all real estate transactions. Despite criticism across the continent and inflationary pressures, Greece has demonstrated its commitment to refine and elevate its program, carefully adjusting it to raise the investment threshold. Advocates of these schemes, including the current Greek government, insist that these programs are vital for growth. They are right. When managed effectively, investment migration is immensely beneficial. However, this doesn't mean there are no risks, nor that the current approach across Europe is perfectly coordinated. Like all schemes, golden visas can be vulnerable to misuse. There have been instances where vetting and due diligence have been compromised, enabling money laundering, corruption, and tax evasion. This has allowed individuals to hide illicit wealth and avoid scrutiny across the continent and globally, undermining the concept of secure borders.

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The stakes are heightened by the Schengen system. Granting residency in one EU member state effectively grants access to most others. Yet, there are no robust, shared mechanisms to ensure consistent background checks or information-sharing across borders. The European Parliament identified these vulnerabilities as early as 2022, suggesting reforms. However, the European Commission has yet to implement concrete legislation. This does not mean golden visas should be eliminated—quite the opposite. Eliminating them would simply redirect capital elsewhere. Instead of withdrawing, regulation should be prioritized. We need to explore where these schemes have succeeded and why, and where they have not and why. For Europe to truly balance economic growth with regional security, we must move towards a Europe-wide regulatory framework. Establishing a unified system with standard due diligence requirements would enhance confidence in these schemes while continuing to attract investment. Greece has already shown its adaptability by modifying its program and is well-positioned to lead this conversation—one that should begin with a shared commitment to manage these schemes collectively, leveraging their benefits while mitigating their risks. Without such coordination, Europe will continue with a fragmented approach that leaves both money and security at risk.