Migration has always driven civilizations towards a better future. Over the past 15 years, immigration by investment programs have surged globally, offering residency or citizenship in exchange for local investments aimed at boosting economies. These programs serve as effective financial planning and wealth management tools and are now accessible to a broader range of investors. Factors such as a growing number of wealthy individuals, investments in education and family planning, climate change concerns, political instability, and health security issues contribute to this trend.
Increasing Demand for EU Countries
EU countries are highly sought after for immigration due to their quality of life, education, and healthcare systems. The Maastricht Treaty of 1992 established the freedom of movement and residence within the EU, allowing EU citizens to live and work across member states. The Schengen Area, comprising 27 countries, enables free movement for over 400 million people, facilitating daily cross-border activities for work, study, and family visits.
Residency vs. Citizenship by Investment
There is a key distinction between “residency” and “citizenship” programs. Most EU options offer residency, which can eventually lead to citizenship. Currently, Malta is the only EU country with an active Citizenship by Investment (CBI) program, though its future is uncertain due to legal challenges from the European Commission. Malta’s CBI program requires significant investments in property, government contributions, and donations to local NGOs.
Cyprus and Bulgaria previously had CBI programs, which were discontinued under pressure from European institutions. The European Parliament and Commission have expressed concerns about CBI programs, emphasizing that citizenship should be granted with regard to EU law. There is a proposal to phase out CBI schemes by 2025, aligning with the view that EU values should not be commodified.
Some investors are considering passports from non-EU countries with aspirations of future EU membership, such as Turkey and North Macedonia, though these countries face significant hurdles before joining the EU.
Choosing EU Residency Programs
Given the challenges of CBI programs, investors are advised to explore EU residency options, which still offer a variety of choices to meet diverse needs. These programs can be subject to rapid changes, so professional guidance is crucial.
Recent changes include the termination of Ireland’s Immigrant Investor Program, significant increases in Greece’s Golden Visa investment requirements, Portugal’s shift away from real estate investment, and the UK’s closure of its Tier 1 visa route in favor of job-creating programs.
Selecting the Best EU Immigration Path
Choosing the right immigration path depends on individual circumstances, including goals, family structure, professional background, and desired residency timeline. Here are some examples:
– A Filipino family seeking EU citizenship for educational purposes might benefit from Spain’s Golden Visa, allowing for a fast track to citizenship after two years of residency.
– A US couple looking to enjoy part-time European living might consider Malta’s permanent residency program or the Golden Visa programs of Spain, Greece, or Italy, all of which have flexible residency requirements and access to the Schengen Area.
– A Chinese family seeking alternative residency without immediate relocation might find Malta’s permanent residency program suitable, though Golden Visa options should also be considered.
– A Vietnamese businessperson and family aiming for long-term residence and eventual citizenship might prefer France’s investment program, which requires a business investment and offers a path to citizenship after five years.