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Golden Visa scheme for investors in the European Union under the microscope of the European Commissi
Spain was the leader in the number of citizenship granted to people from outside the European Union using the so-called Golden Visa scheme, among others real estate investments. If you have 500,000 euro and you bought a property in Spain, you could apply for a permanent residence in the country and then apply for Spanish citizenship.
It turns out that this system has been used for years, not only by honest investors, but also by criminal circles outside the Union. Golden Visa Scheme was also used to launder "dirty money". This year, the European Commission is to deal with this topic.
A golden visa for everyone
Bulgaria, Cyprus and Malta are popular among investors, but Spain is a leader in terms of popularity among global Golden Visa investors.
The Spanish Golden Visa system, which offers residences and a path to long-term citizenship in exchange for a capital investment of € 500,000 or more in real estate, was the most popular program in the EU with 24,755 gold visas issued from 2013.
According to the Transparency International report published in 2018, Hungary's (19,800), Portugal (17,500), Latvia (17,300) and the United Kingdom (10,400) were the most popular residences for investors.
The most popular Golden Visa countries
Other countries offering 'golden visas' include the United Kingdom, the Czech Republic, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Poland, Portugal, Romania and Slovakia. Thus, more than half of the EU Member States have a scheme of one form or another.
The Spanish program enjoys popularity among wealthy investors from China, Russia and the former USSR, USA, India and Venezuela, reports the Spanish press.
But you can see that this program will not last long, and the EU bureaucrats realized that this type of program is not always used for honest purposes.
And Spain is the most popular country in Europe to settle and move to the south of Europe.