Golden visas attract individuals willing to invest high amounts of capital, bringing immediate liquidity and long-term economic engagement. In many cases, these are healthy, legitimate investors who do not simply invest once, but reinvest - again and again - supporting sustained growth across multiple sectors.
Investment migration is thriving, and its impact has been tangible. In Greece, at the height of the financial crisis, close to a third of real estate transactions were linked to golden visa investment. This was not incidental; it was a vital lifeline. Across Europe, countries have demonstrated that they can benefit significantly from these schemes, using them to unlock capital, stimulate markets and create jobs. In 2024 alone, Greece saw close to 10,000 new applications, reinforcing the continued demand and relevance of these programmes. The case for golden visas is strong, and their contribution to growth is clear.
Portugal’s residency-by-investment programme, launched in 2012, has generated over €5 billion in total investment and around €670 million annually. It has also supported between 25,000 and 30,000 jobs, with each €500,000 investment creating an estimated two to four direct roles. These are not trivial figures; they represent meaningful injections of capital into sectors ranging from real estate to innovation and cultural projects.
Golden visas attract individuals willing to invest high amounts of capital, bringing immediate liquidity and long-term economic engagement
In Greece, our story reflects a similar trajectory. Introduced during the backdrop of our last financial crisis - caused by high government spending, hidden debt and the global recession - the programme came at a time when securing investment wasn’t just needed, it was necessary. At one stage, it accounted for a third of all real estate transactions. In the face of criticism across the continent and inflationary pressures, Greece has demonstrated its willingness to hone and improve its programme, carefully amending it to increase the investment threshold.
Advocates for these schemes, including the current Greek government, suggest that these programmes are vital for growth. These advocates are correct. If properly managed, investment migration is extremely valuable. However, this does not mean there are no risks, nor that the current approach across Europe is sufficiently coordinated.
Like all schemes, golden visas can be open to manipulation. There are examples where vetting and due diligence have been weakened, allowing for money laundering, corruption and tax evasion. This has enabled individuals to hide illicit wealth and avoid scrutiny across the continent and globally, undermining the concept of secure borders.
Establishing a unified system, with standard due diligence requirements, would enhance confidence in these schemes while continuing to encourage investment
The stakes are heightened by the Schengen system. Granting residency in one EU member state effectively provides access to most others. Yet there are no robust, shared mechanisms to ensure consistent background checks or information-sharing across borders. The European Parliament flagged these vulnerabilities as early as 2022, proposing reforms. The European Commission, however, has yet to follow through with concrete legislation.
This does not mean that golden visas should be phased out - quite the opposite. Phasing them out would simply redirect capital elsewhere. Instead of retreating, regulation should be the priority. We need to look at where these schemes have worked 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 encourage investment. Greece has already shown its flexibility by adapting its programme and is well positioned to lead this conversation - one that should begin with a shared commitment to manage these schemes collectively, harnessing their benefits while mitigating their risks. Without such coordination, Europe will continue with a fragmented approach that leaves both money and security on the table.
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