Forecast for new programs of residence permits and citizenships
Residence permit (RP) and citizenship by investment programs remain popular tools for attracting capital and talent to various countries, especially in the face of changing migration trends. Despite increased scrutiny by European Union (EU) governments, many countries continue to view these programs as a way to strengthen their economies. In this article we will examine current trends in the field of residence permit and citizenship by investment programs, as well as possible prospects for their development.
Closure of the Golden Visa in Spain
The Golden Visa program in Spain, which offered investors a residence permit in exchange for significant investments in real estate, may be closed with a high probability in 2024. The main reason was a concern about rising housing prices caused by increased demand from foreign investors. The Spanish government also highlighted the need to combat money laundering and better control over capital flows.
The change in the residence permit by investment program in Portugal, where in 2023 the Government excluded the possibility of investing in real estate, may serve as a signal for other countries participating in similar programs. This will not lead to a complete abandonment of residence permit by investment programs in Europe, but rather to their revision and the introduction of additional conditions for investors. For instance, in some countries a requirement for unconditional investment in social or educational infrastructure may be introduced (For example: one of the options of the Hungarian residence permit program by investment involves an investment of 1,000,000 EUR in higher education institutions).
Germany chance map
Germany has also launched a new program, known as the “Chance Card” (Chancenkarte), to attract highly qualified specialists. This program aims to simplify the migration process for talented professionals who can contribute to the development of the country's economy. Unlike traditional residence permit by investment programs, a German residence permit is supposed to be issued for a period of one year for the purpose of finding a job, after which, provided that a job is found, the candidate can switch to a residence permit for the purpose of work without additional conditions.
Citizenship by Investment: New Trends
Citizenship by investment has long been an attractive option for high-net-worth individuals seeking access to visa-free travel within the European Union. However, increased scrutiny by the EU in relation to such countries (example: countries of the Caribbean Community) has caused many others to reconsider their programs in terms of raising the investment threshold and conducting candidate interviews.
Example of Armenia
In the last 2 years, visa liberalization regime between Armenia and the Schengen countries has been actively discussed. In this regard, we suggest paying attention to the Armenian citizenship program; for this you need to go through the naturalization procedure, which takes only 3 years. Also, Armenian citizenship can be obtained by recognition, confirming the fact of Armenian origin.
Conclusion
Residence permit and citizenship by investment programs continue to change in the current environment. The closure of the Golden Visa in Spain and the introduction of the Chance Card in Germany highlight the diversity of approaches to migration policies in European Union countries. In the future, we can expect the emergence of new programs aimed at attracting qualified specialists and responsible investors who are ready to contribute to the development of host countries.
