Golden Visa with Changed Scenario in 2022-2023

By Garvit Vyas , 22 February, 2023

It is a longer and more complicated process to get the right to live and work in another country. Wealthy people can buy the right to residency with Golden Visa. Different ways to get citizenship of a nation- being born there or a descendant of one of its citizens, through adoption, marriage, or naturalization are the ways one could get citizenship of the respective country.

According to reports, Brexit may limit the rights to buy a golden visa, but the popularity is growing among people in European countries to get it. Reports also say American applications are expected to rise due to the US's disturbed social and political environment. As noted by the famous passporting firm, Get Golden Visa, 2022 will be "its busiest year yet."

European Union once said that these schemes threaten the security values and transparency that underpin the European Union project. In February 2022, the UK government decided to scrap its golden visa scheme to clamp down on dirty money from Russia, as per the reports.

Reports reveal that Ireland also prevented its golden visa scheme through the Immigrant Investor Programme, which offered Irish residence in return three-year annual euro 1 million investment in the country.

Malta is of those countries that still offer golden passports in the EU. The minimum investment is euro 690,000 that offers citizenship for between 12 and 36 months.

On the other hand, Portugal lays out the best scheme for those looking to get a residence by investment. According to Portugal's national law agency LUSA, there were euro 398 million to the country through golden visas.