Three European Residency By Investment Programs To Focus On In 2024

Global crisis make it vital for people to set a contingency plan for themselves and their families by obtaining global mobility assets such as a Second Citizenship or Residency. And one of the most popular areas to obtain these has long been Europe. Today, we will highlight three European residency by investment programs to focus on in 2024.

Malta

Malta has two different investment migration options, a Citizenship by Investment Program called the Maltese Exceptional Individual Naturalization Program (MEIN) and the Maltese Permanent Residency Program (MPRP).

Both programs offer different outcomes, with the costlier MEIN providing applicants a way to obtain Maltese (and hence EU) citizenship, while the MPRP provides them with a permanent residency permit that allows them to reside and work in Malta if needed.

The MEIN requires a donation of €600,000 for applicants to obtain citizenship in three years and €750,000 for a quick naturalisation within one year. Applicants also need to rent a property for no less than €16,000 per year, and they must make a €10,000 donation to an NGO.

The MPRP requires applicants to make a €58,000 donation to the government, pay a €40,000 administrative fee, make a €2,000 contribution to an NGO, and rent a property for no less than €10,000 to qualify for permanent residency.

As a citizen of Malta, you are also a citizen of the European Union and entitled to consular protection and support from any European union consulate globally.

Malta’s passport is one of the most powerful in the world, granting visa-free access to 185 destinations worldwide, including the United Kingdom, EU, USA, Canada, and many more.

The country’s healthcare system is also one of the best, ranked 5th worldwide, making it an excellent backup for those looking for a second home with strong healthcare services and good education.

However, Malta’s MEIN is currently being challenged by the EU, making 2023 a pivotal year for the program. Those looking to obtain Maltese citizenship through the MEIN should act quickly in case the government decides to close or change the program, which is why Malta’s program is one of the most important to consider in 2023 and 2024.

Portugal

The Portuguese Golden Visa is one of the most popular Residency by Investment Programs in the world, having granted residency to over 28,000 people throughout its ten-year tenure.

The golden visa has a multitude of investment options, the two most popular ones being real estate investment for no less than €280,000 or investing €500,000 in mutual funds.

The Portuguese Golden Visa is one of the simplest ways to get EU residence and eventually citizenship, as it has a fast track to naturalisation. Golden Visa holders can qualify for Portuguese citizenship after five years of holding the Golden Visa and spending just seven days every year in Portugal, allowing them to obtain one of the best passports in the world, which grants visa-free travel to 187 destinations worldwide including the EU, the United Kingdom, USA, and many more.

Working remotely from Portugal is a great choice for freelancers and digital nomads, considering internet connectivity, low cost of living and wide range of activities.

Portugal offers a low-cost but high-standard second home for Golden Visa holders, and its wide array of investment options make it a great way to diversify an asset base while obtaining an immigration component simultaneously.

Portugal’s strategic location and pleasant climate, coupled with the nation’s excellent healthcare and educational systems, make it an excellent option for investors.

However, recent statements by the Portuguese Prime Minister revealed that the government is in the midst of reviewing the program, with an eye on potentially suspending it. This suspension is unlikely to happen in 2023, but may be on the cards for the following year, making Portugal’s Golden Visa one of the programs to consider in 2023.

Greece

The final option on the list is Greece’s Golden Visa. Another popular option among investors, Greece’s Residency by Investment Program is an excellent way for people to obtain an EU residence permit that does not require any residence to maintain one’s status.

A beautiful country bursting with magnificent culture and heritage, Greece offers investors a chance to create a second home in one of the world’s most visited nations.

The Golden Visa has a set real estate price of €250,000, however a new law for the Greek golden visa that doubles the required investment amount in certain regions of Greece will start by the 1st of May 2023 -(Law 5007/2022).

Investors who want to buy property in the areas affected by the increase in the required amount, but without paying the double amount must make a reservation of 10% of the property to the seller by 30th April 2023 and complete the transaction by the end of the year i.e., and you must conclude the property contract by the 31st of Dec 2023.

Greece houses a good expatriate community that indulges in its rich history, indoor and outdoor activities, and world-class dining.

About 36 municipalities in Greece will be subject to the new rule, most of which are in the Greater Athens region, Santorini, and Mykonos.

This new regulation will lead to two things:

• Investment opportunities in low-density areas can lead to a boom in the housing market and hence, lead to great returns.
• Better value for real estate in high-density areas as investors put more money into the housing market.

This means that people who invest quickly under the current regulations can snap up properties that can become more valuable with time, either through housing market growth in suburban areas, or through stronger purchasing power in high-density areas, making Greece’s Golden Visa one of the programs to watch in 2023 and 2024.

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