(Bloomberg) -- One of the most divisive elections in recent US history is prompting some Americans to consider moving overseas.
Interest in so-called golden visas — which give residency rights through real estate purchases or other investments — has spiked since Donald Trump’s victory earlier this month, according to consulting firms in the industry.
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Despite a recent backlash from some governments and the European Union, the programs are still available in several EU countries and remain a favored strategy among well-heeled Americans and other nationals with the cash and flexibility to quit their home countries.
“A lot of people are putting a plan in place to move if need be,” said Paul Williams, chief executive officer of visa consultancy La Vida Golden Visas, who noted that traffic went up on his site 23-fold the day after the election amid a “tidal wave” of interest from Americans.
Surging Interest
Immigration firm Henley & Partners said it received four times more inquiries from Americans the week of the election compared to the week before, and a quarter more applications this year-to-date compared to the same period last year. Murat Coskun, managing partner at the company Get Golden Visa, calculated a nine-fold jump in daily traffic on his site in the days following the election.
While measuring how many of these inquiries actually progress to relocation is more art than science, golden visas have become increasingly popular with Americans in recent years. Spurred by the pandemic and surging living costs, those with the means have sought a more relaxed lifestyle, remote work options and opportunities outside the US by taking advantage of fast-track access to European residency and citizenship. Portugal, Greece and Spain receive the most queries, according to Coskun.
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Yet obtaining a golden visa is becoming harder. Several European countries have tightened the rules in the past year over concerns that the influx is contributing to real estate inflation. Some have made the visas more expensive. The European Union has also put pressure on countries to restrict the programs, arguing that they’ve given wealthy individuals an overly easy route to EU citizenship.
Here’s a snapshot of some of the rules — and changes — in the most popular EU destinations:
Portugal
Portugal increased costs to access its program to €500,000 from €350,000 in 2022. And the option to invest in real estate was scrapped last October, with investments in venture capital funds or job creation now needed to qualify.
Applicants also face delays due to a backlog of more than 400,000 visa applications in the country. To speed up the process, a number of them have started legal action against Portugal’s immigration agency.
Apartment buildings beyond a restaurant terrace in Lisbon. Photographer: Goncalo Fonseca/Bloomberg
But the government passed a rule earlier this year to let people access citizenship five years from the date of their original golden visa application, rather than when they eventually receive their residency cards, soothing worries for those facing months-long delays.
Spain, Greece and Italy
In Spain, the current option to gain the visa by investing €500,000 in real estate is being debated. Parliament approved a bill to scrap the program, but it still needs to go through the Senate.
Greece increased the minimum real estate threshold required starting this September from €250,000 to €400,000 in rural areas and €800,000 in large cities and some popular islands. Investors are only allowed one property purchase under the program and it can't be used for short-term rental.
The Acropolis archeological site overlooking residential properties in Athens. Photographer: Ioana Epure/Bloomberg
This comes amid concerns of rising house prices in the country. In Athens alone, rents rose 23% in 2023. Still, many say reining in golden visas won't stop rampant house inflation, which has more to do with systemic supply shortages.
In Italy, a €250,000 investment in local startups is needed to get residency, although citizenship is harder to obtain.
Caribbean
The European Union has put pressure on some Caribbean nations that provide citizenship that gives access to the EU. In response, four of those nations increased the price of their programs in June, charging a minimum of $200,000 for their passports. Antigua and Barbuda now ask for a minimum real estate investment of $300,000, while investors in St. Kitts and Nevis can invest $250,000 in a fund, buy shares in a government-approved real estate project for at least $325,000, or purchase a home for a minimum of $600,000.
Yet despite the added restrictions, American demand remains high.
Nuri Katz, founder of Canada-based immigration consultancy Apex Capital Partners, said the increased costs haven’t dented demand.
“Caribbean nations are now competing with Europe for its wealthier clientele. That’s it,” he said.
EU Expansion?
In October, an opinion from the EU’s Court of Justice said Malta had been wrongly attacked by the EU’s executive arm in 2022 when it argued that the country granted golden visas with too much leniency.
The opinion could encourage a number of EU countries, which halted their golden visas following EU pressure, to relaunch their programs, including Montenegro and Albania, consultants say.
“I feel quite optimistic about the future,” Golden Visas’ Williams said.
To contact the author of this story:
Alice Kantor in London at [email protected]
