Britons wishing to secure a “golden passport” have one less to choose from after Malta’s scheme was ruled to be unlawful.
The European nation with ties to the Mediterranean Sea was providing an opportunity for international individuals to obtain citizenship by committing to invest a minimum of €600,000 (£509,619).
Last week, the
European
Union Court of Justice decided that Maltese authorities didn’t have the right to offer citizenship – doing so would give recipients the opportunity to live and work across all EU countries without having any ties to the bloc.
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Malta
His gold passport was the final such program still operating within the EU. However, various countries do provide similar benefits through their golden visa schemes. These generally permit foreigners to reside and work in the issuing nation as long as they make an investment.
Candidates must commit a significant sum of money, typically into real estate, commercial projects, or state-issued debt instruments. As a result, both they and their relatives obtain resident privileges, with the possibility to later seek nationality status.
Henley and Partners, a residency and citizenship advisory firm, says that around 60 per cent of EU member states have – or had – some form of golden visa scheme.
Since
Brexit
, more Britons are applying for golden visas. These are some of the best options available in Europe.
Portugal
Portugal
His plan has generated over €7 billion (£5.96 billion) since its inception in 2012.
According to Henley and Partners, non-EU citizens have the option to apply for residency by either investing a minimum of €200,000 (£170,000) in businesses located in Portugal or by generating at least eight new employment opportunities.
Upon acceptance, visa holders will gain access to visa-free travel within Europe’s Schengen Zone, the permission to reside, seek employment, and pursue education in Portugal, along with the opportunity to apply for citizenship after five years, all while retaining any additional nationalities they possess.
Individuals with golden visas are required to stay in the country for a minimum of 14 days within the initial two-year period and at least 21 days during each of the following three years to maintain their resident status.
Based on data from the online platform Numbeo, the cost of living (which includes rental prices) in
Lisbon
is 40.6 per cent lower than in London, while restaurant and grocery prices are, respectively, 38 and 27 per cent lower.
In the latest
English Proficiency Index
by the private firm Education First, Portugal was found to be the world’s sixth best country for English speaking skills.
There are plenty of
flights
every day from UK hubs to Portuguese airports, including Faro, Porto and Lisbon, all taking under three hours. Portugal is significantly warmer than the UK, with temperatures across the country rarely dipping below the mid teens, even in the winter, and the Algarve tends to be even toastier.
Greece
To secure
Greece’
For those seeking a Greek Golden Visa, applicants must invest a minimum of €250,000 (£213,000) in real estate. As part of this program, they gain access to visa-exempt travel across the Schengen Zone and can reside in Greece with their dependents. Additionally, they have the option to lease their properties in Greece and may be eligible for citizenship following seven years of residency.
According to Numbeo, the cost of living in Athens, including rent, is approximately 52 percent lower compared to London. Additionally, restaurant expenses are 32 percent cheaper, and groceries cost about 22 percent less.
English is extensively used throughout Greece, primarily because it is mandated as a secondary language in Greek educational institutions.
UK flights to numerous Greek mainland and island airports occur frequently and last under four hours. The nation’s vastness leads to considerable temperature differences; however, the southern island of Crete seldom experiences lows below 16°C.
Italy
Italy
The program requires a minimum investment of €250,000 (£213,000) in company stocks, however, it does not mandate a continuous residence. This visa facilitates unrestricted movement within the Schengen Zone and allows applicants to seek citizenship after a decade. Additionally, family members are eligible as well.
According to Numbeo, the cost of living in Rome is 4 percent less than in London, with restaurant expenses being 32 percent cheaper and grocery prices 13 percent lower compared to London.
A large number of daily flights operate between the UK and Italy’s various airports, with a journey to Milan lasting approximately two hours.
The weather varies, with skiing common in the northern regions in winter and year-round sunshine in the south and the island of Sicily.
As reported by Italy’s national statistics institute, 35 percent of Italians have a decent command of English, though this percentage tends to be greater in regions frequented by tourists.
Latvia
Latvia is part of the Schengen Zone, and the historical center of its capital city, Riga, holds UNESCO World Heritage status. Additionally, roughly fifty percent of Latvia’s land area is blanketed by forests.
Candidates for this gold visa program are required to invest a minimum of €50,000 (£42,000) in businesses or €250,000 (£212,880) in real estate. Additionally, they must make a single contribution of €10,000 (£8,500) to the national treasury and demonstrate sufficient yearly income to support themselves and their dependents adequately.
In addition to access to the Schengen Area, there is no mandatory minimum stay requirement, and visa holders can apply for citizenship after residing there for ten years.
According to Numbeo, the cost of living (including rent) in Riga is 55 per cent lower than in London, while restaurant and grocery costs are 33 and 30 per cent less.
English is quite commonly spoken here, especially in more populous areas.
cities
, where younger individuals are most prone to speaking it proficiently.
A large number of flights depart for Riga from the UK each day, with travel times lasting approximately two and a half hours.
Cyprus
To take advantage of Cyprus’s golden visa program, applicants are required to make an investment of at least €300,000 (£255,000) spread over two properties or within a business located on the island.
Applicants must visit Cyprus once every two years, and residence is also given to the applicant’s spouse and to their children, if the children are under 25. After seven years, it’s possible to apply for citizenship. The visa applies in southern Cyprus, which is controlled by the Republic of Cyprus.
Journeys to the hub cities of Larnaca and Paphos from the UK last approximately four and a half hours.
Cyprus will seem familiar to numerous British visitors, even with its much hotter weather. Besides the widespread use of the English language, vehicles navigate on the left side of the roads, and street signs are also labeled in English.
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