(Bloomberg) — One of the most divisive elections in recent U.S. history is prompting some Americans to consider moving overseas.
Interest in the so-called golden dashes — which grant residency rights through real estate purchases or other investments — has surged since Donald Trump's victory earlier this month, according to industry consulting firms.
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Despite a recent reaction from some governments and the European Union, programs are still available in some EU countries and remains a favored strategy among genuine Americans and other citizens with the money and flexibility to leave their countries.
“A lot of people are making a plan to move if they have to,” said Paul Williams, chief executive of visa consultancy La Vida Golden Visas, who noted that traffic to his site increased 23-fold the day after the election. . amid a “tidal wave” of interest from the Americans.
Growing interest
Immigration firm Henley & Partners said it received four times as many requests from Americans the week of the election compared to last week 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 ninefold increase in daily traffic to his site in the days after the election.
While measuring how many of these questions actually progress toward displacement is more art than science, the golden dashes have become increasingly popular with Americans in recent years. Driven by the pandemic and rising living costs, those with means have sought a more relaxed lifestyle, remote work opportunities and opportunities outside the US, benefiting from quick access to European residency and citizenship. Portugal, Greece and Spain receive the most inquiries, according to Coskun.
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However, obtaining a golden visa is becoming more difficult. Several European countries have tightened rules in the past year due to concerns that the influx is contributing to real estate inflation. Some have made visas more expensive. The European Union has also pressured countries to limit the programs, arguing that they have given wealthy individuals too easy a path to EU citizenship.
Here's a snapshot of some of the rules — and changes — in the EU's most popular destinations:
Portugal
Portugal raised the costs to enter its program to €500,000 from €350,000 in 2022. And the option to invest in real estate was removed last October, with investments in venture capital funds or job creation now required 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 the Portuguese immigration agency.
Apartment building across from a restaurant terrace in Lisbon. Photo: Goncalo Fonseca/Bloomberg
But the government passed a rule earlier this year to allow people to access citizenship five years from the date of their original golden visa application, rather than when they eventually receive their residency cards, ease concerns for those facing months of delays.
Spain, Greece and Italy
In Spain, the current option for it get the visa investing 500 thousand euros in real estate is being debated. Parliament passed a bill to scrap the program, but it still needs to pass the Senate.
Greece GROWING the minimum required real estate threshold starting this September from €250,000 to €400,000 in rural areas and €800,000 in major cities and some popular islands. Investors are only allowed one property purchase under the program and it cannot be used for short-term rentals.
The archaeological site of the Acropolis overlooking residential properties in Athens. Photo: Ioana Epure/Bloomberg
This comes amid concerns about rising housing prices in the country. In Athens alone, rents are set to rise by 23% in 2023. However, many say curbing golden visas will not stop rampant housing inflation, which has more to do with systemic supply shortages.
In Italy, an investment of €250,000 in local startups is needed to obtain residency, although citizenship is more difficult to obtain.
Caribbean
The European Union has put pressure on some Caribbean nations that offer citizenship that gives access to the EU. In response, four of those countries raised the price of their programs in June, paying a minimum of $200,000 for their passports. Antigua and Barbuda now require a minimum real estate investment of $300,000, while investors in St. minimum $600,000.
However, despite the increased restrictions, US demand remains high.
Nuri Katz, founder of Canada-based immigration consultancy Apex Capital Partners, said the increased costs have not dampened demand.
“Caribbean countries are now competing with Europe for its wealthiest clientele. This is it,” he said.
EU enlargement?
In October, an opinion from the EU's Court of Justice said that Malta was wrongly attacked by the EU's executive arm in 2022 when it argued that the country they were given golden visas very gently.
The opinion could encourage a number of EU countries, which suspended their golden visas after EU pressure, to restart their programs, including Montenegro and Albania, consultants say.
“I feel pretty optimistic about the future,” said Golden Visa's Williams.
To contact the author of this story:
Alice Kantor in London at (email protected)