The European Commission's recommendation in March 2022 urged EU nations to suspend their investor visa programs. Recently, Italy's Business Ministry announced the suspension of its golden visa initiative for Russian and Belarusian citizens, a decision reportedly made in mid-July, following the European Commission's call due to Russia's Ukraine invasion.
Investor visa programs, often referred to as 'golden visas,' enable individuals to secure residency by investing substantial funds, purchasing property, or making donations. For EU countries, these programs facilitate access to bloc privileges, including intra-country mobility.
The Italian scheme offers a two-year residency permit, extendable to three, in exchange for a €2 million investment in government bonds, a €500,000 investment in a limited company, €250,000 in an innovative startup, or a €1 million philanthropic donation.
The European Commission's recommendation aimed to halt golden visa schemes for Russian and Belarusian nationals, emphasizing potential misuse by those under sanctions or supporting the Ukraine conflict. Italy, still operating such a scheme, issued over 30 Russian "investor" visas in a year, drawing concern.
Golden visa programs have raised security, transparency, and EU values concerns. Notably, Ireland recently terminated its Immigrant Investor Programme, illustrating a trend towards discontinuing such initiatives.
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