Visa Crunch

BREXIT: British Citizens Are Opting For Golden Visa Schemes To Redeem Their Traveling Rights In EU Countries’

Despite the fact that the United Kingdom is officially out of the European Union, British nationals are finding an “attractive” way in order to continue to live in the EU countries by investing through the Golden Visa Program. In addition, such a program is now popular among countries outside the United Kingdom and the European Union.

Based on a report published by EuroNews travel, the Citizenship by Investment program currently attracts nearly €3 billion in investment to the European Union yearly.

According to one of the largest investment advisory companies, Get Golden Visa, this year could be the year of the Golden Visa, after taking into account that many “fed-up” persons together with their families are looking to change the way they live.

“A healthy and sustainable lifestyle is on the 2022 agenda like never before,” founder and managing partner of Get Golden Visa, Murat Coskun pointed out in this regard.

Coskun said that the company believes this will be a year of the golden visa frenzy, as people make a “Plan B for how and where they want to live.”

In addition, the firm has stressed that the main motivations for people who attempt to find a second residency or citizenship include an increase in remote working, Brexit and a poor response to the Coronavirus situation in their own country.

According to the company, the desire to escape the hustle and bustle of city living is also pushing people to look for a destination better suited to their needs.

“We are seeing a tidal wave of people wanting to reconnect with nature and have space around them in which to live and work,” Coskun pointed out.

According to Coskun, Portugal and Greece are among the most favourite destinations for internationals interested in the Golden Visa scheme. He stressed that over 10,000 applications were filed during last year for residency through investment in Portugal.

At the same time, Greece’s Citizenship for Investment scheme also attracted a large number of internationals, with nearly 9,500 applications filed for golden visas at the end of 2021.

Even though European countries’ golden visa programs are very popular for the opportunities they offer, such schemes have often been criticized for being an open door for money laundering and other illegal activities.

Recently a report published by Associates Times stressed that although these programs are famous for internationals interested in making such investments, Greece and Portugal’s golden visa programs are considered to have systematic problems with their schemes, while the same stressed that such programs are used for illicit purposes.

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Harsh V Singh

Harsh V Singh

Manager - Creative Content.

An avid book reader and a traveller.

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