16 UGLOBAL IMMIGRATION MAGAZINE
countries under the new " Visa Suspension Mechanism ."
Currently , Vanuatu , St Kitts and Nevis , Antigua and Barbuda , Grenada , St Lucia , and Dominica must choose between the income from the investors ' immigration and the EU entry without a visa . 2
THE MARKET OF EUROPEAN RESIDENCY BY INVESTMENT PROGRAMS
First , most of the European RBI programs have changed because either they reached their goals , or they failed because of wrong pricing , options , or strategies to attract skill and direct investments .
The Portuguese golden visa saga
The intervention of the MPs did not directly change the Portuguese golden visa . That residency by investment program became too successful . The number of incoming investors ( not only the ones participating in the golden visa , but D-7 also ) pushed the acquisition costs in the real estate market ,
and the local population lost even the chance to own a property in their home country . Lisbon and Porto were almost empty ; now , both cities belong to the most expensive European settlements regarding housing costs compared to the local incomes .
The residency by investment program regulations canceled the real estate option – even through an investment fund . Now , this EU member state is planning to attract capital investments , job creation , contributions to scientific projects , and patrons of the arts ( local festivities , films , theatre ) in exchange for residency permits .
Closure of the Dutch RBI program
The Netherlands started its residency by investment program in 2013 . It took work to fulfill the requirements . The investors had to invest € 1,250,000 in one of the qualified vehicles as a joint venture or fund . They had to create jobs and reach the minimum level of points considered by the Dutch authorities . Moreover , they had to pass a TBC medical exam as well . However , the government decided to close the scheme as the number of applicants did not reach ten during the ten years of the program . As the program failed , we cannot blame the European Parliament for the justifiable termination of the Dutch scheme . Portugal and the Netherlands gave time for the investors until the end of the year to apply . In the case of Portugal , the number of applicants is reaching higher numbers as the deadline approaches .
“ Most of the European RBI programs have changed because either they reached their goals or they failed because of wrong pricing , options , or strategies to attract skill and direct investments .
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The third with a laugh : Greece
Greece doubled the necessary investment amount for the real estate option from € 250,000 to half a million euros in better locations . They did so as their strongest competitor , Portugal , closed the real estate purchase option of their golden visa program . Meanwhile , the minimum cost of the qualifying properties in Greece was significantly lower than the requirements in other countries , such as Portugal , Spain , or even Malta . Greece ' s real estate sector will develop even more tremendously when new foreign applicants can obtain residence permits by buying property .