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Yes, that’s true. Golden Visas are being introduced by EU nations to help foreigners wanting to live in the EU.
Golden Visas by more EU nations—Firstly, it was the UK which introduced the launch of UK Tier 1 visas way back in the year 2008. It was followed the introduction of Immigrant Investor Visas by Latvia(another European Union nation—EU) in the same year.
And then, Golden Visa was launched by Portugal in the year 2012. In the year 2013, nations like Spain, Cyprus and Greece have introduced Golden Visas to enable foreigners willing to make investments(in property or any other investment) in such nations.
Such foreigners will be issued temporary resident visas by the respective nations(Greece, Cyprus and Spain).
Golden visas are being launched by more and more European Union nations to attract foreign investors wanting to come and live here by making investments.
Lets see the nations issuing Golden Visas—
UK Tier 1 investor visas—UK’s Tier 1 visas(or UK Investor visas) are meant for attracting foreigners(from nations outside the EEA—European Economic Area) seeking temporary residence visa.
For this, foreigners must make an initial investment of at least £1m in any government approved investment in the UK. The validity period of UK Tier 1 investor visa is three years.
The good thing is that such UK visas can get renewed following which the foreign investor can apply for becoming UK permanent resident. And he or she can also become eligible for UK citizenship as well.
Golden visa by Latvia—Latvia also has Golden visa scheme for foreigner making an investment not less than 150,000 Latvian Lats (as per new rules to become effective January 2014).
The validity period of these Golden Visas is five years (Latvia temporary residence visa).
Golden visa by Portugal—Portugal’s Golden visa scheme issues temporary resident visas to foreigners making an investment of not less than €500,000. These Golden Visas have a validity period of one year and need to be renewed (renewable twice for two year period).
Greece’s Golden Visas—Greece announced launch of Golden Visa scheme in the month of July this year for those making a minimum investment of €250,000 in property(in this nation). The validity duration of these Golden Visas is five years(for Greece temporary resident visa).
Spain—Almost similar to Portugal’s Golden Visa program, Spain’s Golden visa scheme was launched in October this year and needs an investment of not less than €500,000 in property. The validity duration of such Spain visas is one year with renewal(twice) for two year period extension.