Europe may soon stop granting citizenship to purchase housing in the countries of the region in the face of the sharp rise in property prices and public discontent. In this respect informs Bloomberg agency.
The publication noted that the era of “golden visas” in Europe is slowly coming to an end. For example, in February it was learned that the passport issuance program for investment should be completed in the coming months in Ireland and Portugal. This comes amid growing concerns about the sharp rise in housing prices due to citizenship applications.
Experts pointed out that many European countries are facing a paradox. Despite their willingness to invest, wealthier citizens enjoy privileged status at the expense of the general population.
Europe launched the golden visa program after the financial crisis in 2008. Thanks to this measure, European countries regularly received about 3.5 billion between 2016 and 2019. However, the European Commission felt that such an initiative undermined the value of EU citizenship.
In mid-January, based on data from Bloomberg brokerage firm Betterhomes reportedThat the Russians are becoming the leaders among non-residents when it comes to buying property in Dubai in 2022.