Luxembourg Considers Ending Its Golden Visa Program
Luxembourg Considers Ending Golden Visa Program Amid Growing EU Scrutiny
The Golden Visa Program in Luxembourg offers residency and visa-free access to EU countries for non-EU nationals who meet specific requirements. Applicants have two main routes to qualify:
- Investing €500,000 through the Residence by Investment option.
- Earning an annual income of €27,000 under the Residence by Private Reasons option.
The Ministry of Interior revealed that during 2023 and 2024, only six applications were submitted for this program, with four being rejected. The applications came from countries like Russia, Israel, India, and China, but details regarding the rejections were not disclosed.
Temporary Residence Validity
Successful applicants are granted temporary residence permits valid for five years, which become official residence permits upon their arrival in Luxembourg. Investment-based permits offer three years of residency, while private-reason permits grant one year of residency.
Decline in Applications
Since the program's inception, the number of applicants has remained low. A 2018 European Commission report noted just one Australian and five Chinese nationals were granted visas in the program's first year. Between 2019 and 2023, only three additional applicants were approved.
Despite the minimal uptake, Luxembourg's government stated in 2023 that ending the Golden Visa Program was not a priority.
EU-Wide Concerns
Golden Visa schemes, while bringing financial benefits, have faced criticism across the EU due to concerns over their links to corruption, money laundering, and housing market distortions. The European Commission has actively called for the termination of such programs.
Recent Developments in Europe
Spain recently announced the termination of its Golden Visa Program by April 3, 2025, citing negative impacts on the housing market. Similarly, Portugal ended the real estate investment option of its program, which allowed applicants to obtain residency by purchasing properties worth €500,000 or more.
Luxembourg’s move to reconsider its Golden Visa Program aligns with the EU’s broader push to phase out residency-by-investment schemes to address these issues.
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