Governments worldwide rethink the so -called “VISA Gold” programs that allow wealthy investors, including CEOs for encryption, to secure residence or citizenship.
Golden visa programs allow applicants to provide citizenship after investing an amount, often hundreds of thousands of dollars, in a local investment fund or real estate. While this can stimulate local economic development and attract talents from all over the world, some judicial states rethink the strategy.
In May, the Golden Passport Program in Malta was judged by the European Union Court. The European Union Committee said that the Malin’s extraordinary invested naturalization program was marketing European citizenship. Cyprus and Bulgaria ended the golden visa programs in 2021 and 2022, respectively.
Global citizenship may be in the form of multiple attractive passports for encryption investors, especially since different countries implement more friendly tax and regulations for encryption. But obtaining the second or even third passport has become more difficult.
Golden visa programs become more strict as encryption investors seek citizenship
Golden visa systems are often described as a strong way for countries to enhance economic development.
Alessandro Palombo, co-founder and CEO of Bitizenship-a consultant company working with the Cointelegraph Golden visa program, said, “It is a useful exchange of both parties: countries are gaining investment and growth, while investors secure residency rights, and in some cases, the path of citizenship.”
When US President Donald Trump unveil He said that his plan to obtain the “Trump Gold Card”, which gives “green cards privileges plus”, that the program will bring rich people to the United States who “spend a lot of money, pay a lot of taxes, and employ many people.”
This can be particularly true for smaller countries that have limited opportunities for economic development.
But critics and observers have put a sign of the possibility of misuse of these programs. In the case of Bulgaria mentioned above, European Parliament members raised fears that the program created an incentive for corruption and money laundering. According to Al -Jazeera, the main beneficiaries of the program He was From China, Russia and the Middle East.
The sudden entrance to wealthy investors and high papers can lead to economic problems for residents.
On April 3, Spain Eliminate Its golden visa about concerns about the high costs of housing that locals cannot afford. The road to citizenship through the golden visa program in Spain was an investment in the real estate market, and legislators believe that the program contributes to the crisis.
Related to: 4 countries allow you to buy citizenship or a golden visa with encryption
The VISA Golden Program in Portugal, which has long been described as the pioneering coding center in Europe. “Portugal is moving towards more restricted policies, including tightening residency and citizenship,” Palumbo said.
Whether it is security concerns and money laundering, especially after the beginning of the Russia-Ukraine war, or because of the economic problems represented in its injecting suddenly a large amount of wealthy investors in a society, the golden visa options end.
Why the golden visa programs for encrypted investors like?
Golden visa programs can be particularly attractive to the wealthy encryption investors who wander around the world because they provide the benefits of residency, and often citizenship, for a country with the absence of residency requirements.
In some cases, applicants must spend up to five days a year in a country with the continued obtaining of the benefits of citizenship.
Moreover, some golden visa programs merged the encryption directly into their investment plans. In Portugal, the Bitcoin Eco’s golden visa allows investors to be exposed to Bitcoin (BTC) And local companies through an investment box with the benefits of Portuguese golden visa scheme.
El Salvador, the first country to realize the bitcoin as a legal tendency, and also Pass A law in 2023 grants citizenship to anyone who invests one million dollars in Bitcoin or USDT (Tether’s Usdt (USDT).
In Italy, Bitizenship launches a golden visa way that would allow investors to obtain a road to Italian residence by investing 250,000 euros in the start of the local Bitcoin.
It is clear that there is an appetite for visa programs related to encryption, especially in countries with current encryption systems. The noise is about a possible new golden visa program, which led to the nightmare of advertising earlier this month when the TON Foundation Foundation He issued a previous announcement From the golden visa system, it is said to be evolving for the United Arab Emirates.
TON Foundation, which is the organization behind the encrypted telegram. He announced in early July that investors A 10 -year “gold visa with $ 35,000 processing fees for one time” can be secured in addition to getting $ 100,000 on Blockchain open network for three years.
The Federal Authority in the United Arab Emirates for identity, citizenship, customs security and port security, securities and commodity authority and the regulatory authority of virtual assets He issued a joint statement denied Advertising.
Ton later explained that this announcement was premature and that he was working independently with a “licensed partner” to develop the plan, with final approval in the end with the organizers of the United Arab Emirates.
Investment options may expand in current golden visa systems, such as Bitcoin Eco’s golden visa in Portugal or the option to start encryption in Italy. However, in general, the trend moves towards fewer regulations and supernaturals around these visa plans. Since 2020, at least nine countries have canceled the golden visa programs: the United Kingdom, Ireland, the Netherlands, Spain, Bulgaria, Cyprus, Montenegro, Moldova and Malta.
“What possible today may become legally impossible within months or weeks. This style is accelerating. Gold visas, abundant day, are fast,” said Palumbo.
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