More moneyed Pinoys eyeing residency, investments in EU

Tourists walk along a shopping street in central Malaga, Spain, April 28, 2022. REUTERS/Jon Nazca/File photo

MANILA, Philippines  -More wealthy Filipinos are looking to live and invest in European countries—such as Greece, Portugal and Spain—this year, with applications for the necessary visas expected to hit at least a hundred this year.

Maria Victoria Luis, president of Golden Visa Centrale, which specializes in residency by investment services, said she expects “golden visa” applications for Greece, in particular, to number anywhere from 50 to 80 this year.

“I know a lot of young executives or their parents who are very interested,” Luis told reporters on the sidelines of their official launch of the golden visa service for people interested in Greece.

Freedom to travel

She added that these residency-by-investment programs have been getting traction globally, noting that visa holders and their families get the freedom to travel, study and work, while also getting opportunities to diversify their investments.

The golden visa is a residency-by-investment program, which allows individuals and their families to obtain foreign residency or citizenship by meeting a minimum investment requirement indicated by the country’s government.

READ: How Filipinos can become Spanish Citizens

It offers benefits such as unrestricted travel to several European countries and potential tax advantages, depending on the country.

The company estimates that more than 130,000 people across the globe have obtained golden visas.

According to the company’s records, they processed 10 applications in 2019, 50 in 2020, 60 in 2021 and 80 in 2022.

Meanwhile, data on golden visa applications in 2023 records are still being consolidated.

Most of these applications are for Portugal, with Luis saying that they project the one for Greece getting more traction this year. With an initial investment of 250,000 euros or roughly P15 million, the program offers Filipinos an opportunity to invest in Patra, the third-largest in Greece and a thriving university hub, located on the Peloponnese peninsula. INQ