Although getting a Schengen visa before 'Jan met de Pet' is bound by strict rules, it turns out that rattling with a hefty money bag opens many doors that would otherwise remain closed.
For example, it is possible for wealthy foreigners from outside the EU to access the Schengen zone by investing or donating in certain EU countries. This practice is known as "residency by investment" (RBI) or the "golden visa" program. In exchange for economic investments, they can obtain a residence permit, Schengen visa or passport.
Some EU countries, such as Malta, Bulgaria, Cyprus, Portugal, Ireland, Spain and Italy, set up these programs years ago for wealthy foreigners, allowing them to get a job without too much bureaucracy. Schengen visa or obtain a passport. Bulgaria, Cyprus and Portugal have since abolished these programs and Malta no longer issues passports to Russians and Belarusians.
While some EU countries have abolished these programs due to pressure from the EU, other EU countries still offer 'golden visas' in return for economic investment. More than 130.000 wealthy foreigners have already used this visa or passport route, which has brought European countries at least €21,4 billion.
The EU opposes these practices because of possible discrimination and corruption. There is also concern that these programs may attract white-collar criminals and terrorists. The European Commission is therefore urging Member States to end these schemes. After the Russian invasion of Ukraine, the EU fears that many Russians on the European sanctions list will be able to travel undisturbed in the Schengen zone thanks to their 'golden visa' or passport.
Ireland has recently responded to the call and is withdrawing from the programme. Previously, non-Europeans with assets of at least EUR 2 million could obtain an Irish visa if they invested at least EUR 1 million in the country over three years or donated at least half a million to charity.
Sources: Various media
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