Gizane Campos: 0:03

Hello, all. Welcome back to the Big Global podcast where we dig into the people, places, and ideas shaping how we live and move around the world. Today we are tackling a question a lot of you have been asking: Is Europe really shutting down investment migration, or is there more to the story? As you know, Spain dropped its golden visa, Portugal's talking about changing its nationality law, and online you will see plenty of golden visas are dead headlines. But when you look at the data and what families are actually doing, the opposite is true. Interest in golden visa has skyrocketed, especially from the US and the UK as people prepare for tax changes, political shifts, or just the freedom to relocate if life takes a turn. Most people we are talking to here at Global Citizen Solutions aren't really looking to move tomorrow. They just want options. And more and more they see Europe as a place that gives them more freedom and not less. So today we're breaking down what's really happening, why demand is at all-time high, which programs are still solid, and how families are using residency as a kind of global insurance policy. Joining us is Stephanie DeRosa. She's a senior immigration lawyer at Global Citizen Solutions who's guided hundreds of investors and families through Europe's residency pathways. She has a clear view of what's happening on the ground. Stephanie, welcome. So glad to have you here. Stephanie Stephanie Hi. Thank you for having me. Great. Really good. So shall we get to the point then? So, Stephanie, we've seen golden visa searches spike by more than 370% recently. Quite a high number, especially from the US and the UK. Now you tell me, from your perspective, what is driving this search now?

SPEAKER_00: 2:24

Sure. Thank you for asking. So after Brexit, UK citizens lost Europe freedom of movement. Also, a golden visa gives them back the right to live in Europe, visa-free travel in Schengen, access to healthcare, education, and residents' rights. Many British individuals want warmer climates like Portugal, like Italy, Greece, lower cost of living, safer environments, and investment visas that allow asset diversification outside the UK. US citizens, on the other hand, have a rising cost of living, tax pressure, healthcare, like education and housing in the United States continue to rise. Therefore, investors are looking to diversify where their assets are, where the companies are, and where their kids go to school. In addition, some people want tax optimization. However, just to be clear, the great benefit of the golden visas is that you do not have to be a tax resident if you do not spend more than 183 days per year in the country. In short, Americans are looking to, let's say, international mobility. The US passport is a very strong one. But US citizens still need visas for long-term residence in Europe. And a golden visa gives them the legal right to resign, travel freely inside the EU. And finally, the golden visa is not only for the investor, has family benefits like residency for the spouse, dependent children, and dependent parents, depending on the country. Okay.

Gizane Campos: 4:02

Thank you, Stephanie. This is a really good overview on the Golden Visa. So good news for investors. And again, it's not only for the investors, you rightly pointed out that it has a lot of family benefits. So we'll we'll dig further in a bit, but I want to go ask you a bit more about these headlines that say Europe is kind of closing its doors. And um so based on the cases that you handle every day, is that really true?

SPEAKER_00: 4:34

Not at all. It's not closing its door, it's just changing the rules. But still are very open to immigration, to investment, talent, residency. Portugal, for example, and at the real estate option, but kept and expanded investment funds, scientific research, cultural investment. So all in all, Europe still strongly welcomes entrepreneurs, investors, remote workers, high-skilled professionals, retailer with passive income. So I would say every year we are receiving millions of millions of people receive residency in the EU. Actually, every year, millions receive residency in the EU. And actually, numbers have increased, not decreased. So closing door is factually wrong. For instance, Italy investor visa, the golden visa for Italy, is actively promoted by the Italian government. Greece sharply increased its golden visa minimum because demand is high, not because they want to favor people. So to be precise, uh I would say uh with very strong confidence that Europe is encouraging productive investment like business, tax, job. So the direction is not closing, it's just shifting toward more secure, more transparent, more innovation-based residence pathways. And foreign, especially American Brits, are very, very welcome.

Gizane Campos: 6:05

Very good. Okay, thank you. So yeah, it's not closing, guys. Um, good news here. It's just shifting to another form of um of program. Um fine. So now let's talk about the idea of a fast cape plan. Yeah. Um, a lot of people today they think about a quick and safe entry point into the European Union. So, Stephanie, for someone who needs a solution right now, what is the fastest European residency option for non-EU citizens?

SPEAKER_00: 6:42

Definitely the fast and golden visa program in Europe right now is the Italy investor visa. Because we are talking about a residency process that typically takes four to five months from start to finish. Italy was, let's say, very smart in how they design it. The entire first phase is completely digital. That means the applicant don't need to travel to Italy or even visit a consulate to get things started. In this initial stage, an Italian lawyer guides the applicant through gathering the required documents and submitting the request for the nulla. That in Italian means a certificate of no impediments, essentially an entry clearance. This document is usually issued within 30 days. It comes directly from an Italian governmental committee that reviews and approves the investment choice, which is important because it speeds everything up. Once the applicant has this certificate, the Nulla Osta, the consul in their country of legal rights doesn't need to analyze the investment all over again. Their job becomes much simpler, and as a result, the visa itself is typically issued in about one month. Wow.

Gizane Campos: 7:58

That is quick. Right. So then the Italian investor visa, Italian golden visa is a good option for those that are on a hurry. Good. So now, Stephanie, I know that you speak to investors from all over the world. And why does European residency still matter so much today?

SPEAKER_00: 8:17

You know, people are really looking for a plan B: a second home, a second residency, a second option. They love the idea of owning a property in Europe, but there are some hurdles. Without a visa, you can stay more than three months. And with most other visas, not golden visas, you usually must live in the country for at least six months per year. That's a big commitment. At the same time, people crave freedom of movement across Europe. The UK lost that after Brexit, and America never really had it, right? So golden visas, it's kind of a ticket to the Schengen area, 27 European countries where travel is easier, and eventually it could even lead to European citizenship. There is also a bigger picture. Economic volatility, rising crime concern in some of the US cities, post-Brexit, instability in the UK, Europe stability, let's say, really is appealing in this kind of context. On the other hand, let's not uh forget about retirees, especially are looking for affordable healthcare, safer neighborhoods, calmer pace of life. They don't want to be tied down, uh, nevertheless. They still want freedom. And here's the beauty. For example, Italy has uh the Italy investor visa has zero stay requirement. Portugal requires just seven days per year, and Greece also has zero days per year, so you really can enjoy that freedom. On the other hand, um high net worth individuals thinking globally too. So a golden visa is just a lifestyle choice. It's also about diversifying assets internationally, as I have indicated.

Gizane Campos: 10:01

Wow, that was a really good um overview, Stephanie. Thank you. Um it's good also that you brought up the uh retirees, especially if they come from the US. It's uh very um important for them to be able to um tap into the quality of life that you get in Europe, the safe uh the safety that comes from um the society and also the affordable health care, which I think it's quite important at this stage of their lives. So now I want to talk about two programs that come up constantly, um, which are Greece and Italy, because they're both seen as attractive options. Uh, we know both Greece and Italy are fantastic countries and they offer a superb lifestyle. But I want to know how they compare in terms of their investment program. What type of investor is each one best suited for?

SPEAKER_00: 11:06

Great. So let's break it down quickly by looking at Italy and Greece, which are two different uh golden visa styles. Italy is all about flexibility. You can invest 250k um Euros in an startup, 500k euros in an Italian company, or go more conservative with 2 million government bonds. There is also the option for 1 million philanthropic um donation. There is no direct residential real estate route, but you can invest in real estate through an Italian company or a startup. And one of Italy's biggest advantages is that it's the only golden visa right now where you can get the visa first and invest after. Once the visa is issued and you enter Italy, you have three months to execute your investment. In addition, as I said, no minimum state requirement. And if you choose to live in Italy at some point, citizenship is possible after 10 years. Greece, on the other hand, it's also flexible, but it's more property-driven. Most people invest 400 to 800 in real estate, depending on the area. There are also some uh investments for 250 if you uh restore or you know, um get some conversion project, but they're rare and more bureaucratic. Greece also offers non-real estate option, like Italy, companies share funds, government bonds, but most investors go for property because it's simple and tangible. Um the same. Greece has no state requirement, like Italy, a five-year renewable permit, and citizenship timeline is around seven years, which is just a little faster than Italy. So the real difference is that Italy is more for um, let's say, investors who want diversification, investing startup companies, companies, bonds, financial growth, while Greece is for people who want a home, a property they can leave it, live in, or rent it out. But both open the both the door to Europe, to mobility, and long-term security.

Gizane Campos: 13:20

That was very good. Thank you. Very good explanation. And um uh you outlined perfectly what the differences are between um both programs. So since we talked about Greece and Italy, now I want to move on to Malta. Because Malta has always been a unique program. It's um MPRP, which stands for Malta Permanent Residence Program, has high standards, strong due diligence, and a very specific positioning in the European market. So, Stephanie, in your view, who is the Malta residency program best for today?

SPEAKER_00: 14:01

Sure. So, first of all, I would say Malta attracts a very different kind of investor compared to Italy, Portugal, etc. The investment here isn't about returns. You must fulfill a three-part investment. You either purchase a property at the minimum of 375,000 of euros or rent for 40,000 per year. Secondly, you must make a non-refundable government contribution of 37,000 of euros and a donation of 2,000. So here the goal is not the financial growth for the investor. Uh, it's more about lifelong residency, family security, and lifestyle. Like Italy, uh, there is no minimal state requirement. And Malta, it's unique because it is an English-speaking country, has also the same, like a safe environment. It's perfect. So let's say that it's perfect for families and retirees more than for investors. Um it's um its family flexibility allows also adult children up to 29 years old to be included, as well as parents or grandparents of both the main applicant and the spouse. So this makes it one of the most inclusive golden visa globally.

Gizane Campos: 15:25

Wow. Okay, so it's good to know it's um good news for families that are applying with adult children. Um 29 years old, so included. That's that's very good. So now moving on. You um I want you to talk to us about Portugal, because you know, Portugal has been in the news for months because of a potential nationality law reform. Despite this, demand hasn't slowed. So why is Portugal such an attractive option for families?

SPEAKER_00: 15:59

First of all, um I would say the investment requirement. Portugal offers options starting around 200,000 euros, which is one of the lowest thresholds in Europe. That makes accessible for more family investors who want a foothold in the EU. Um, in addition, as I also already indicated, in Portugal Golden Visa only required to be in the country seven days per year, which is nothing. Um, one thing that really sets Portugal Golden Visa apart from other European countries is how it treats children. You can include financially dependent children up to the age of 25, as long as they are unmarried, studying full-time, and financially dependent. Um, most other countries, with some exceptions, only kids under 18 can be included. And even with the talk about potential nationality law reforms, Portugal still looks very attractive. You see, um, in most European countries, the path to citizenship has always been tenuous. So even with the change, Portugal's citizenship timing wouldn't be worse than others. But here's the interesting part. When I speak with applicants and clients, citizenship is often not the primary goal. What people really want is a plan B, a safe, stable, family-friendly place. They focus on flexibility, mobility, lifestyle benefit, not just citizenship. Portugal delivers on that, all of that. It's a sunny country, safe, excellent healthcare, excellent schools, and a high quality of life. So even with reforms on the horizon, Portugal's combination of family friendliness, lifestyle, and flexible investment options keep demand very high. Wow, that's great.

Gizane Campos: 17:55

Fantastic news again for families and uh also for investors. It means it feels like Portugal has a bit of both. Um and um and it can deliver on many different points. So now I want to move on to Italy. Italy has gained massive attention this year, especially among Americans. And I want to know from you, Stephanie, what does Italy offer that other European residency programs don't?

SPEAKER_00: 18:23

Lately, Italy started promoting the program more actively. Um information became, um, in my opinion, clearer. So you can invest in startup companies, bonds, philanthropic donation. People started realizing this it's a way to combine lifestyle benefits with financial diversification, something very appealing to high net worth investors. With this clear clear information, investors, especially Americans, have understood how efficient and fast all the visa process is. Of course, Americans already know how beautiful Italy as a country is, its food, culture, and history. However, from an investment perspective, these years have been crucial to really understand the investment option, especially the benefits. In addition, as already I indicated today, Italy is the only golden visa that requires execution of the investment after the visa is stamped on the passport, make it making it unique. It reduces risk for the investors so that you don't have to commit the full 200k or 500k of euros up front without having the visa approved. Finally, I have clients that have chosen Italy even for geographic position. Some applicants are looking for more European central position that at the same time is well connected for both with the Western and Eastern Europe, North of Africa, Middle East. And finally, I have clients that are, you know. Grandchildren of Italian citizens that they could not apply for citizens, for example. And they're looking for this connection with their family country. And legally talking, if they spend uh, for example, two to three years in Italy living there, if they decide to do that in the future, even though they could not apply for citizenship, they can do it if they meet some requirements.

Gizane Campos: 20:30

Okay, I agree. Also, I find the case of Italy very interesting because it's a country that has a branding very solidified, as in like you can see Americans talking about Italy all the time. Uh, who doesn't want to live in Italy, who doesn't want, you know, um experience the food and the history and so on. And then together with that, the government offers a investment program that is very attractive. So it seems like a marriage made in heaven, so why not? Um fantastic. So let's move on. Let's talk about now uh on how is client demand changing. Stephanie, what trends do you believe will shape the future of European residency and citizenship over the next few years?

SPEAKER_00: 21:27

Um when we look uh at what's happening right now in the European golden visa space, there's some really uh clear shifts. Countries like Greece and Italy are suddenly getting a lot more attention, and it makes sense. They offer low state requirements, clear, straightforward investment pathway. Uh for busy investors who want flexibility, that's a huge advantage. Meanwhile, Portugal and Malta continue to be incredibly strong options for families, and that's because both programs allow adult children to be included under flexible rules. Even with Portugal discussing changes to its citizenship law, families still see it as a safe, stable option. But the big theme this year is the shift away from the real estate-based visas. When Spain closed its property Golden Visa in April 25 this year, investors needed somewhere else to go. And almost instantly, they started redirecting towards countries with stable, well-designed programs. Again, Italy and Greece being the big winners, and Portugal continue to be one of the most popular. And honestly, this trend is only getting stronger. Across Europe, more countries are phasing out real estate routes to avoid putting pressure on local housing markets, and instead they're pushing for fund investments, business creation, or innovation-focused projects. And that naturally brings in more financially savvy, business-oriented type of investor instead of people who just want to buy a second home. All in all, we are we are seeing a real rise in demand from high net worth individuals who are thinking long-term. They're looking at flex test regimes or residency options with favorite tax treatment. Um, Italy and Greece are both great examples of that. For those investors, um, a Golden Visa is no longer just a place to vacate to vacation, it's part of a wealth strategy, a mobility strategy, and a family safety strategy. And their family, they're still applying big numbers. They want Schengen mobility, they want safety, they want education, healthcare, stability. Things Europe does exceptionally well. And because governments are tightening or even removing property routes, people are gravitating to a program that feels stable and predictable. Very good.

Gizane Campos: 23:52

Um I like that you mentioned the families and so on, but I want to dig a bit further on the this new business-oriented type of clients that you mentioned. And I think it would be good for our listeners to perhaps picture a real case story. Do you have any to share with us, Stephanie?

SPEAKER_00: 24:13

Sure. I have clients, uh, especially from the US, uh, which who are in the process of getting their Italian Vesta visa right now. Uh, they are uh businessmen and businesswomen that not only are they eager, they are eager to diversify their assets when investing uh in startups in Italy, for example, or uh Italian companies, but also they have spouses and children uh that they want to include in their in their in this process. And all these family members will benefit of the residency visa. That's their goal. Family and diversification of their assets. Okay. And what does all of this mean for the future? Basically, the profile of investor um nowadays is just what it used to be, like just retirees or property buyers. Um we have more entrepreneurs, um, digital workers, globally mobile professionals, multi-generational families. And because governments are tightening oversight, due diligence and compliance will become even more central. The countries that adjust early, those that modernize their programs, stay transparent, stay flexible, those are ones will have a major competitive edge over the next decade, in my opinion.

Gizane Campos: 25:41

Right. That's just really good. Amazing. Stephanie, I I know it's been a long conversation, but I still want to ask you a few questions on the topic of uh double or even triple citizenship or residency. Because more and more we're seeing people hold two or even three residencies. And why has this become the modern form of uh insurance?

SPEAKER_00: 26:07

I would say that high net worth individuals see you your EU residency as insurance in the mean the meaning is more like a family safeguard, not just a passport. So, you know, we are currently seeing global events, economic shocks, political instability, sudden tax change, or even climate change can threaten their current situation, they are worried about. So having a second residency or even a third residency in a stable European country acts as a back plan, a backup plan. Um it's like having an insurance policy, an insurance policy. So if things go sideways at home, they have a safe legal base in Europe. So high net worth individuals often think generations ahead. That's great. Residency in the EU provides access to high-quality education, healthcare, safe environment for their children, and dependents. So it's just not it's not just about them, about the investor. It's about ensuring their family has options for the future, mobility, security, regardless of what happened in their home country. Whether it's a home in Portugal, in in Italy, Greece, they can spend time living, studying, or working in Europe all while maintaining their lifestyle elsewhere.

Gizane Campos: 27:35

Wow. Isn't this the ideal lifestyle? Um I'd like that. So since you mentioned that, you mentioned lifestyle and families, I want to talk about families now. From your experience, um how does holding European residency shape a child's future in terms of um education, mobility, or even generational opportunity?

SPEAKER_00: 28:02

Uh great question, thank you. Um when we talk about res uh European residency, we often focus on the investor, but honestly, the biggest impact is on the kids. Families don't always say that to me directly uh when I meet with them, but deep down, this is about giving their children a different future. First, there is education, as you were mentioning. Um, European residency opens the door to some of the best universities in the world, and not at international student prices. We are talking about access to European tuition rates, which are dramatically lower than the United States or the UK. I agree in Italy, Portugal, Greece, and it's not like you know, in the US or in the UK, as a as I was saying. Uh, then there is mobility. If the kids live in a country and become European, they will be able to travel freely, uh, and eventually potential citizenship. Uh, so that would become a long-term safety net. Um it's just giving the next generation options where to live, where to go, where to work, how to design their lifestyle. It's essential to give them plan A, B, C, even D. And you hear something families don't always think about upfront: stability. Growing up with the ability to choose between continents, to live somewhere with strong healthcare, low crime, high quality of life that shapes a child's outlook. It gives them confidence and global perspective. So, in short, I would say that European residency is not just a document. If for kids, it becomes a platform for education, mobility, career opportunities, future security. It's one of the only investments where real return is measured across generations.

Gizane Campos: 30:05

Well, I couldn't agree more. It is really the return that you can see across generations. Thank you very much for sharing your insights, your knowledge, your expertise. This was so helpful, incredibly insightful. As a quick recap, today's conversation makes one thing clear. Despite the headlines you've seen, Europe remains one of the strongest regions globally for what it represents: stability, mobility, and the freedom to design a life on your terms. Wherever you are listening from today, we really hope this episode helps you understand your options more clearly and reminds you that your future can be built strategically and intentionally. Thanks for joining us on the Be Global podcast. See you next time.