Dozens of such citizenship/residency-by-investment programmes operate around the world, although a number have been suspended or cancelled because of political opposition or a sense that they’ve achieved their goals.

Luxembourg is preparing to dismantle its investor residence programme, a change in one of the less high-profile “golden visa” programmes, a report said.

A draft law submitted by Home Affairs Minister Léon Gloden proposes to end the scheme, which grants non-EU nationals a three-year residence permit in return for a €500,000 ($587,271) business investment, according to a recent report from IM Global Wealth, a news platform tracking migration topics. 

The Luxembourg programme has attracted only nine applicants since it was initiated in 2017, the report said, and only six applications were filed in the past two years, of which four were rejected. 

The government now cites limited economic value, disproportionate administrative burdens, and stricter EU rules as justification for its retreat from the programme, the report said. 

In the text of a bill being drafted for Luxembourg legislators, it says: “Given the very low added value of the ‘investor’ scheme since its creation and the disproportionate administrative burdens expected to maintain it under the new EU regulations, notwithstanding the low number of related applications submitted, it is proposed to repeal the ‘investor’ residence permit.” (Source: Luxtimes.lu)

Dozens of such citizenship/residency-by-investment programmes operate around the world, although a number have been suspended or cancelled because of political opposition or a sense that they’ve achieved their goals. Spain has ended its scheme, for example, while Portugal has modified it. Malta has changed how its golden visa works after the European Union earlier this year criticised the jurisdiction for commercialising citizenship. The UK halted its Tier 1 Investor Visa programme after the Russian invasion of Ukraine in February 2022. The trend is not all one way: the US is bringing in a “gold card” system, and New Zealand has updated its programme.