The Residency by Investment program enables affluent foreign nationals to get residency in countries that provide these chances if they make financial investments and satisfy certain requirements, which vary by country.
The number of golden visas granted to Russian citizens has been restricted as a result of the tough sanctions imposed on Russia in reaction to its invasion of Ukraine, according to EU Helpers.
Additionally, the European Commission requested in March of last year that Member States administering residency and citizenship by investment programs verify all Russian and Belarusian beneficiaries to make sure they are not on the EU's list of those subject to sanctions because of the conflict in Ukraine.
"The Commission is urging Member States to repeal any existing investor citizenship schemes immediately and to ensure strong checks are in place to address the risks posed by investor residence schemes," the Commission said in a statement.
Spain's Ministry of Foreign Affairs, Interior, and Social Security have all agreed to halt the issuing of golden visas to Russian nationals starting in 2022.
However, despite the suspension of the issuing of golden visas to Russian nationals, local media sources from earlier this year claimed that Spain still issues these visas to them.
Transparency International data show that between 2013 and April 2018, 7,118 Chinese nationals and 4,715 Russians collectively profited from Spain's Golden Visa Scheme.
Additionally, according to data obtained by Interia from the Ministry of Integration, Social Security and Migration, 11,464 individual permits and 19,805 family reunion permits were awarded throughout the course of the ten-year period.
The same source reports that 2,462 persons in total received them in the previous year. Nearly half of the total number of visas were issued to Chinese nationals, while every fifth visa holder was a Russian citizen.
According to data from Transparency International, 429 Russian nationals and 1,395 Chinese nationals received Golden Visas in Greece between 2013 and 2018.
Italy's government stated earlier this month that it will no longer issue Investor Visas to citizens of Russia and Belarus. The Ministry of Enterprises and Products endorsed the choice.
"We communicate the suspension of the program for Russian and Belarusian citizens as per the provision of the President of the Committee of July 14, 2023 (the manager Ministerial Maurizio Montemagno, ed) in compliance with Recommendation C (2022) 2028 of the European Union," the statement reads.
A year after the European Commission's suggestion, the Italian government made its choice.