In the first quarter of the year, the Golden Visa program, which grants residence permits to investors, has marked a dip in new applications, authorities have said.
According to the Department of Immigration, 1,964 applications were filed from January to March, marking a slight reduction from the 2,015 applications in the same period last year.
The dip comes amidst a backdrop of impending regulatory changes to the program, similar to last year’s conditions when such amendments were also announced.
Despite the drop, the program has seen a surge in interest due to a perceived urgency to invest before new rules take effect.
Comparative data from the previous year’s first quarter shows a significant increase in the number of permits.
Initially, 11,038 investor permits were granted, with an additional 4,842 awaiting approval, totaling 16,035 permits. This year, if the 8,422 pending applications are approved, the total will jump by 52 percent, to 24,397 residence permit holders.
The program, nearly a decade old, represents a cumulative investment exceeding 6 billion euros. The current figures are unprecedented, as the annual approval rate for new licenses typically ranges between 1,500 and 2,000.