European Elections 2024 and the Effect on Investment Migration

Share:

From Thursday, June 6 to Sunday, June 9 2024 EU citizens headed to polling stations to cast their vote at the European Parliament elections. This is a process that happens every 5 years. But what will be the effect of these European elections of 2024 on the world of investment migration?

Let’s take a look at these key elections in 4 EU countries as well as the European Union as a whole. We’ll examine the potential repercussions on inbound migration. The 4 countries are Greece, Malta, Portugal, and Spain.

Greece

In the birthplace of democracy, Néa Dimokratía (yes, New Democracy) continues to enjoy the support of the majority of the nation as it has since winning the general election in 2019. Its 28.31% share of the European Election vote was almost double that of its socialist SYRIZA rival. So, the Greek Golden Visa doesn’t appear to be losing any of its shine.

Yet one shouldn’t get too complacent about Greek Residency by Investment. It’s unlikely to be around forever. And if you are interested in securing a Hellenic Visa of the Golden Variety, sooner is superior to later as the minimum price is set to increase from €250,000 to €400,000 by the end of September.

Malta

In Malta, MEPs are equally split between the ruling socialists, the Labour Party, and conservative rivals, the Nationalist Party. Both will send three representatives to the European Parliament in Strasbourg.

This election has no bearing on the future of Maltese Exceptional Investor Naturalization (MEIN) or the Malta Permanent Residence Programme (MPRP). Yet the fate of these two investment migration programmes is tied up with the European Union, especially the MEIN. Indeed, the European Commission is taking the Malta Government to the European Court of Justice with EU Justice Affairs Commissioner Didier Reynders maintaining that “European Union values are not for sale.”

Our Executive Chairman Eric Major expects “Malta to win this battle but we will have to see who wins the war.” Major thinks the long-term prospect for the MEIN is not certain and that you should act fast if you’re interested in investing to acquire European citizenship while you still can.

Portugal

Portugal is another country where European Elections 2024 closely followed a national election. The latter saw the populist CHEGA record a near 20% share of the vote. However, the election deciding upon Members of the European Parliament saw their support halve.

Instead, Partido Socialista (PS) and the Aliança Democrática (AD) candidates received the biggest number of crosses. This is good news for the Portuguese Golden Visa. Despite rumours of its demise, it continues to evolve with the recent addition of new elements.

Spain

The centre held firm in neighbouring Spain too. The version of CHEGA there, Vox, saw their showing dwindle. Instead, the ruling Partido Socialista Obrero Español (PSOE) and conservative opposition Partido Popular (PP) won 2/3 of the vote.

While that is good news for European unity, it was PSOE leader Pedro Sánchez who said that he intends to remove the real estate component from the Spanish Golden Visa. With this Residency by Investment, carpe diem should again be your motto. Seize the moment before the opportunity is lost for good.

What Will the European Elections 2024 Mean For the Future of Investment Migration

It’s still early to say about the effect on Residency and Citizenship by Investment. The European People’s Party, with a projected 186 seats, remains the most popular group. This collection of Christian Democrats with a strong progressive opposition have managed to keep the populists at bay.

The long-term stability of investment migration programmes, as we have seen, is not too tied to the European Elections 2024. However, in the case of Malta, Europe will have its eventual say. As they will with golden visas.

How to Take Advantage of Investment Migration Solutions Today

Residency and Citizenship by Investment is your entry point to the European Union as a Third Country National. Your next step is to talk to an investment migration specialist such as RIF Trust. So, don’t delay and contact us today.