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We're going to talk about residence by investment programs which allow foreign investors, rich ones,

to access permanent residency in a country via an initial payment through so-called golden visas.

Now, European countries are at the top of the list,

offering relatively easy routes to citizenship, visa-free travel across the EU,

and the chance to set up a business or live on the continent at a low cost.

Ranking high at number one is Portugal, which is said to offer the best golden visas in the world,

while Australia and Greece are tied for second in the ranking.

Joining us live this morning, Golden Visa Central's co-founder and president, Vicky Luis.

Hi, Vicky. Welcome to Market Edge.

Good morning, Mimi, and thank you for having me in your show.

All right. So, Vicky, the Golden Greek Visa program was launched back in 2013.

It's been 11 years. How popular has it been?

I mean, I know we have a global number, an estimate, during that time.

From the time it was launched?

They have received 25,000 applications. Of that total, 17,000 have been approved.

Chinese investors accounted for almost 60%.

This is Bloomberg data. And Turkish investors accounted for 7%.

What about for Filipinos? I mean, how many Filipinos have actually availed of this,

and how many more could be in the pipeline?

Well, thank you for your question.

So, since its inception, there has been about 2.3 billion investments brought about by the Golden Visa for Greece already.

And in the Philippines, you know, Portugal is very popular in the beginning,

but now, Greece is gaining traction because it is not only fast,

it's also gaining traction because it's one of the lowest entry points in terms of investment.

So, we've really been seeing an upsurge in the Filipino market.

Could you share with us a number?

How many Filipinos have successfully gained the Golden Visa from Greece?

So, I just launched the Greece.

I launched the Golden Visa in the Philippines in November last year.

Since then, we've been having, so we've done maybe almost 50 applications for Greece.

All right. You did say it's one of the more attractive Golden Visa programs.

And in the past, it was understandable why it was hot.

It offered one of the lowest investment requirements, 250,000 euros.

But today, there are plans for these investments,

to be raised.

I know that earlier this year, Greece already more than doubled

the required investment in hot areas like Thessalonica or Athens.

And for the rest of the year, they're saying it could go up to as high as 500,000 euros.

So, how do you expect that to impact interest and demand

and capability of Filipinos to apply for such Golden Visas?

Correct. So, yes, we acknowledge that there are these changes in the policy,

right? And we know that these Golden Visa programs are not here and meant to last.

They have to change and adjust policies as the country seems, deems fit.

And which is why we are expecting with the increase from 250 to 500 in the inner cities,

we are actually expecting an upsurge in the Philippines.

Really, towards the end of the year, we're expecting to get like 100 families on board.

Thank you.

So, you take advantage of the still low price before the spike hits?

Yes. You're looking at doubling the 15 million pesos to about almost 30 million, right?

And it doesn't make sense.

So, for most of them, it's really something that they want to do now and try to get on board fast.

It is not just now the lowest entry point for an EU residency,

but it's also the...

It's the fastest. So, under six months.

Oh, wow. All right. Could you walk us through, Vicky, just very quickly,

for those who are interested and who are watching us, what are some of the requirements?

Do they have the requirement for them to stay for a certain period before they get the visas?

Or what are the requirements? And what are the perks?

Healthcare? Free education, perhaps?

Yes, thank you.

So, all we need to get you on board, of course, apart from the investment that has to be made,

is your passport.

And if you're bringing your family members, so you're allowed to reunify three generations of your family,

so your spouse, your children up to 21 years old, and your parents,

and including your parents-in-law can be reunified.

And they can avail of the universal healthcare in Greece, which ranks 14th in the world.

And they can also avail of the free education for their children in the public universities.

And, of course, in the private universities, they can also...

They can also get discounted or local tuition fees for their children.

And, basically, you just need a passport, birth certificates, marriage certificate,

and if you're bringing your parents, your own birth certificate,

so that to prove just the connection, right?

And this is so easy, you don't even need an NBI clearance for Greece.

And, most importantly, stay requirement is zero.

You have to go to Greece one day to do your biometrics.

Everything is done remotely.

And the rest are done by your lawyers for you in Greece.

And you go one day for biometrics.

And once you get the permanent residency card,

which gives you access to the Schengen area with your Philippine passport,

in as little as six months, you now, at that point, do not have to go to Greece one single day.

You can fly directly to Italy or Madrid or Paris without even having to pass through Greece.

All right. And how much will it cost, the processing fee?

The 15 million pesos, the 250,000 euros, is an investment requirement.

Does it mean you have to buy a property worth that much?

Or do you set up a business as an investor?

Yes, no.

So, for Greece, we show you properties in the 250 range.

And you have to buy it?

Yes, you would have to purchase that outright.

Because it is a residency by investment program,

they have to see the funds coming in from the main applicant's account.

They have to see the funds coming into the developer's account or the seller's account.

And once that's done, you actually own property that's freehold,

which is the highest form of ownership.

And it's really not a pre-sale project that we're accustomed to in the Philippines.

You actually own the property.

So, you're secure that your money is actually in a very good placed investment.

And for those who might be wondering, for example, your parents today,

apply for this visa program.

How long will it take before that visa program can translate or progress into a citizenship?

Okay, good question.

Because for Greece, it is really for a permanent residency card.

So, if you're just looking for a permanent residency card for mobility,

I think Greece is key.

If you're looking to get the passport for using Greece as your vehicle,

you can get a 7-year stay.

So, that's the difference.

If you're doing something like Portugal, which we also have,

Portugal will give you, you know, a short stay of 7 days per year.

But it gives you the, your end game is the passport, right?

However, in terms of speed in acquiring the residency card to begin with,

Greece is fast.

Like I said, in as little as 6 months, you can get your residency card.

And,

Mimi, you know, I've had clients that did Portugal and are also doing Greece.

Really?

You are allowed to hold 2 or 3 Golden Visa, I mean, Golden Visa residency cards.

What you're not allowed to do is have a passport and then have a Golden Visa.

So, what they're doing is doing Portugal for the passport route in the end game.

And then, they're also doing Greece because of the speed of which they're doing it.

For the permanent residency card, the Golden Visa.

Correct.

All right, all right.

And, for example, your parents got a Golden Visa for the family.

And you did say reunification for 3 generations.

If I'm the daughter today and eventually I have my own kids,

will my own kids be able to take advantage of that visa my parents got or will I have to apply?

No.

So, if you came in as a dependent,

So, it will depend, right?

So, for Portugal, for instance, if you came in as a dependent and then you later on acquire your permanent residency card and then your passport.

Once you get your passport, then you can, of course, when you have children, bring your children and husband along or your spouse along.

When you have the passport?

Correct.

But for the visa route?

For the visa route, so it would be the main applicant that would include you in the application.

So, for Greece, you can bring your parents and then children up to 21 years old.

Okay.

And so, your children are a part of it.

And if your children decide that they want to stay and study in Greece and later on avail of the passport,

then when that child gets married, then they would be able to, you know, bring their spouse and children.

This is certainly a very, very powerful phenomenon.

I mean, I was looking at an Outlook report by Henley and Thomas.

They're estimating a record 128,000 high net worth individuals globally who will move to a new country this year.

Americans, of course, are at the top of the list of applicants.

And then we're seeing some interest from Filipinos.

But I wonder, what is your outlook or visibility for these Golden Visa programs,

considering that several EU countries, members of parliament, are pushing back against programs like this?

They're saying, number one, when you flood the market with so many people,

so many foreign nationals, you tend to squeeze out the locals from the market because the real estate prices shoot up.

The locals can no longer afford the property, which is why, which is one of the reasons why they're raising the minimum requirement.

But there seems to be a lot of blowback there, plus the fact that there's been criticism of lax regulations

when you welcome so many of these visa holders.

What is your outlook on this?

Is this something that, you know, is sort of worrying you down the road?

Well, you know, we acknowledge that these are, the policies are adjusted by these countries depending on the country's needs.

But, you know, to better, of course, to better support their country while sustaining investor interest.

I think that's important.

And this is why we're here to assist clients to navigate them through these changes and the adjustments

and help them to identify, you know, the various Golden Visa programs that's out there that's best suited for them.

And, you know, like I said, all of these, all of these policies change so quickly.

It has gained so much popularity, like you said, in the U.S., in the Philippines.

You know, now people's eyes are open.

They're aware that these programs exist.

And everybody's trying to make a run for it while the prices are still affordable.

You know, most of these people, as you said, they're high net worth individuals.

Really not all of them are looking to relocate.

Most of them are looking just for global mobility.

All right. All right.

And final question.

You know, we remember how this program, the Golden Visas program, was introduced in the aftermath of the 2008 global financial crisis.

It was a way for countries to attract foreign capital and to give, you know, people a plan B.

You know, global mobility, to be able to move around when things get tough or tight in a certain area.

My question is, what about the reverse?

What about countries like the Philippines?

Do you think there is a potential for a country like the Philippines to also attract, you know, foreign nationals to get sort of a special citizenship or visa program?

Maybe we offer for, you know, how the Japanese love our retirement tourism here, our medical tourism.

What opportunities do you see there?

You know, I believe the Philippines has a program to attract foreign nationals.

Mm-hmm.

To attract retirees.

I think we have that for the PRA.

It's not really something that I have been doing as of yet.

I've been doing Europe, which is Portugal, Greece, Spain, and the U.S.

We have a program in the U.S. called the EB-5.

In the Philippines, I know that we have it.

And I think that it would be one day nice to be able to offer these, right, these programs if we have it in the Philippines.

I think it would bring good cash flow to our economy.

I think it's going to be something that I would love to do once we have it, you know, probably.

I haven't really looked into it.

I know it exists.

But I would one day love to do it.

And exciting times ahead indeed for this sort of program.

Vicky, thank you so much for joining us today and for sharing with us insights.

I'm sure you're picking interest from a lot of our viewers who are high net worth individuals.

Thank you again for the time and the insights.

We'll see you soon.

Thank you so much.