Switzerland’s Golden Visa Program has attracted a large number of wealthy non-EU nationals in the past few years.
Introduced in 2008, the Residency-by-Investment scheme of Switzerland offers foreign nationals residency, provided they contribute to the country’s economy by investing and meet some additional conditions, including Schengen.News reports.
At present, a total of 496 people hold a Golden Visa in Switzerland, based on the recent statistics from the Swiss Secretariat for Migration, accounting for an increase of 404, registered in 2022.
Russians Top Beneficiaries of Swiss Golden Visa Scheme
The statistics from the State Secretariat for Migration have revealed that nationals of the following countries are top beneficiaries of the Swiss Residency-by-Investment scheme:
- Russia
- China
- The United Kingdom
- Canada
While being top beneficiaries of the Swiss Golden Visa Program, Russian nationals are ineligible to obtain residency in several European countries that offer similar programs.
Following Russia’s invasion of Ukraine, several EU countries imposed sanctions on Russians seeking to obtain residency through the Golden visa Programs.
At the same time, Russia’s Golden Visa Program, aimed at attracting wealthy foreign nationals, saw only 14 applicants in 2024, remaining far from achieving its goal.
Calls to Terminate the Golden Visa Program
In spite of bringing notable contributions to the country’s economy, efforts in Switzerland have been intensified in order to abolish the scheme altogether.
Recently, the Swiss Green Party called on the government to terminate the scheme, arguing that “the wealthiest get the best deal” through this program.
Green Party parliamentarian Balthasar Glättli recently mentioned some of the concerns that this program has sparked in this country.
What bothers me is that not everyone is treated equally under immigration law. The wealthiest get the best deal.
Besides, according to him, the program offers residency to oligarchs and other undesirable persons, emphasising that Russians and Chinese top the list of beneficiaries.
Russians and Chinese continue to top the list of recipients. We all know that in these countries, you can’t get rich without pleasing the regime.
In order to obtain a golden visa, wealthy non-EU nationals are required to invest a specific amount of money, which differs among cantons. For example, the price in Obwalden is CHF250,000(€256,000), while in Zurich it costs at least CHF1 million (€1,070,370).
Successful applicants are granted residency, which later can be converted into citizenship, after at least ten years.