Luxembourg is set to abolish its Golden visa scheme, launched in 2017. It offers Luxembourg residency to non-EU nationals who have invested min. 500,000 EUR in local businesses. A new draft law before parliament argues that the program has failed to deliver meaningful results, with only nine permits granted in seven years. Authorities have concluded that the administrative burden of maintaining the system outweighs its benefits, especially under tightened EU regulations.

The scheme’s limited uptake highlights its shortcomings. While initial applicants came from Australia and China, subsequent years saw only a few successful permits, and most recent applications from Russia, Israel, India and China were refused. Critics emphasized the difficulties of enforcing compliance and ensuring transparency, with EU assessments pointing to gaps in oversight and limited evidence of real economic impact.

Despite closing this path, Luxembourg underlines that non-EU nationals remain welcome mostly through the traditional self-employed residence permit route for regulated professions, e.g. doctors, lawyers etc. However, some policymakers suggest the country should instead prioritize foreign entrepreneurs by enabling simpler company formation and their easier access to banking. 

Interested to know whether the new draft law will indeed become the new law? Stay tuned as Luxembourg and whole Europe reshape its residency and citizenship rules. With 25+ years of international expertise, we navigate investors toward secure, compliant opportunities. Reach out to us for a private consultation at +44 20 3974 1244 or office@vasilpartners.com.