Russia and China top the list of countries whose citizens received the most privileges under the Swiss Golden Visa program

Launched in 2008, Switzerland’s Golden Visa programme has proven popular with wealthy non-EU citizens, offering residency in exchange for investment in the country’s economy. The number of holders of such visas has grown significantly in recent years, from 92 in 2022 to 496 according to the latest figures. The main beneficiaries of the programme are Russians, followed by citizens of China, the UK and Canada. Notably, Russians, who are barred from similar programmes in several European countries due to sanctions imposed after the invasion of Ukraine, have been actively using the opportunity to obtain residency in Switzerland.

However, despite its economic contribution, the programme has faced criticism and calls for its closure. The Swiss Green Party, in particular, argues that the Golden Visa creates privileges for the richest and has called on the government to abolish it, raising concerns about the ethics and fairness of the scheme. Interestingly, Russia's Golden Visa program, which is designed to attract foreign investors, has not shown similar success, attracting only a small number of applicants.

Green MP Balthasar Glöttli is highly critical of Switzerland's Golden Visa program, arguing that it effectively offers residency to oligarchs and others who are undesirable in other countries. He points out that Russians and Chinese are the top beneficiaries, and draws a parallel between the wealth of these citizens and their loyalty to their political regimes, implying that without regime support in these countries, it is impossible to achieve significant financial success.

To qualify for a Golden Visa, wealthy non-EU citizens must invest significant amounts, varying by canton - from CHF 250,000 in Obwalden to at least CHF 1 million in Zurich. Successful applicants receive a residence permit which, subject to certain conditions, can be converted into Swiss citizenship after ten years.