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Europe residency gets harder to buy as Trump sells gold card

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While President Donald Trump is creating new options for the world’s wealthy to move to the US, Europe has been heading in the opposite direction. 

The continent is pulling back on its so-called golden visa programs after they failed to deliver the hoped-for benefits and in some cases backfired. That’s especially true for Portugal, where one of Europe’s most popular programs led to foreigners bidding up homes at the expense of locals.

In most but not all cases, the threshold for residency in Europe was much lower than the $1 million price tag on the Trump Gold Card — part of a broader upheaval of US immigration policy, which includes charging companies a $100,000 to hire college-educated workers from abroad.

Here’s an overview of Europe’s golden visa programs: 

Portugal

The country ended the real estate path to a residency permit in 2023 in a bid to ease property prices. But an alternative route still exists. 

Aimed at bolstering Portugal’s capital base, applicants must put at least €500,000 ($590,000) into an approved investment or venture capital fund. To qualify, the entities need to have more than 60% of resources in domestic assets, including bonds, stocks or local projects like farming and solar panels.

If opting to donate to a non-profit group, the amount goes down to €250,000, or as low as €200,000 if the organization benefits an area with a low-population density. The program has been popular with US, Brazilian and Chinese nationals.

Wealthy foreigners only have to spend one week a year in Portugal for the first year, and 14 days every subsequent two-year period to qualify for a fast-track to residency. 

It’s had some strange effects like increasing the value of avocado farms and contributing to stock market gains. A classic-car museum in a small village has also raised money to improve its collection.

UK

A special visa for foreigners who invest significant sums in Britain has been discussed as part of Prime Minister Keir Starmer’s plans to blunt the economic blow from recent tax hikes and wider curbs on work permits.

An investor visa is possible for people willing to fund sectors seen as strategically important, such as artificial intelligence, clean energy and life sciences, Bloomberg previously reported. 

While the British government is wary about reviving problems associated with past golden visa programs, an investor visa could signal that the UK is charting a different course from the EU, which is trying to curb migration incentives aimed at the rich. 

Separately, the UK is considering plans to waive some visa fees for top global talent, the Financial Times reported on Monday. 

Greece

Investors from outside the European Union can obtain a golden visa in Greece by buying residential property worth €800,000 in Athens, the second-largest city of Thessaloniki or on islands with a population of more than 3,100 people.

Elsewhere in the country, the home has to be worth at least €400,000. Alternatively, an investment of €250,000 can be made in a commercial property that is converted for residential use. 

In all cases, the properties can’t be used for short-term rentals and must be larger than 120 square meters (1,300 square feet).

Other options for obtaining residency include making investments of varying amounts in Greek government bonds, technology startups or renovating historical buildings.

Citizens from China and Turkey are the top two groups who have received Greek golden visas, while demand from the UK increased after Brexit. Israeli applications have risen amid the ongoing Gaza conflict, while more recently demand from the US has grown, according to official figures.

The residence permit is issued for five years and can be renewed indefinitely, provided the investment is maintained. Investors who obtain the visa aren’t obliged to reside in Greece.

Hungary

The country shut down its original golden visa program in 2017 amid corruption concerns, but brought back a new version last year. The relaunch aimed to attract wealthy foreigners while addressing some of the criticisms levelled at the earlier program. It also sought to channel investment into the local economy without overheating the housing market.

Applicants can now qualify in two ways. One option is putting at least €250,000 into an approved real estate investment fund. These investments must be held for five years, and the fund is required to invest at least 40% of its net assets in Hungarian residential property. 

The second path involves a €1 million donation to a higher-education institution operated by a public-interest trust.

The permit is granted for up to 10 years and can be renewed once for another decade, making it one of the longest-term residency options in Europe. 

Importantly, Hungary scrapped the earlier €500,000 direct residential property purchase route at the start of this year, meaning investors can no longer qualify by buying real estate outright.

Italy

The country introduced a special visa aimed at attracting foreign investors in late 2017. In exchange for a strategic investment, the program allows non-EU citizens a renewable two-year residency permit.

Investments that count toward the visa include at least €2 million in Italian state bonds, €500,000 in an Italian company or €250,000 in an innovative Italian startup. Alternatively, applicants can also make a philanthropic donation of at least €1 million in sectors of public interest. 

The Investor Visa for Italy — suspended for citizens from Russia and Belarus — is only for individuals, but recipients can apply for residency permits for spouses, children and elderly parents.

Numbers on the program are scarce. As of the end of 2021, there had been 64 applications from 20 different nationalities and 50 people were accepted for a total of €40 million in investments. Prime Minister Giorgia Meloni’s administration has not provided further updates on the program. 

Spain

Prime Minister Pedro Sanchez’s government last year ended its golden visa program for foreign property buyers in a bid to increase the amount of affordable housing available to locals.

The program, which granted residence permits to non-EU citizens who invest at least €500,000 in a house in Spain, attracted thousands of people. Investors were mainly from China, Russia, the US and UK. 

Like some similar programs, it was launched in the wake of the 2008 financial crisis, when Spain was desperate for funds, but it became a political liability for Sanchez with the economy growing and Spaniards struggling to afford homes. 

Ireland

With a now-thriving economy, Ireland ended its golden visa program in February 2023 following a review of its “appropriateness.” Introduced by the Irish government in 2012 for non-EU nationals with a personal wealth of at least €2 million, applications were dominated by wealthy Chinese individuals.

The government continued to process applications received by the Feb. 15 deadline, approving 535 visas in 2024 — 97% of which were from Chinese nationals. In the first six months of 2025, Ireland approved 208 applications including 185 Chinese and 11 US individuals.

It’s expected to take a number of years to process the remaining applications received up to the deadline, the Department of Justice said.

The Netherlands

A program to attract foreign investors by offering residency in exchange for a €1.25 million investment was discontinued in April last year because of a lack of interest. 

Less than 10 permits were issued over the past years, according to the Dutch Immigration Service’s website. Even after rules were relaxed, the Netherlands didn’t receive more applicants.

Malta 

Europe’s top court banned a program by Malta that provided a so-called golden passport, in other words offering ciitizenship in exchange for investment. It was last the EU member state that had such a program.

The European Court of Justice decision from late April specified that an EU member state could not issue a passport unless an applicant had a “genuine link” to the nation, addressing a key criticism of loose rules. 

The European Commission, the EU’s executive branch, has long warned that golden visa programs expose the bloc to money laundering and security risks. The war in Ukraine also generated concern that sanctioned individuals may have used them to acquire access to the bloc.

North Macedonia

The country has a citizenship-by-investment program, allowing foreigners to get citizenship if they invest in North Macedonia, which is a candidate for EU membership. The amount ranges from €200,000 in a government-approved fund to €400,000 in a new business facility that creates at least 10 jobs — retail and hospitality sectors are excluded. 



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Google DeepMind agrees to sweeping partnership with the U.K. government

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AI lab GoogleDeepMind announced a major new partnership with the U.K. government Wednesday, pledging to accelerate breakthroughs in materials science and clean energy, including nuclear fusion, as well as conducting joint research on the societal impacts of AI and on ways to make AI decision-making more interpretable and safer.

As part of the partnership, Google DeepMind said it would open its first automated research laboratory in the U.K. in 2026. That lab will focus on discovering advanced materials including superconductors that can carry electricity with zero resistance. The facility will be fully integrated with Google’s Gemini AI models. Gemini will serve as a kind of scientific brain for the lab, which will also use robotics to synthesize and characterize hundreds of materials per day, significantly accelerating the timeline for transformative discoveries.

The company will also work with the U.K. government and other U.K.-based scientists on trying to make breakthroughs in nuclear fusion, potentially paving the way for cheaper, cleaner energy. Fusion reactions should produce abundant power while producing little to no nuclear waste, but such reactions have proved to be very difficult to sustain or scale up.

Additionally, Google DeepMind is expanding its research alliance with the government-run U.K. AI Security Institute to explore methods for discovering how large language models and other complex neural network-based AI models arrive at decisions. The partnership will also involve joint research into the societal impacts of AI, such as the effect AI deployment is likely to have on the labor market and the impact increased use of AI chatbots may have on mental health.

British Prime Minister Keir Starmer said in a statement that the partnership would “make sure we harness developments in AI for public good so that everyone feels the benefits.”

“That means using AI to tackle everyday challenges like cutting energy bills thanks to cheaper, greener energy and making our public services more efficient so that taxpayers’ money is spent on what matters most to people,” Starmer said.

Google DeepMind cofounder and CEO Demis Hassabis said in a statement that AI has “incredible potential to drive a new era of scientific discovery and improve everyday life.”

As part of the partnership, British scientists will receive priority access to Google DeepMind’s advanced AI tools, including AlphaGenome for DNA sequencing; AlphaEvolve for designing algorithms; DeepMind’s WeatherNext weather forecasting models; and its new AI co-scientist, a multi-agent system that acts as a virtual research collaborator.

DeepMind was founded in London in 2010 and is still headquartered there; it was acquired by Google in 2014.

Gemini’s U.K. footprint expands

The collaboration also includes potential development of AI systems for education and government services. Google DeepMind will explore creating a version of Gemini tailored to England’s national curriculum to help teachers reduce administrative workloads. A pilot program in Northern Ireland showed that Gemini helped save teachers an average of 10 hours per week, according to the U.K. government.

For public services, the U.K. government’s AI Incubator team is trialing Extract, a Gemini-powered tool that converts old planning documents into digital data in 40 seconds, compared to the current two-hour process.

The expanded research partnership with the U.K. AI Security Institute will focus on three areas, the government and DeepMind said: developing techniques to monitor AI systems’ so-called “chain of thought”—the reasoning steps an AI model takes to arrive at an answer; studying the social and emotional impacts of AI systems; and exploring how AI will affect employment.

U.K. AISI currently tests the safety of frontier AI models, including those from Google DeepMind and a number of other AI labs, under voluntary agreements. But the new research collaboration could potentially raise concerns about whether the U.K. AISI will remain objective in its testing of its now-partner’s models.

In response to a question on this from Fortune, William Isaac, principal scientist and director of responsibility at Google DeepMind, did not directly address the issue of how the partnership might affect the U.K. AISI’s objectivity. But he said the new research agreement puts in place “a separate kind of relationship from other points of interaction.” He also said the new partnership was focused on “question on the horizon” rather than present models, and that the researchers would publish the results of their work for anyone to review.

Isaac said there is no financial or commercial exchange as part of the research partnership, with both sides contributing people and research resources.

“We’re excited to announce that we’re going to be deepening our partnership with the U.K. AISI to really focus on exploring, really the frontier research questions that we believe are going to be important for ensuring that we have safe and responsible development,” he said.

He said the partnership will produce publicly accessible research focused on foundational questions—such as how AI impacts jobs or how talking to chatbots effects mental health—rather than policy-specific recommendations, though the findings could influence how businesses and policymakers think about AI and how to regulate it.

“We want the research to be meaningful and provide insights,” Isaac said.

Isaac described the U.K. AISI as “the crown jewel of all of the safety institutes” globally and said deepening the partnership “sends a really strong signal” about the importance of engaging responsibly as AI systems become more widely adopted.

The partnership also includes expanded collaboration on AI-enhanced approaches to cybersecurity. This will include the U.K. government exploring the sue of tools like Big Sleep, an AI agent developed by Google that autonomously hunts for previously unknown “Zero Day” cybersecurity exploits, and CodeMender, another AI agent that can search for and then automatically patch security vulnerabilities in open source software.

British Technology Secretary Liz Kendall is visiting San Francisco this week to further the U.K.-U.S. Tech Prosperity Deal, which was agreed to during U.S. President Trump’s state visit to the U.K. in September. In November alone, the British government said the pact helped secure more than $32.4 billion of private investment committed to the U.K tech sector.

The Google-U.K. partnership builds on a £5 billion ($6.7 billion) investment commitment from Google made earlier this year to support U.K. AI infrastructure and research, and to help modernize government IT systems.

The British government also said collaboration supports its AI Opportunities Action Plan and its £137 million AI for Science Strategy, which aims to position the UK as a global leader in AI-driven research.



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49-year-old Democrat who owns a gourmet olive oil store swipes another historically Republican district from Trump and Republicans

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Democrat Eric Gisler claimed an upset victory Tuesday in a special election in a historically Republican Georgia state House district.

Gisler said he was the winner of the contest, in which he was leading Republican Mack “Dutch” Guest by about 200 votes out of more than 11,000 in final unofficial returns.

Robert Sinners, a spokesperson with the secretary of state’s office, said there could be a few provisional ballots left before the tally is finalized.

“I think we had the right message for the time,” Gisler told The Associated Press in a phone interview. He credited his win to Democratic enthusiasm but also said some Republicans were looking for a change.

“A lot of what I would call traditional conservatives held their nose and voted Republican last year on the promise of low prices and whatever else they were selling,” Gisler said. “But they hadn’t received that.”

Guest did not immediately respond to a text message seeking comment late Tuesday.

Democrats have seen a number of electoral successes in 2025 as the party’s voters have been eager to express dissatisfaction with Republican President Donald Trump.

In Georgia in November, they romped to two blowouts in statewide special elections for the Public Service Commission, unseating two incumbent Republicans in campaigns driven by discontent over rising electricity costs.

Nationwide, Democrats won governor’s races by broad margins in Virginia and New Jersey. On Tuesday a Democrat defeated a Trump-endorsed Republican in the officially nonpartisan race for Miami mayor, becoming the first from his party to win the post in nearly 30 years.

Democrats have also performed strongly in some races they lost, such as a Tennessee U.S. House race last week and a Georgia state Senate race in September.

Republicans remain firmly in control of the Georgia House, but their majority is likely fall to 99-81 when lawmakers return in January. Also Tuesday, voters in a second, heavily Republican district in Atlanta’s northwest suburbs sent Republican Bill Fincher and Democrat Scott Sanders to a Jan. 6 runoff to fill a vacancy created when Rep. Mandi Ballinger died.

The GOP majority is down from 119 Republicans in 2015. It would be the first time the GOP holds fewer than 100 seats in the lower chamber since 2005, when they won control for the first time since Reconstruction.

The race between Gisler and Guest in House District 121 in the Athens area northeast of Atlanta was held to replace Republican Marcus Wiedower, who was in the seat since 2018 but resigned in the middle of this term to focus on business interests.

Most of the district is in Oconee County, a Republican suburb of Athens, reaching into heavily Democratic Athens-Clarke County. Republicans gerrymandered Athens-Clarke to include one strongly Democratic district, parceling out the rest of the county into three seats intended to be Republican.

Gisler ran against Wiedower in 2024, losing 61% to 39%. This year was Guest’s first time running for office.

A Democrat briefly won control of the district in a 2017 special election but lost to Wiedower in 2018.

Gisler, a 49-year-old Watkinsville resident, works for an insurance technology company and owns a gourmet olive oil store. He campaigned on improving health care, increasing affordability and reinvesting Georgia’s surplus funds

Guest is the president of a trucking company and touted his community ties, promising to improve public safety and cut taxes. He was endorsed by Republican Gov. Brian Kemp, an Athens native, and raised far more in campaign contributions than Gisler.



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Rivian CEO says it’s a misconception EVs are politicized, with a 50-50 party split among R1 buyers

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If Rivian’s sales are any indication, owning an electric vehicle isn’t such a partisan issue, despite President Donald Trump’s rollbacks of mandates, incentives, and targets for EVs.

At the Fortune Brainstorm AI conference in San Francisco on Tuesday, Rivian CEO RJ Scaringe said it’s a misconception that electrification is politicized, explaining that most customers buy a product based on how it fits their needs, not their ideology. The questions car buyers ask, he said, are the same whether they’re purchasing one with an internal-combustion engine or a battery: “Is it exciting? Are you attracted to the product? Does it draw you in? Does the brand positioning resonate with you? Do the features answer needs that you have?”

Buyers of Rivian’s R1 electric SUV are split roughly 50-50 between Republicans and Democrats, Scaringe told Fortune’s Andrew Nusca. “I think that’s extraordinarily powerful news for us to recognize—that this isn’t just left-leaning buyers,” he added. “These are people that are saying, ‘I like the idea of this product, I’m excited about it.’ And this is thousands and thousands of customers. This is statistically relevant information.”

Buying an EV was once an indication of left-leaning politics, but the politics got scrambled after Tesla CEO Elon Musk became the top Republican donor and a close adviser to Trump. That drew some new customers to Tesla, and turned off a lot of progressive EV buyers, with many existing owners putting bumper stickers on their Teslas explaining that they bought their cars before Musk’s hard-right turn. Trump and Musk later had a stunning public feud, in part over the administration’s elimination of EV and solar tax credits.

But Scaringe said he started Rivian with a long-term view, independent of any policy framework or political trends. He also insisted that if Americans have more EV choices, sales would follow. Right now, Tesla dominates a key corner of the market, namely EVs in the $50,000 price range. Rivian’s forthcoming R2 mid-size SUV will represent a new choice in that market, with a starting price of $45,000 versus the R1’s $70,000.

Ten years from now, Scaringe said he hopes—and believes—that EV adoption in the U.S. will be meaningfully higher than it is today across the board, explaining that the main constraint isn’t on the demand side. Instead, it’s on the supply side, which suffers from “a shocking lack of choice,” especially compared to Europe and China, he added. EV options in the U.S. are limited by the fact that Chinese brands are shut out of the market.

More choices for U.S. EV buyers would presumably create more competition for Rivian—and indeed, the flood of low-priced Chinese EVs in other auto markets has created a backlash, with countries such as Canada imposing steep tariffs on them. But Scaringe appears to view more competition as positive for the market overall.

“I do think that the existence of choice will help drive more penetration, and it actually creates a unique opportunity in the United States,” he said.



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