Title page
Contents
Abstract 3
1. Introduction 4
2. Institutional Background 7
3. Data 9
4. Bunching 10
5. On the Capitalization of Golden Visas into Housing Prices 13
6. How Popular is the Golden Visa Program? 15
7. Conclusion 17
References 19
A. Appendix 23
Table 1. Regression Results DiD (static) 15
Figure 1. Golden Visas: Stylized Facts 8
Figure 2. Bunching 12
Figure 3. Event study Golden Visa Premium 14
Figure 4. Survey results 16
Table A1. Golden visas per municipality in 2020 23
Table A2. Survey: descriptive statistics 27
Table A3. Survey: socioeconomic determinants 28
Figure A1. Bunching: robustness with degree 1 25
Figure A2. Bunching per nationality (in 2019) 26