Golden visa rules changed in 7 popular investor residency destinations
Seven popular investor residency programs, including Spain’s and Portugal’s golden visas, have undergone major rule changes in 2023–2025, tightening eligibility or eliminating real estate routes due to regulatory pressure and housing politics. Spain abolished its program entirely in April 2025, while Portugal shifted focus away from property investments toward funds, research, and job creation, complicating investor options.
Seven European and Middle Eastern investor residency programs have undergone significant reforms in 2023–2025, reshaping how non-EU investors can obtain residency or citizenship through financial commitments. Spain ended its golden visa program outright in April 2025, removing the option for non-EU buyers to qualify with €500,000 in property investments. The closure followed domestic political pressure over housing affordability and broader EU scrutiny of investor schemes linked to security and money laundering risks. Portugal retained its golden visa but eliminated real estate as a qualifying investment under Law 56/2023 (October 2023). The updated rules now prioritize non-property investments, such as collective funds, business capitalization, scientific research, cultural projects, and job creation. Investors must verify that funds labeled as ‘golden visa eligible’ do not indirectly involve real estate, as compliance now requires deeper scrutiny of fund structures and portfolios. Greece raised its property investment threshold to €250,000, making the program less accessible, while Malta lost a separate citizenship-by-investment program after a European Court of Justice ruling. Italy, which never relied heavily on property purchases, remains an option but lacks the straightforward appeal of Mediterranean real estate. The UAE introduced a broader long-term residency framework, diverging from traditional European golden visa models, and Cyprus now focuses on permanent residency rather than passport acquisition. The European Commission’s 2019 report on investor schemes highlighted risks like tax evasion and corruption, prompting member states to tighten oversight. Housing affordability crises in Spain and Portugal further fueled political backlash against golden visas, turning them into contentious issues. Movingto.com notes that investors must now confirm program availability before committing funds, as rules can change abruptly. Portugal’s updated guidelines, for example, require applicants to prove their investments align with non-real-estate criteria, adding complexity to the process.
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