In recent years, the “Golden Visa” system (obtaining residency or citizenship through investment in real estate, donations, or investment funds) has been popular in many European countries, attracting a large number of wealthy non-EU investors. However, with rising housing prices, increasing housing pressure, and growing concerns about money laundering, tax evasion, and security risks, more and more European countries are tightening or canceling these programs. This article aims to review recent changes in major countries, analyze trends, and explore the underlying driving forces and potential impacts.
Which countries are tightening or canceling them?
Spain: Complete cancellation of Golden Visas
Spain officially terminated its “Golden Visa/residency by investment” system on April 3, 2025.
Since its introduction in 2013, this system has attracted a large number of foreign investors, primarily through real estate investments of at least €500,000 in exchange for residency permits.
The Spanish government stated that the main reason for canceling the program was that the system exacerbated rising house prices, impacting the housing affordability of local residents.
Portugal: Cancellation of Real Estate Investment Option, Only Limited Alternative Pathways
Portugal removed the option of obtaining residency through real estate investment in 2023.
The existing Golden Visa program was restructured, allowing applications only through investment funds, job creation, scientific research, or cultural heritage.
In other words, the previously most popular “buy a house, get a visa” pathway is no longer applicable—reflecting the Portuguese government’s policy adjustments to alleviate the real estate market bubble and housing pressure.
Greece: Significantly Increased Investment Threshold, Substantial Tightening
While Greece has not yet completely canceled its Golden Visa program, it has made strict adjustments to the real estate investment pathway. From August 2024, the minimum investment threshold for popular areas (such as the capital and tourist hotspots) will increase from approximately €250,000 to €800,000.
For real estate investment in ordinary areas, applications with lower thresholds are only possible under specific conditions (such as renovation of old buildings or conversion of commercial properties to residential use).
Meanwhile, a longer period has been set for the time required to obtain citizenship after residency, significantly reducing the system’s attractiveness to potential investors.
Ireland and the Netherlands: Complete Abolition
Ireland abolished its Immigrant Investor Programme in 2023, ceasing to offer new golden visas.
The Netherlands also terminated its Golden Visa/residency-by-investment scheme in 2024.
Malta: European Court of Justice Rules “Golden Passport” Illegal — System Ends
In early 2025, the European Court of Justice ruled that Malta’s citizenship-by-investment/golden passport program violated EU law. The rationale is that this practice of “buying citizenship in exchange for money” constitutes the commercialization of EU citizenship and is inconsistent with the principles of mutual trust and honest cooperation among member states.
In other words, Malta’s channel for obtaining citizenship through high donations/investments—once a key route for wealthy non-EU individuals to quickly obtain EU passports—has been legally forced to close.
Other Countries/Regions
Some reports mention that certain countries (such as Latvia) also terminated their real estate-based residency by investment programs in 2025.Meanwhile, some countries (such as Luxembourg) have suspended or reviewed their investment immigration programs due to weak demand, and their future prospects are uncertain.
At the same time, a few countries (such as Hungary) have chosen to go against the tide, restarting their investment immigration programs in 2024, but also restructuring the methods, such as favoring fund investments and donations rather than traditional real estate investments. ([European Parliament])
Why are European countries tightening/canceling golden visas?
Housing Prices and Housing Pressure
Golden visas, which attract foreign capital through real estate investment, were once sought after after the pandemic and during global wealth flows. However, the influx of foreign buyers, especially for investment or short-term rentals, has driven up housing prices and rents. Countries like Spain and Portugal are concerned about increasing the housing burden on local residents. ([Idealista][2]) To protect social stability and the rights of ordinary residents, many countries have chosen to cancel or restrict real estate investment channels.
Social Equity and Public Opinion Pressure
Golden visas are often criticized as being “exclusively for the wealthy” and lacking fairness for ordinary residents. Opposition to this system is particularly strong among low- and middle-income groups when the real estate market is competitive and rents are high.Governments need to balance the economic benefits brought by foreign capital with domestic social equity and livelihood pressures.
Security, Regulation, and Legality Considerations
Golden visa/passport programs have the potential to be used as tools for money laundering, tax evasion, sanctions avoidance, or regulatory evasion. In recent years, these risks have received increasing attention due to strengthened financial regulation, geopolitical tensions, and expanding sanctions.EU-level legal and institutional constraints on “citizenship by investment” programs are also increasing, ultimately leading to programs like Malta being ruled illegal. ([AP News][7])
Driven by a Unified EU Attitude and Values
High-level EU institutions have fundamental concerns about “citizenship/EU citizenship in exchange for money,” believing it violates the principles of trust and solidarity among EU member states. The ruling that Malta is illegal reflects this view. ([AP News][7]) This trend suggests that the EU may push more member states to restrict or withdraw from similar systems in the future to maintain the fairness and credibility of the EU’s citizenship system.
Current European “Golden Visa/Passport” Programs The “golden passport” program is undergoing a significant contraction. Countries such as Spain, Portugal, Ireland, and the Netherlands have abolished or restructured their programs to varying degrees; Greece, Latvia, and Luxembourg are also cautiously adjusting or suspending their programs. The path to residency/citizenship through investment (especially real estate + passport) once considered the “most lenient and convenient” is being weakened. Simultaneously, concerns about security, social equity, and housing pressures, as well as EU-level regulations on investment immigration/passport programs, are all significant driving forces behind this change.
For those intending to obtain European residency or citizenship through “investment immigration,” this means the traditional shortcut of “buying a house for a visa/passport” is becoming increasingly rare. In the future, more complex, costly, and rigorously scrutinized channels such as long-term investment, job creation, research, or entrepreneurship may be necessary. For Europe itself, these policy adjustments also help curb real estate speculation, ensure housing availability, and maintain social equity and stability.
2025 can be considered a watershed year for the European golden visa system— What was once seen by many as a “fast track to Europe” is now being reshaped by institutional constraints, legal norms, and social ethics. Whether this “investment immigration” model can continue to exist under the new framework in the coming years, or will be completely eliminated, largely depends on how countries and the EU balance the relationship between capital flows, social equity, and institutional legitimacy.
