The recent shutdown of the Dutch investment‑residence scheme has sparked headlines claiming the “end of golden visas” in Europe. In reality, a patchwork of residence‑by‑investment programs still operates across the continent, though many are being restructured, priced higher, or face tighter residency and tax conditions.
Recent closures and changes
- Netherlands – Required a €1.25 million investment; only ten permits were issued over ten years before the program was terminated as “not worth continuing.”
- Ireland – Closed its investor visa, later reinstated with stricter conditions after a brief hiatus.
- Portugal – Temporarily suspended some options; the program returned without the real‑estate track, but still allows a residence permit with a minimum of seven days per year and citizenship eligibility after five years.
- United Kingdom – The Tier 1 Investor Visa was withdrawn just before the Russia‑Ukraine war began.
- Cyprus – Ended its citizenship‑by‑investment scheme in 2020.
- Montenegro – Extended its program for one year before closing it in 2022.
Existing European golden‑visa programs
| Country | Minimum investment* | Main options | Residency requirement | Path to citizenship |
|---|---|---|---|---|
| Portugal | €280 k (real estate) or €350 k (capital transfer) | Real estate, capital transfer, job creation | 7 days per year to keep permit active | Citizenship after 5 years (no continuous residence needed) |
| Spain | €500 k (real estate) | Real estate, business projects | 6 months per year | Citizenship after 10 years (requires residence) |
| Greece | €250 k (real estate) | Real estate, government bonds, company shares | 6 months per year | Citizenship after 7 years (requires residence) |
| Italy | €250 k (startup/innovation) or €500 k (real estate) | Start‑up investment, real estate, government bonds | Must reside in Italy (no explicit minimum days) | Citizenship after 10 years (requires residence) |
| Luxembourg | €500 k (investment fund) | Investment funds, company shares | No explicit stay requirement | Citizenship after 5 years (requires residence) |
| Malta | €600 k (government contribution) + €150 k property + €12 k/year rent | Government contribution, property purchase/lease, bond investment | 12 months per year | Citizenship after 18 months (no long‑term residence required) |
*Amounts are indicative; many programs now accept alternative assets such as bonds, bank deposits, stocks, art projects, or direct company investments, expanding beyond the traditional “buy‑a‑home” model.
Emerging non‑European alternatives
- Serbia – Fast‑track citizenship after one year of residence, no language test, minimal investment.
- United Arab Emirates – Multiple golden‑visa tracks (real estate ≥ AED 5 million, business, or specialized talent) granting long‑term residence but not citizenship.
- Malaysia – “My Second Home” program offers 10‑year renewable residence for qualified retirees and investors.
- Indonesia & Cambodia – Offer long‑term residence permits tied to property purchase or business investment; discussions of future citizenship pathways are ongoing.
- Other Gulf states – Qatar, Saudi Arabia, and Kuwait are exploring investment‑linked residence schemes.
Trends shaping the market
- Price escalation – Portugal and Greece have raised their minimum real‑estate thresholds, reflecting strong demand from non‑Western investors.
- Tax incentive erosion – Some countries (e.g., Portugal) are considering phasing out favorable tax regimes once revenue targets are met, which could diminish the appeal of their programs.
- Residency tightening – Nations such as Italy and Spain maintain or increase the required physical presence to ensure investors contribute to the local economy and tax base.
- Program diversification – Investment options now include government bonds, venture capital funds, and cultural projects, allowing applicants to tailor portfolios to personal risk profiles.
- Political pressure – EU member states face domestic scrutiny over “selling” residency, prompting tighter regulations and, in some cases, program closures.
Practical considerations for prospective investors
- Define the objective – If the goal is a “plan B” residence with minimal physical presence, Portugal’s low‑day requirement or the UAE’s long‑term visas may be optimal. For a direct path to citizenship, Malta’s fast track or Italy’s startup route are more suitable.
- Assess tax implications – Residence permits often trigger tax residency if the holder spends more than 183 days in the country. Programs without tax incentives (e.g., the Dutch scheme) may be less attractive for high‑net‑worth individuals.
- Monitor program stability – Investment thresholds and eligibility criteria can change rapidly; securing a permit before a scheduled increase can yield significant savings.
- Explore alternative permits – Some countries offer self‑sufficient or “digital nomad” visas that require proof of income rather than a capital outlay, which may be more cost‑effective for remote workers.
- Consider long‑term costs – Beyond the initial investment, applicants must budget for property maintenance, annual taxes, and renewal fees, which can add up over the life of the permit.
While the headline “golden visas are dead” is overstated, the landscape is undeniably evolving. Investors should act promptly if a particular program aligns with their goals, but also remain vigilant to shifting regulations, rising costs, and emerging alternatives outside Europe.
