The European Union is intensifying scrutiny of citizenship‑by‑investment (CBI) and golden‑visa schemes, prompting investigations, program suspensions, and higher investment thresholds. While several EU programs face tightening or possible termination, alternative residency routes remain available both within Europe and in other regions.
EU pressure on CBI and golden‑visa programs
- Investigations and political pressure – Recent headlines cite Swiss resort data showing a surge in Maltese passport holders, which authorities attribute to Russian visitors. This has been used to justify investigations into Malta’s CBI program and to reinforce the EU’s broader agenda of limiting “golden‑visa” pathways.
- Program closures – Cyprus’s CBI scheme was terminated after an EU investigation. Malta’s program is under renewed scrutiny, with authorities demanding detailed logs of passport holders’ origins.
- Policy rationale – Official statements frame restrictions as protecting local housing markets and preventing tax evasion, but the underlying trend is a systematic reduction of wealth‑based entry routes into the EU.
Recent changes to specific European schemes
| Country | Current status | Investment requirement* | Notable changes |
|---|---|---|---|
| Portugal | Golden‑visa still active but real‑estate option limited | €280,000–€500,000 (depending on location) | Real‑estate purchases now restricted to low‑density areas to protect housing for residents. |
| Greece | Golden‑visa operational | €250,000 (property) | Waiting list exceeds 10,000 applicants; authorities are considering raising the threshold to €500,000 for most municipalities and up to €1 million for Athens. |
| Italy | Investor residency (no dedicated CBI) | €250,000 (government bond or other qualifying investment) | Program remains, but discussions about further restrictions are ongoing. |
| Spain | Golden‑visa still available | €500,000 (property) | Currently popular with Russian investors; future policy may raise the threshold or limit eligibility for certain nationalities. |
| Malta | CBI under investigation | €600,000–€750,000 (donation + property + investment) | Authorities are requesting detailed data on passport holders; potential suspension pending investigation outcomes. |
| Cyprus | CBI terminated in 2020 | – | Program shut down after EU pressure and allegations of misuse. |
*Amounts reflect the primary qualifying investment; additional fees, taxes, or minimum stay requirements may apply.
Viable alternatives outside the EU
- Latin America – Countries such as Mexico, Argentina, and Costa Rica offer permanent residency or citizenship pathways through real‑estate purchases, business creation, or modest investment. Many have favorable tax regimes and fewer restrictions on foreign wealth.
- Non‑EU Eastern Europe – Serbia provides relatively straightforward residency permits with the possibility of citizenship after several years of residence and investment in real estate or business.
- Southeast Asia – Thailand’s “Elite Visa” grants long‑term stay (up to 20 years) in exchange for a prepaid fee ranging from THB 600,000 (~US$17,000) to THB 2 million (~US$55,000), targeting affluent retirees and digital nomads.
These jurisdictions are actively courting foreign investors, contrasting with the EU’s tightening stance.
Practical considerations
- Due diligence – Verify the latest legal requirements and processing times, as thresholds and eligibility criteria can change rapidly.
- Residency vs. citizenship – Many programs grant renewable residency first, with citizenship attainable after a period of continuous residence and language or integration tests (e.g., Greece requires language proficiency after seven years).
- Tax implications – Assess the tax residency rules of the target country; some nations maintain territorial tax systems that limit liability on foreign income.
- Political risk – Programs subject to EU investigations may face abrupt suspension, affecting long‑term planning. Diversifying options across regions can mitigate this risk.
While the EU moves toward restricting wealth‑based entry, a range of alternative residency and citizenship routes remain accessible for investors willing to explore non‑European markets.
