Golden Visas Are Dying in Europe - Where Global Investors Are Moving Instead
The "golden visa" - residency in exchange for a qualifying investment, usually real estate - was one of the most popular mobility products of the 2010s. Since 2022, the model has been quietly dismantled across much of Western Europe.
The Great Closure
- United Kingdom: Closed its Tier 1 Investor visa entirely in February 2022, citing financial-crime concerns.
- Portugal: Ended the real-estate route to its Golden Visa in October 2023, redirecting the program toward fund investments, job creation, and cultural/heritage contributions instead.
- Spain: Passed legislation ending its real-estate Golden Visa route in April 2024, after years of pressure over housing-affordability concerns in cities like Barcelona and Madrid.
- Greece: Kept its program alive but sharply raised minimum thresholds in high-demand areas - Athens, Thessaloniki, and the islands now require far higher minimum investment than the rest of the country.
Where the Money Is Going
| Program | Status | Minimum Investment |
|---|---|---|
| UAE Golden Visa | Active, expanding sectors | From AED 2M property or AED 500K startup capital |
| Malta Permanent Residence Programme | Active | Government contribution plus property lease or purchase |
| Greece Golden Visa (standard regions) | Active, tiered by region | From EUR 250K in lower-demand regions |
| Italy Investor Visa | Active | From EUR 250K in an innovative startup |
The UAE has been the clearest beneficiary - the published requirements for its Golden Visa don't require an intermediary lawyer or a years-long queue, and the flat-tax environment adds a second incentive on top of residency itself. Malta has picked up investors who specifically want continued access to the EU, since its program hasn't followed Spain and Portugal's real-estate closures.
What's Driving the Shift
The common thread across the closures is domestic housing pressure. In Lisbon, Barcelona, and Athens, golden-visa-driven property demand became politically toxic as local rents and prices climbed - governments concluded the programs were doing more to inflame housing markets than to attract productive investment. The programs that have survived tend to be the ones structured around business investment or government funds rather than residential property.
"The 2010s version of the golden visa - buy an apartment, get a residence card - is functionally over in most of Western Europe. What's replaced it looks a lot more like venture or fund investment than real estate."
