Golden visa rules changed in 7 popular investor residency destinations

The original golden visa marketing pitch was straightforward: invest enough money, usually in real estate, and get residency. That pitch has aged badly.

Spain killed its program outright in April 2025. Portugal kept the wrapper but ripped out the real estate route two years earlier. Greece raised its property thresholds high enough that the old €250,000 entry point now buys very little. Malta lost a separate citizenship program at the European Court of Justice. Italy, which never really fit the property-purchase template anyway, is suddenly the awkward technical option for people who never wanted a beachfront apartment in the first place. The UAE built a sprawling long-term residency framework that bears almost no resemblance to a European visa. Cyprus settled into a quieter permanent-residence niche that confuses everyone expecting a passport.

Two pressures drove most of this. The European Commission's January 2019 report on investor citizenship and residence schemes flagged risks around security, money laundering, tax evasion, corruption, and weak oversight, and pushed member states to tighten programs. Layered on top of that was the housing-affordability politics in Spanish and Portuguese cities, which turned investor visas into a domestic political problem rather than an administrative footnote. Below is what's actually open today, what changed, and where investors keep getting confused.

Spain: closed for new applicants

Spanish law (the amendment to Law 14/2013 published in the Official State Gazette on Jan. 3, 2025) abolished residence visas for investors, effective from April 3, 2025. Spain should not be on a comparison shortlist for anyone seeking residency through investment.

The pre-abolition program let non-EU buyers qualify with €500,000 of property, or larger amounts in capital, government bonds, or business projects. Real estate dominated the inflows, which is why the closure had domestic political bite. Anyone interested in living in Spain now has to look at non-lucrative residence, work permits, the digital nomad visa, family reunification, or entrepreneurship routes — different rules, different timelines, different proof requirements.

The unglamorous lesson from Spain: a popular golden visa can vanish on a few months' notice. Confirm the route is open before paying advisers, reserving property, or wiring funds anywhere.

Portugal: still open, but no longer a real estate play

Portugal remains one of Europe's better-known residency-by-investment markets, but its program has been reshaped. The current rules, set by Law 56/2023 ("Mais Habitação," October 2023), are tracked in Movingto's Portugal Golden Visa guide. The 2023 housing reforms scrapped real estate-linked routes and pushed the program toward non-real-estate collective investment undertakings, business capitalization, scientific research, cultural support, and job creation. AIMA's official guidance is now explicit that qualifying investment activities cannot be intended directly or indirectly for real estate.

That clause matters more than it sounds. A fund branded "Portugal golden visa eligible" is not automatically clean. Investors now have to look at what the fund actually owns, how it's structured, and whether anything in the underlying portfolio could be construed as real estate exposure. The live Portugal funds database makes side-by-side comparison easier when there are dozens of options to filter through.

Portugal still appeals because it offers EU residency with light physical-stay requirements relative to most immigration routes. The legal review just got more technical. The question used to be whether an applicant had enough capital. Now the question is whether a specific investment structure survives the post-2023 rulebook.

Greece: still property-driven, but the bar moved

Greece is one of the few European programs where direct real estate purchases remain central. The old, easy €250,000 version is largely gone.

Under the updated framework, the minimum investment is generally €800,000 in high-demand areas, including Attica, Thessaloniki, Mykonos, Santorini (Thira), and islands with more than 3,100 inhabitants. In other parts of Greece, the minimum is €400,000. The same circulars also impose a 120-square-meter minimum size for properties bought under the €400,000 and €800,000 tiers. The lower €250,000 route survives in narrow categories such as specific property conversions or restoration cases. Recent legal commentary on ministry circulars also highlights stricter single-property and size requirements.

Greece is still active. The product is just very different from what it was three years ago. A property that looks eligible in a sales brochure can fail on location, type, size, use, or conversion status. The legal details now matter as much as the headline price.

Malta: residency, not a passport shortcut

Malta's main residence-by-investment route is the Malta Permanent Residence Programme (MPRP). Residency Malta describes it as a program for non-EU, non-EEA, and non-Swiss nationals seeking permanent residence in Malta, built around four components: property, a government contribution, an NGO donation, and an administrative fee. Multitiered due diligence applies to every applicant.

Current regulations set a qualifying owned property threshold of €375,000 or a qualifying rented property threshold of €14,000 per year. The rules also include a €60,000 administration fee for the main applicant and a €37,000 contribution requirement, reflecting Malta's 2025 fee harmonization that replaced the previous split between purchase and rental contributions.

Malta should not be confused with a passport-by-purchase route. The country's separate citizenship-by-investment program was struck down by the European Court of Justice in April 2025 and abolished by Maltese law later that year, leaving the MPRP as Malta's principal investment migration route. For families seeking long-term European residence, the program may be relevant. Anyone expecting an immediate Maltese passport is in the wrong country.

Italy: an investor visa, not a property golden visa

Italy's investor route looks different from the property-led programs people typically associate with the term "golden visa." The official Investor Visa for Italy is a two-year visa for non-EU citizens investing in strategic assets for Italy's economy and society. Qualifying options include €2 million in Italian government bonds, €500,000 in an Italian limited company, €250,000 in an innovative startup, or €1 million in a philanthropic initiative.

Italy therefore suits investors who want exposure to Italian companies, startups, public debt, or philanthropy. It is the wrong route for someone who simply wants a holiday home and assumes the purchase would deliver residency.

Italy also illustrates a separate trend: investor visas are increasingly tied to sanctions and geopolitical screening. Italy's official investor visa site notes the program is suspended for Russian and Belarusian citizens, including certain dual passport holders, in line with EU recommendations.

UAE: long-term residency expanding beyond investors

The United Arab Emirates is not a European program, but it has become one of the most visible long-term residency destinations globally.

The UAE's Golden Residency offers eligible applicants long-term residence ranging from five to 10 years, renewable for the same duration, so long as the applicant continues to meet eligibility, and there is no need for a sponsor. Eligible categories include investors, real estate investors, entrepreneurs, exceptional talents, outstanding students, humanitarian pioneers, and frontline workers. For real estate investors, official guidance refers to property ownership valued at AED 2 million or more.

The UAE program is broader than a classic property golden visa. It is designed to attract capital, talent, founders, specialists, and high-performing students all at once. For investors weighing Europe versus the Gulf, the strategic difference is large: the UAE delivers long-term residency and business access in a major commercial hub, but it should not be evaluated as though it were an EU residence or citizenship pathway.

Cyprus: permanent residence by investment remains active

Cyprus continues to offer a permanent residence route for qualifying investors. Official Cypriot migration materials describe an investor immigration permit requiring an investment of at least €300,000 in eligible categories. These include a newly built house or apartment bought from a developer, other real estate (new or used), shares in a Cyprus company that employs at least five people locally and has a physical presence on the island, or units in a Cyprus collective investment fund. Applicants must also show secured annual income from abroad of at least €50,000, with €15,000 added for a spouse and €10,000 for each minor child. Following 2023 reforms, parents and parents-in-law can no longer be included on the application.

Cyprus is often presented as a relatively straightforward permanent residence option, and that framing is roughly accurate. Investors still need to review income requirements, source-of-funds rules, property eligibility, family inclusion rules, and ongoing maintenance obligations.

As with Malta, the distinction matters. Permanent residence is a real, valuable status. It is a separate legal animal from a passport.

5 things to check before paying anyone

The golden visa market has become more legalistic in the last few years. That is good for consumer protection. It also makes shortcuts more dangerous than they used to be.

Before signing an engagement letter, reserving a property, or subscribing to a fund, investors should confirm five things.

First, determine whether the program is still open to new applicants. Spain shows why this cannot be assumed even six months out.

Second, find out whether the specific investment qualifies under current law. Portugal's shift away from real estate and Greece's tiered property thresholds are the obvious examples of why marketing claims need to be verified against the latest rules and circulars.

Third, ask who is actually giving the advice. Investors should distinguish between licensed lawyers (firms like Golden Visa Lawyers, which specialize in this area), immigration consultants, real estate agents, fund promoters, and introducers. Conflicts of interest are common when the same party sells the investment and assesses the legal risk on the same call.

Fourth, find out what happens after approval. Renewal rules, physical-stay obligations, family-member eligibility, tax residency consequences, and exit conditions can be just as important as the initial application — and far more expensive to fix later.

Fifth, determine whether the route actually leads to the outcome the investor wants. Residency, permanent residence, long-term renewable residence, and citizenship are four different legal statuses. Treating them as interchangeable is one of the most expensive mistakes in investment migration.

The new reality

Golden visas are becoming more selective, more regulated, and harder to compare like for like.

Spain closed its investor visa. Portugal redirected its program away from real estate. Greece kept property investment but raised the bar substantially. Malta and Cyprus remain focused on residence rather than instant citizenship. Italy emphasizes strategic investment in companies, debt, or philanthropy. The UAE built a broader long-term residency framework around capital, talent, and entrepreneurship. These shifts have rolled out on a staggered timeline: Cyprus ended its citizenship-by-investment program in late 2020, Portugal removed real estate in October 2023, Greece raised property thresholds in September 2024, and Spain's abolition and the European Court of Justice ruling against Malta's citizenship program both landed in April 2025.

The right starting question for an investor is no longer "which golden visa is cheapest?" Better questions are whether the route is still open, whether the specific investment satisfies current law, whether the post-approval obligations fit the family's actual life, and whether the legal status at the end is the one the investor needs. Anyone who can answer all four with documents — not marketing brochures — is already further along than most applicants.

This story was produced by Movingto and reviewed and distributed by Stacker.