Golden Visas 2025: Countries That Maintain Programs and New Limits

The term “Golden Visa” refers to residency or citizenship by investment programs that allow wealthy foreigners to obtain the right to live (and sometimes eventually naturalize) in a country in exchange for a substantial investment. Over the past decade, such programs flourished worldwide: governments welcomed billions in foreign investments in real estate, businesses, and funds, while investors gained residency rights, security, and global mobility. By 2025, however, the landscape of golden visas has shifted dramatically. Amid growing concerns about security, money laundering, and overheated property markets, many countries are rethinking or winding down these programs. Some states have outright suspended or canceled their investor visa schemes, others have tightened requirements and raised investment thresholds, and a few continue to offer golden visas but with reformed conditions. In this article, we provide a comprehensive overview of which countries still maintain their investment migration programs, which have halted or ended them, and what new limits and regulations are in place for 2025.

Global Overview of Golden Visa Programs in 2025

On a global scale, investment migration remains in demand, but regulatory scrutiny is at an all-time high. In Europe, golden visa schemes have faced particularly intense criticism from the EU. A 2019 European Commission report identified these programs as a potential security threat and urged member states to restrict or eliminate them. As a result, by 2025 several European countries have already rolled back these initiatives. The UK, Ireland, the Netherlands, Austria, Latvia, and Portugal are among those that in recent years terminated or drastically curtailed their golden visa offerings. In 2025, Spain joined this list by closing its once-popular residency-by-property-investment route.

Nevertheless, some countries continue to operate investment visa programs, albeit often under stricter rules. In the EU, the last remaining golden visa programs are found in Greece, Italy, Malta, and Cyprus, though even these have seen new constraints. Outside Europe, many nations still consider investment visas a pillar of their immigration strategy. The United States still runs its EB-5 immigrant investor visa (with updated rules), and Caribbean countries actively market their citizenship-by-investment plans, competing for global investors. In Asia and the Middle East, new golden visa-style schemes are on the rise: for example, the UAE introduced long-term “Golden Residence” visas for investors and talented individuals, and financial hubs like Singapore and Hong Kong significantly raised the bar for their investor visa programs in 2023, targeting an ultra-wealthy clientele. Thus, in 2025 we are witnessing a recalibration of investment migration – Europe is tightening the screws, while other regions are stepping in with revised, often more demanding, offerings.

Countries Maintaining Investment Immigration Programs

Greece. The Greek Golden Visa program remains one of the most accessible in Europe, though its terms have been adjusted. Since 2023, the minimum required real estate investment doubled from €250,000 to €500,000 in high-demand locations (central Athens, Thessaloniki, Mykonos, Santorini, etc.), and in some prime areas thresholds can reach €750–800K. Less populated regions still offer the old €250K entry point, preserving a lower tier for certain properties (e.g. those needing renovation or in remote areas). The program grants a renewable 5-year residence permit (effectively permanent residency as long as the investment is held) with no minimum stay requirement. After 7 years of residence (if one chooses to live in Greece), an investor can become eligible for Greek citizenship. Aside from real estate – which over 90% of applicants prefer – Greece also allows other investment options such as a €400K capital investment in Greek stocks, bonds, or a term deposit.

The Greek government remains committed to the program as an economic stimulus but is also mitigating side effects on local housing: new rules limit golden visa investors to purchasing a maximum of one property per postcode area to prevent bulk buying and speculation. This balanced approach keeps Greece’s program attractive in 2025, especially after other EU countries’ exits.

Italy. The Investor Visa for Italy grants a 2-year residency to non-EU investors willing to support Italy’s economy. The minimum investment is €250,000 (into an innovative startup company), with other options including €500,000 into any Italian company’s share capital, €1 million as a philanthropic donation, or €2 million in Italian government bonds. The Italian golden visa has no physical presence requirement for renewals, a big draw for busy global investors.

The initial visa can be extended for 3 additional years, and immediate family (spouse and dependent children) can be included. After 5 years of continuous residence, investors may apply for permanent residency, and after 10 years (plus language and integration criteria) they can become eligible for Italian citizenship. As of 2025, Italy has made no major changes to its program – investment amounts and categories remain the same, and it’s one of the few EU golden visas still standing. Italy’s offering is appreciated for its relatively low entry threshold (€250K, among Europe’s lowest) and flexibility, though investors aiming for citizenship must commit to a long-term presence (Italy requires actual residency and language proficiency for naturalization).

Malta. Following the closure of its controversial “golden passport” citizenship-by-investment scheme in 2020, Malta shifted focus to its residency by investment program, the Malta Permanent Residence Programme (MPRP). This scheme grants permanent residency (indefinite leave to remain) in Malta, which also confers visa-free access across the Schengen Area. To qualify, investors must make a combination of property and financial contributions. As of January 1, 2025, Malta raised the costs and requirements of MPRP.

Now applicants must purchase real estate worth at least €375,000 nationwide (up from €300K/€350K depending on region before) or rent a property for at least €14,000 per year (uniformly, up from €10–12K). In addition, a government contribution of €30,000 is required if purchasing (or €60,000 if renting), plus a non-refundable administrative fee of €50,000 (previously €40K), and proof of at least €500,000 in net assets (€150K of which must be liquid financial assets). Dependents (spouse, children, parents) can be included, but new rules impose an upper age limit of 29 for dependent children and introduce a €10,000 fee per additional family member.

In total, the outlay for Maltese PR now exceeds €450K for most applicants when all costs are tallied, underscoring Malta’s positioning of the program as a premium EU residence. Despite higher costs, Malta continues to attract investors with its English-speaking environment, EU membership, and the possibility of eventual citizenship through naturalization (Malta allows one to apply for citizenship after several years of residency or via a separate exceptional investment route under strict conditions).

Cyprus. After the scandalous end of its citizenship-by-investment program in 2020, Cyprus now focuses on a permanent residency by investment scheme. The requirement remains a €300,000 minimum investment into the Cypriot economy. In practice, most applicants fulfill this by buying new residential property worth at least €300K + VAT (up to two units from a developer). Other qualifying options include investing €300K in commercial real estate (offices, hotels, shops), shares of a Cyprus company (with at least 5 employees), or units of a local investment fund.

The key benefit is that this is a fast-track permanent residence: approval typically comes within 2–3 months, and the status is permanent (no renewal needed, provided basic conditions are maintained). There’s only a light residency requirement – one short visit every two years. Cyprus’s PR does not lead automatically to an EU passport, but holders could apply for citizenship after 7 years of actual residence. In 2022, Cyprus tightened some criteria: applicants must now show a secure annual income of at least €50,000 (up from €30K) plus additional income for dependents, ensuring that investors can support themselves without burdening the state.

Also, parents of the main applicant are no longer eligible as dependents (only spouse and children up to age 25). As of 2025, there are talks in Cyprus’s parliament about possibly reducing the investment threshold to €250,000 to make the program even more competitive, but this had not been enacted at the time of writing. With Cyprus in discussions to join the Schengen Area in the near future, interest in its permanent residence is high – if Schengen membership materializes, a Cypriot “golden visa” granting easy EU travel would become even more appealing.

Beyond Europe. A variety of investment visa programs remain active around the world
United States. The EB-5 Immigrant Investor Program continues to offer a path to a U.S. green card for investors, albeit under reformed rules. The current minimum investment is $800,000 in a Targeted Employment Area (rural or high-unemployment area) or infrastructure project, and $1,050,000 for standard projects. Investments must create 10 full-time U.S. jobs. The EB-5 program was revamped by Congress in 2022, which reauthorized it with increased thresholds (the $800K/$1.05M amounts) and added integrity measures like fund audits and investor protections. Demand remains robust from countries like China, India, and Vietnam, though applicants often face multi-year wait times for a conditional green card due to processing backlogs and quota limits. The U.S. has thus maintained its “golden visa” equivalent, focusing on job creation and with arguably some of the most rigorous oversight.

United Arab Emirates. The UAE Golden Visa system, introduced in 2019 and expanded in 2021–2022, grants 5- or 10-year residency permits (renewable) to eligible investors, entrepreneurs, talented professionals, and others. For investors in real estate, the requirement was significantly lowered to AED 2 million (approximately USD 545,000) in property purchase, which now grants a 10-year residency (previously, a 5-year visa required AED 5M and 10-year required AED 10M). Investors can also qualify by depositing AED 2M in a local investment fund or by owning a business with capital of AED 2M. The relaxed thresholds led to a surge in demand – Dubai, for instance, saw many affluent individuals (including foreign buyers from Asia and Europe) investing in luxury real estate to secure long-term residency. The UAE visa confers attractive benefits (no income tax, ability to sponsor family, etc.), though it does not lead to citizenship, as the Emirates only grant citizenship in very rare cases. Still, as a residence-by-investment destination, the UAE in 2025 is one of the world’s hotspots, capitalizing on its lifestyle and business-friendly reputation.


Turkey. Turkey’s Citizenship by Investment (CBI) program remains active and is one of the few major schemes offering direct citizenship (a passport) without a prior residency period. The most popular route is real estate acquisition – since 2022, foreigners who buy property worth at least $400,000 (up from $250K previously) can apply for Turkish citizenship. Other options include depositing $500,000 in a Turkish bank for 3 years, investing $500,000 in government bonds for 3 years, or making a $500,000 capital investment or venture fund share purchase. The process is relatively fast: Turkish passports are typically issued in 3–6 months after investment. The program attracted many investors from the Middle East, Asia, and recently from Russia and Ukraine, as it provides a fairly strong passport (visa-free access to 110+ countries) and an easy relocation option. In 2025, Turkey’s CBI continues unchanged apart from the increased real estate threshold that took effect in mid-2022. There are periodic discussions of adjusting or suspending it (often tied to the state of the economy or political climate), but it remains in place as an important source of foreign inflows.

Caribbean Nations. St. Kitts and Nevis, Antigua and Barbuda, Dominica, Grenada, and Saint Lucia all maintain their Citizenship by Investment Programs. These countries offer a second passport in exchange for a one-time investment, typically either a donation (USD 100,000–150,000) to a government fund or a real estate purchase (USD 200,000–400,000) in an approved project (such as resort developments). The Caribbean CBI programs are known for relatively quick processing (3–6 months) and have been popular with applicants from China, the Middle East, Africa, and beyond seeking visa-free travel or a “plan B” citizenship. In 2025, all five programs are operational, though they have undergone significant changes to due diligence and regulations. Under pressure from the EU and U.S., the Caribbean governments formed a collective agreement in 2023 to tighten vetting of applicants, including introducing mandatory interviews, enhanced background checks, and banning Russians and Belarusians (due to sanctions) from applying. Some programs also adjusted their pricing or incentives: for instance, St. Kitts & Nevis briefly ran a limited-time discount on its donation option in early 2023, and Grenada temporarily suspended its real estate option to review and improve it. Despite these tweaks, Caribbean golden passports remain among the most straightforward and are practically the last bastion of direct citizenship-by-investment now that European countries have exited that space.

Australia and New Zealand. Australia was known for its Significant Investor Visa (SIV), requiring an A$5 million investment, alongside other business innovation visa streams (from A$1.25M). However, in 2023 Australia terminated its golden visa programs as part of a broad immigration reform. The government cited that the SIV, started in 2012, delivered limited economic benefits and was misaligned with the new focus on skills and productivity. By July 2024, all new investor visa applications were closed and attention shifted to attracting “exceptional talent” rather than passive capital. New Zealand similarly closed its Investor 1 and 2 visa categories in 2022. It replaced them with a new Active Investor Plus visa that demands a higher investment (minimum NZ$5 million) and favors direct equity and venture investments over passive holdings. The NZ program uses a weighting system – investments in startups or private businesses count more, so while NZ$5M is the minimum, purely passive investments require NZ$15M – to encourage more impactful contributions to the economy. These moves in Australasia underscore the trend of moving away from passive investor visas to more active, talent-driven migration pathways.

Singapore and Hong Kong. Both are notable for their high-end programs. Singapore’s Global Investor Programme (GIP) grants permanent residency to those investing S$10 million (≈USD 7.4M) in a new or existing business or S$25 million in an approved fund. Singapore dramatically increased these amounts in 2023 (from the previous S$2.5M baseline) and also introduced an option for ultra-high-net-worth individuals to establish a single-family office with S$200M in assets. The goal is to attract only the crème de la crème of investors who will substantially contribute to Singapore’s economy and create jobs – a few dozen such applicants per year. Hong Kong, after suspending its Capital Investment Entrant Scheme in 2015, officially relaunched it in 2023. The new program requires an investment of HK$30 million (≈USD 3.8M) in Hong Kong financial assets (stocks, funds, etc.). Notably, property investments are excluded to avoid exacerbating Hong Kong’s housing issues. Hong Kong’s and Singapore’s programs, while technically offering residency by investment, are in reality targeting exceptionally wealthy investors given the lofty sums involved.

In summary, a wide array of countries in 2025 still offer golden visa or golden passport opportunities, but often under significantly higher financial thresholds or more focused investment channels than before. The contrast is sharp: while Europe has mostly retreated, other regions like the Middle East and parts of Asia have emerged with competitive (if pricey) programs, and traditional players like the USA and Caribbean have kept their doors open with added safeguards.

Countries That Suspended or Canceled Programs

Over the past few years, a wave of countries have shut down their golden visa schemes entirely, driven by security concerns, political pressure, or dissatisfaction with program outcomes. Here we detail key nations that have recently halted or ended their investment visa or citizenship initiatives:

United Kingdom. The UK’s Tier 1 (Investor) Visa was abolished in February 2022, ending a program that had been in place since 2008. It required a minimum £2 million investment in UK bonds, share capital, or loan capital, and offered accelerated indefinite leave (permanent residence) for larger investments (£5M for 3-year ILR, £10M for 2-year ILR). The closure was abrupt – the Home Office cited national security concerns amid reports the visa had “provided entry to a small number of corrupt elites and associated wealth” without sufficient benefit to the UK. This move preempted planned reforms, reflecting worries about dirty money (especially post-2018 revelations involving Russian oligarchs). As of 2025, the UK has no direct replacement investor visa; the government shifted focus to innovator and skilled worker visas, making it harder for pure capital to buy residency.

Ireland. Ireland’s Immigrant Investor Programme (IIP) operated from 2012 until it was suddenly closed on February 15, 2023. The decision, announced by the Justice Minister, came after an internal review and amid EU calls to curb golden visas. Notably, the IIP had been temporarily suspended in 2022 during a corruption investigation. Under IIP, investors could obtain residency with a €1 million business investment or fund subscription (held for 3+ years), a €2 million REIT investment, or a €500,000 philanthropic donation. The program raised roughly €1.3 billion for Ireland, mostly from Chinese applicants, but was among the priciest in the world and relatively small in scale. Reasons given for closure included anti-corruption concerns and EU pressure to end the “sale” of residency. After closure, those already approved could still finalize their residence permits, but no new applications are accepted. The end of Ireland’s golden visa (and its earlier end of a citizenship-by-investment scheme in 2014) leaves wealthy investors with no quick immigration route to this English-speaking EU country.

Portugal. Portugal’s famed Golden Visa Program – which since 2012 granted residency in exchange for investments like €500K real estate – underwent a dramatic turn. In 2023, facing a housing affordability crisis, the Portuguese government introduced a housing bill (“Mais Habitação”) that effectively ended the golden visa’s real estate and capital transfer pathways. As of October 2023, purchasing property no longer qualifies for a golden visa (whether €500k standard or €280–350k rehabilitations in low-density areas). Also abolished were the simple capital transfer option (€1.5M deposit) and the option to invest €500k in real estate investment funds. However, Portugal stopped short of scrapping the program entirely – several investment routes remain in place: a €500,000 investment in a Portuguese venture capital fund, €500,000 in scientific research, €500,000 into starting or expanding a business with creation of at least 5 new jobs, or a €250,000 donation to arts or cultural heritage.

Additionally, in 2024 Portugal launched a new category called the “Residence Permit for Investment in Support of the Artistic Production, Cultural Heritage, and the Green Economy”, informally dubbed the Social Golden Visa or Solidarity Visa. This requires a charitable contribution of €250,000 towards projects like affordable housing and migrant integration – aligning investment immigration with social impact. It’s important to note that existing golden visa holders in Portugal are not affected retroactively; they can continue to renew under prior rules and even qualify for permanent residency or citizenship after 5 years. But for new investors, Portugal in 2025 is a very different proposition: the era of buying an apartment in Lisbon for residency is over. The number of applications plummeted after real estate was removed, though interest in alternative routes (notably funds) has grown as investors adapt. Still, compared to its peak, Portugal’s program has lost some shine – a striking change for a country that once led Europe in golden visa attraction.

Spain. In early 2025, Spain formally abolished its golden visa program for property investors. Under Organic Law 1/2025, published January 3, 2025, the granting of new investor visas tied to real estate was terminated, effective April 3, 2025 (three months post-publication). Spain’s program, in place since 2013, had offered a residency visa for a minimum €500,000 real estate purchase (plus alternatives: €1M in shares of a Spanish company or in bank deposits, €2M in government bonds, or unspecified amount in a significant job-creating project). The move to end it came after long-standing scrutiny. During 2022–2024, Spain debated modifying or scrapping its golden visa amid concerns it was driving up housing prices and not delivering enough economic value. By eliminating the real estate visa, Spain aligns with EU pressure to close such schemes. The law’s passage left a short window for pending investors to finalize deals before April 2025. Going forward, wealthy foreigners can no longer rely on a property purchase for Spanish residency; they must use other pathways (like the Entrepreneur Visa, Highly Qualified Worker Visa, or standard immigration routes). Spain’s closure is symbolic given its popularity (the country attracted around €6 billion via golden visas in a decade). It underscores how even large EU nations see these programs as politically untenable in the current climate.

Latvia. Latvia was an early adopter of a golden visa (launched in 2010, requiring investment in real estate, business, or government bonds), which brought in significant foreign capital, primarily from Russian investors. However, in response to geopolitical events and EU guidance, Latvia suspended new applications in 2022. Initially, in March 2022, Latvia stopped issuing golden visas to citizens of Russia and Belarus. Later that year, amendments effectively froze the entire program for all new investors. By mid-2023, the suspension was extended indefinitely, essentially shutting down Latvia’s investor visa. The suspension was tied to security concerns and the perception that the program had largely served interests counter to Latvia’s national security (given many applicants were from Russia). As of 2025, there’s no indication Latvia will reopen the program; if anything, it might be permanently ended. The Latvian case highlights the role of international sanctions and security considerations in the fate of golden visas.

Others. A few smaller jurisdictions have also terminated their investment citizenship programs in recent years. Montenegro ended its limited-time Citizenship-by-Investment scheme on December 31, 2022, as part of its effort to strengthen its EU candidacy credentials – the EU had signaled that aspiring members should not run golden passport schemes. Bulgaria in 2022 scrapped the provision that allowed investors to fast-track citizenship by doubling an initial investment (commonly €512K in government bonds). This effectively ended Bulgaria’s quasi-CBI system, though a residency-by-investment option remains nominally on the books with little uptake. Malta was forced by EU infringement action to close its original Individual Investor Programme (direct citizenship for €650K donation + investments) in 2020. It replaced it with a more stringent “Citizenship for Exceptional Services” process requiring a one-year residency and an even larger investment (~€750K plus property purchase and donations), but even that is under continued EU scrutiny and may not last. The overall pattern in Europe is clear: no EU country now offers instant citizenship for investment, and the few remaining residency programs are under pressure to justify themselves or face closure.

New Limits and Requirements in 2025

Higher Minimum Investments. One striking trend by 2025 is the across-the-board increase in minimum investment thresholds. Governments are raising the bar to ensure only serious investors apply and to boost economic returns from each approval.

In Greece, the baseline property investment jumped to €500,000 (from €250K) in key regions, and as of 2024 certain ultra-prime locations even require up to €800K. Malta implemented higher costs for its residency program, as detailed earlier (e.g., property purchase now €375K and larger contributions). Cyprus kept its €300K base but might lower it – an exception if it happens, but coupled with other stricter criteria. Portugal now effectively requires at least €500K in active investments (or a €250K donation) whereas before a €280K property could suffice – a major jump in commitment. Singapore multiplied its requirement fourfold to S$10M, and Hong Kong set a roughly US$3.8M bar – both out of reach for all but the ultra-rich. Even the U.S. raised EB-5 amounts from $500K to $800K (and $1M to $1.05M). Cumulatively, these moves indicate that a “golden visa” in 2025 costs significantly more than it did a few years ago, whether we’re talking about Europe, North America, or Asia. The only notable lowering of a threshold occurred in the UAE, where as part of program expansion, the required property investment dropped from AED 5M to AED 2M – a strategic decision to attract a broader base of mid-level millionaires. But that stands out as an outlier in a sea of rising numbers.

Changes in Eligible Investment Types. Another key development is governments restricting which investments qualify – generally shifting away from passive real estate and towards more economically productive forms of investment. The elimination of real estate from Portugal’s program in 2023 is a prime example. Spain chose to eliminate the whole program rather than carve out alternatives, reflecting a political stance that the linkage of property and visas was untenable. Encouraging business investment is now the mantra: Portugal’s allowed routes now explicitly push funds, company capitalization, or research donations.

New Zealand’s Active Investor model heavily favors venture capital and direct equity over stocks and bonds. Hong Kong’s new scheme prohibits property entirely, channeling funds to local stocks and bonds instead. Greece still allows property but imposed a unique check – one investor cannot buy multiple cheaper properties across the same region to meet the threshold (previously some would buy two €130K homes to hit €250K total; now the rule is effectively one property per investment in those areas). This is aimed at preventing practices that might distort local markets.

In general, countries are trying to ensure that the foreign money they accept drives tangible economic benefits like business growth or innovation, rather than simply inflating housing prices. Residency Obligations and Timelines: Most golden visa programs continue to have minimal residency requirements, a key selling point that hasn’t changed much.

For instance, Portugal kept its rule that investors need to spend only about 7 days per year in the country on average, even after program reforms. Greece imposes no stay requirement at all for its 5-year residency. Malta requires just a visit every few years to maintain PR. These lenient terms persist because they are crucial to attract busy international investors who may not be able to relocate full-time. However, when it comes to obtaining citizenship, almost all countries now require substantial physical residence and integration (language, culture) – essentially closing the door to immediate “golden passports”.

For example, Ireland required full-time residency (5 years) for naturalization despite an investor having an IIP residency. Spain demands 10 years of actual residence for citizenship (which golden visa holders rarely fulfill, hence few naturalize). Malta’s new citizenship route requires at least 12 months residency plus background checks and a steep donation, demonstrating that quick passports are gone in the EU context. So, while residency visas are still relatively easy to maintain, the journey to a passport via investment is now usually long and conditional. Additionally, one sees validity periods of initial visas being tweaked in some places – e.g., Spain gave a 2-year initial permit after a 1-year visa, Greece a 5-year permit from the start, Italy 2+3 years, etc. These technical adjustments aim to streamline renewal cycles and align with the long-term perspective that investors should have if they seek eventual permanent status.

Additional Oversight and Limits. Programs in 2025 have incorporated new forms of oversight, due diligence, and even quotas. Caribbean CBI programs now require interviews and utilize external due diligence agencies for each applicant, as part of a pact to improve standards (this followed warnings that visa-free access to the EU for these passports might be re-evaluated). In Europe, the idea of annual caps on golden visas has been floated (Ireland’s Justice Minister had considered it, Greece discussed it), though most did not implement formal caps before simply ending programs or raising thresholds drastically. Source-of-funds verification is far more rigorous now than a decade ago – applicants must provide extensive evidence of how they earned the money they’re investing, to satisfy anti-money laundering protocols. This sometimes slows processing but is now standard practice across reputable programs. Background checks have become multi-layered; even interpol and international databases are combed to ensure applicants have no red flags. Some countries also introduced compliance audits at renewal time – e.g., requiring updated police certificates, proof the investment is still held, and confirming that any required insurance or contributions have been maintained. The overall aim is clear: to ensure golden visa recipients are bona fide investors of good character, not fugitives or sanctioned individuals using these as loopholes. This increased scrutiny coincides with geopolitical events (like the Ukraine war leading to rich Russians being largely shut out of many programs) and global tax transparency initiatives. In short, the golden visa process in 2025 is more invasive and complex administratively than it was before, reflecting governments’ attempt to address criticisms while still keeping the door open for desirable investors.

Popular Investment Options: Real Estate, Funds, Startups

Real Estate – from Mainstay to Mixed Fortunes. Real estate has historically been the cornerstone of many golden visa programs. Purchasing property was a straightforward way for investors to qualify – it offered a tangible asset that could appreciate or generate rental income, making it a win-win for investors and a boost to local property markets. Countries like Spain, Portugal, Greece, and Cyprus all saw the majority of their golden visa applicants opt for real estate acquisitions. Outside of Europe, real estate is also central to programs like Turkey’s and some Caribbean CBI options. However, by 2025 the role of real estate in investment migration has become contentious.

On one hand, it remains popular where available. Greece’s golden visa demand surged in 2022–23 as investors rushed in before higher property thresholds kicked in, and even after, property is still the dominant route in Greece and Cyprus. The UAE actively encourages property investment by offering a long-term visa with a relatively low entry price (hence Dubai’s real estate sector has benefitted from an influx of foreign buyers pursuing residency). On the other hand, numerous governments have curtailed property-based visas due to domestic concerns. Portugal’s clampdown was driven by the perception that golden visa buyers contributed to a housing affordability crisis in Lisbon and Porto. Canada’s Quebec program (now suspended) had similar criticisms in Montreal and Vancouver. Spain’s abolition of its visa was largely to prevent further real estate speculation by non-residents. Even where still allowed, the bar is higher – e.g. Greece doubling or tripling the required property investment in certain cities. Thus, real estate as a golden visa investment is now a polarized subject: it’s either being pushed to a higher tier (fewer but bigger investors) or phased out entirely, depending on the country. For investors who prefer real estate’s stability, opportunities still exist (Greece, Cyprus, UAE, Turkey, Caribbean, etc.), but they should be mindful that some markets might face policy changes or additional taxes on foreign buyers in the future, as housing affordability is a hot political issue.

Funds and Financial Assets – The New Favorite. In the evolving golden visa landscape, investment funds, bonds, and equity stakes have gained prominence as qualifying investments. Governments favor these because they can channel funds directly into the economy or specific sectors. For instance, Portugal’s fund investment option (minimum €500K) became the primary route after real estate was removed. Many investors pivoted to venture capital and private equity funds focusing on Portuguese businesses, which potentially deliver economic growth. Italy’s entire program is based on financial investments (company shares or bonds), thereby injecting capital into enterprises or state coffers. The US EB-5 has traditionally funneled money into development projects (often via regional center pooled investments), effectively acting as a source of low-cost financing for job-creating ventures. Hong Kong’s revived scheme explicitly directs HK$30M into local stocks or bonds, boosting the financial market. The advantage of fund-based investments for investors is that these can be more passive than running a business – professionals manage the fund, while the investor meets the visa requirement in the background. It also often requires lower maintenance (no property taxes or management hassles). However, funds come with market risk and lack of guaranteed returns, and typically one must lock-in the money for 5 or more years (e.g., Portuguese funds usually have ~6-year terms). Yet, 2025 clearly shows a trend: residency by investment is no longer just about buying real estate – it’s about investing in the economy.

This shift aligns with EU recommendations that investment residence should have tangible economic benefits beyond real estate inflation. As a result, prospective golden visa applicants are increasingly financial investors – evaluating fund prospectuses, performing due diligence on asset managers, and balancing portfolio diversification with immigration goals. In short, the profile is tilting from property buyer towards venture capitalist (albeit often a silent one).

Business Establishment and Startups – Emphasizing Active Investment. Some countries are pushing for more active entrepreneurial investment through their programs. While classic golden visas typically didn’t require one to actively run a business (just invest money), there is a rising overlap with startup visas and entrepreneur programs. For example, Portugal’s golden visa has a route where investing €500K in a company and creating at least 5 jobs qualifies – a nod towards active business involvement, though it hasn’t been as popular due to the complexity.

New Zealand’s Active Investor visa essentially forces a form of venture capital investment – which is active by nature – rather than passive holdings. Singapore’s Option A under GIP expects the investor to either start or significantly expand a business and hire 30 employees, which is a substantial operational commitment. Many countries offer parallel “startup visa” schemes separate from golden visas, aimed at entrepreneurs with innovative business plans (e.g., France French Tech Visa, Canada Startup Visa, Dubai’s Innovator Visa). Though not “golden visas” in the traditional sense (since they emphasize skill and innovation over wealth), they are part of the broader trend of linking immigration to entrepreneurship and job creation. By 2025, even traditional investor visa programs include hints of this: Italy’s lower €250K threshold for startups is meant to attract investors to support innovation, and Montenegro (during its CIP) required investment in development projects, not just a donation. The challenge for investors is that active investments are riskier and require expertise – not everyone is prepared or qualified to run a business in a foreign country or pick winning startups. Hence purely entrepreneurial options within golden visa programs have seen limited uptake. But policy-wise, countries are signaling that they value investors who are also entrepreneurs and job creators.

Over time, we may see more hybrid models where applicants need to invest funds and also meet benchmarks like hiring locals or achieving certain revenues to retain their status. This is part of making golden visas more politically palatable by tying them to tangible economic contributions beyond just the capital outlay.

Government Bonds and Donations – Declining but Still Present. In the early 2010s, some golden visas (like Latvia, Hungary) allowed investment in government bonds or a treasury contribution, which was a safe, straightforward route for investors. Most such options have since closed (Hungary’s residency bond program ended in 2017, Latvia’s bond option was phased out). Only a few places like Bulgaria used bonds for fast-track citizenship, and that ended in 2022. The rationale was often that bonds are too passive and arguably just a loan to the government that must be repaid, so the economic benefit is short-term. However, donations or contributions to state funds have gained ground, particularly in citizenship programs and a few residency ones. The entire model of Caribbean CIPs is built on a direct donation to the National Development Fund of each island (which governments use for public projects). This remains popular because it’s quick and uncomplicated – for example, roughly 70% of Dominica’s CBI applicants choose the $100K donation route over the real estate option, as per government reports. In residency schemes, Malta’s PR program includes a mandatory government contribution (essentially a donation of €30K–60K depending on property purchase or rent). Ireland’s IIP had a donation option (€500K to charity), which reportedly was frequently used especially towards the end, as it was simpler than managing an investment and had a lower out-of-pocket amount than the €1M investment. By 2025, donations remain a feature largely of citizenship programs and a couple of residency ones. They are often criticized by transparency advocates as “buying status outright,” but from the country’s perspective, donations are pure revenue. The new Portugal solidarity visa is a case where a traditional golden visa country decided to introduce a donation route explicitly to channel funds into social causes – essentially framing it as a philanthropic investment.

This move could inspire similar adjustments elsewhere to improve the image of investment visas by adding a do-good element. For investors, donations represent a trade-off: the money is gone permanently, but usually the required amount is lower than investment routes and the process is faster (since verifying a donation is simpler than verifying an investment’s compliance). Thus, donations appeal to those who prioritize speed and certainty over capital preservation. We see this in many CBI cases where time-strapped individuals opt to pay rather than deal with property ownership in a faraway country. In conclusion, 2025’s golden visa market demands that investors carefully choose the form of investment that suits their goals and risk appetite. Real estate offers stability but is available in fewer programs now; fund investments and business ventures satisfy program requirements in more places but require trust in management and acceptance of risk; donations give a quick result but at a definite cost. The diversification of qualifying investments reflects governments’ intent to align investment migration with national economic priorities – whether that’s boosting housing supply (or in some cases not hurting it), stimulating innovation, or simply filling state coffers. Savvy investors will weigh not just the residency benefits but also the financial implications of each route, effectively making an immigration decision and an investment decision in tandem. The most successful programs going forward are likely those that manage to create a win-win: delivering value to the host country’s economy and offering investors a reasonable chance of returns or at least capital preservation, in addition to the residency rights.

Conclusion

By 2025, the golden visa landscape has undergone significant transformation. The “easy” days of buying a moderately priced apartment in Europe to swiftly get a residency permit are largely over. Increased scrutiny and geopolitical pressures have led to the shutdown of many programs that were once pillars of investment migration in Europe. Would-be golden visa investors now face a map with far fewer pins in Western Europe – with only a handful of options like Greece, Italy, or Malta still open, and even those with higher barriers to entry. This contraction in Europe is balanced by expansion elsewhere, as countries in other regions step up to attract high-net-worth individuals, often with even pricier or more specialized programs. For the global investor seeking a Plan B residence or second citizenship, the current era demands more strategy and due diligence.

Programs now tend to require more capital, more proof of legitimacy, and more patience. It’s no longer just about having the funds – one must also navigate complex application processes, demonstrate the lawful source of wealth, and sometimes commit to long-term business plans. The golden visa, in essence, is becoming less of a “transaction” and more of a “partnership” between the investor and host country. This is exemplified by moves like Singapore’s – where an investor is expected to actively contribute to the economy – or Portugal’s refocusing towards cultural and social investments, indicating an expectation of alignment with national interests. Despite the headwinds, investment migration remains alive and evolving. The demand for mobility, better lifestyle, education for children, and financial security that drives golden visa interest is not diminishing. If anything, global uncertainties – from pandemics to political instability – have made the idea of a backup residency or passport more attractive to many affluent individuals. In turn, countries with sagging economies or a need for foreign capital still see these investors as a resource. The Middle East (e.g., UAE) has seized the opportunity to become a new hub for expatriate investors disillusioned with the West. Asia’s powerhouses like Singapore are leveraging their stability and business appeal to draw the ultra-wealthy. The Caribbean, with its quick citizenships, continues to serve a niche of those seeking immediate global mobility (for example, nationals of countries with weak passports who need visa-free travel quickly for business).

Looking ahead, we might anticipate new hybrid models of investment migration. These could include more residency-by-investment programs tied to specific sectors (for example, green investments or digital innovation) as climate and tech become priorities. We might also see greater multilateral coordination: the EU is working on implementing stricter common standards for any remaining golden visas to mitigate security risks, and perhaps even a possible EU-wide framework could emerge in the distant future if member states agree on one (though that seems politically challenging). In contrast, other regions might form their own standards – for instance, the Caribbean CBI countries already coordinate closely to avoid undercutting each other and to respond uniformly to external criticism.

From an investor’s perspective, the key takeaway in 2025 is that thorough research and professional guidance are more important than ever. The parameters of these programs change frequently (as evidenced by multiple updates in Greece, Malta, Portugal within just the last two years). Missing a deadline or a regulatory change can mean the difference between a successful application and a lost opportunity. On the upside, those who do proceed with a golden visa under the current stricter regimes can be more assured that the programs are more robust and reputable now (since the riskier schemes have been weeded out), and their new status – be it a residency or citizenship – will be on firmer legal and ethical ground. In summary, golden visas in 2025 are fewer, pricier, but also more mature. They have shifted from being considered a quick loophole for the ultra-rich to a more structured, policy-aligned tool for economic migration.

Investors and host countries alike are adjusting to this new normal. As with any market, adaptation is key: investment migration is not vanishing but transforming. Those countries that manage to strike the right balance – attracting investment while safeguarding local interests – will carry their programs forward. Likewise, investors who adapt by bringing not just money but also goodwill and genuine engagement with their chosen new country will find doors still open. The notion of a second home through investment remains compelling and will continue to shape migration patterns, even as the golden gates get narrower.