Golden Visas: What's Left of Residency by Investment

For about a decade, several European countries sold residence permits, in effect, to people who bought property or invested large sums. The pitch was attractive: invest once, get residency for the family, and barely need to live there. Since 2023, most of the property-based versions have closed or become much more expensive. If you are an American who mainly wants to retire or live abroad, the good news is that you almost certainly never needed one.

What a golden visa is

"Golden visa" is shorthand for residency by investment. You make a qualifying investment, such as real estate, a fund, government bonds, or a business, and receive a residence permit. Many programs carry low minimum-stay rules, which made them popular with people who wanted a European foothold without moving full time.

They became politically contentious, especially in cities with housing shortages, and the EU has scrutinized investor programs for security and money-laundering risks. That pressure explains most of the closures below.

What changed, country by country

Spain: ended in April 2025

Spain's Organic Law 1/2025, published January 3, 2025, ended the golden visa three months later, on April 3, 2025. The best-known route had granted residence for buying Spanish real estate worth at least €500,000. You can still buy property in Spain; it just no longer earns a residence permit. Existing holders should get specific advice on their own renewals.

Portugal: real estate removed in 2023

Portugal's 2023 housing law (Law 56/2023, the "Mais Habitação" package) removed property purchases and the general capital transfer option from its golden visa program. Investments can no longer be aimed, directly or indirectly, at real estate. The program still exists in a narrower form, described below.

Portugal also lengthened its route to citizenship. Under the new nationality law in force since May 19, 2026, most non-EU applicants need ten years of legal residence, counted from the date the first residence permit was issued, instead of five. That change hit many golden visa investors who had planned around the old timeline.

Ireland: closed in February 2023

Ireland's Immigrant Investor Programme closed to new applications at close of business on February 15, 2023, according to the government's announcement. Applications already received continued to be processed.

Greece: thresholds raised

Greece kept its program but raised the price. Under Law 5100/2024, the standard real estate route now requires €800,000 in Attica, the Thessaloniki regional unit, Mykonos, Santorini, and islands with more than 3,100 residents, and €400,000 elsewhere. The investment must be one property of at least 120 square meters. A €250,000 option remains for converting a commercial building to residential use (completed before you apply) or restoring a listed building. Golden visa properties cannot be used for short-term rentals. Greece's 2026 national housing strategy proposes further changes that were not yet in force when we checked.

What remains

Investment residency still exists, but it now looks more like business or fund investing than buying a vacation home.

Portugal's remaining program has light presence requirements: at least 7 days in the first year and 14 days in each subsequent two-year period. Italy's investor visa does not include a property option. Outside Europe, several Latin American countries offer investor residency with lower thresholds, which we cover in each destination guide.

The risks

• Policy risk. Spain and Ireland show that programs can close quickly. Portugal shows that the rules for renewals and citizenship can change after you have invested.
• Illiquidity. Fund investments typically lock up money for years. Portugal requires qualifying funds to have at least a five-year maturity.
• Investment risk. The visa does not make an investment good. Fees in some golden-visa funds and developments are high, and returns are not guaranteed.
• Tax exposure. Owning foreign property or fund shares can create reporting obligations at home. Read FBAR and FATCA and talk to a cross-border tax adviser.
• Sales pressure. Many intermediaries earn commissions. Verify every program requirement on the government's own website.

Residency by investment vs. citizenship by investment

These are often mixed up, and the difference matters.

Residency by investment gives you a residence permit. You are still a foreigner. Citizenship, if you want it, comes only by naturalizing after years of residence, usually with language and integration tests.

Citizenship by investment grants a passport directly in exchange for a donation or investment, mostly offered by small Caribbean and Pacific states. In the EU, this model has lost its legal footing: on April 29, 2025, the Court of Justice of the EU ruled that Malta's investor citizenship scheme breached EU law because it amounted to the commercialization of EU citizenship.

US citizens do not lose their citizenship by acquiring another one, according to the State Department, but a second passport does not change your US tax obligations. Read US taxes abroad before you treat any second citizenship as a tax plan.

Why most retirees don't need one

Golden visas solve a specific problem: getting residency without proving ongoing income and without living in the country full time. Most Americans moving abroad to retire have the opposite profile. They have steady income and plan to live there.

Compare the numbers. Portugal's D7 asks a single applicant to show €920 a month in passive income in 2026. Panama's Pensionado asks for a $1,000 monthly lifetime pension. Neither requires you to tie up hundreds of thousands of dollars. Our retirement visas guide compares ten countries.

Questions to answer before you invest

If an investment route still looks right for you, work through these before any money moves:

1. Confirm the program is open today. Check the immigration authority's own website, not a promoter's brochure. Programs have closed with only weeks of notice.
2. Read the renewal and presence rules. Know how many days you must spend in the country, what happens if the investment's value drops, and whether you must hold it for the life of the permit.
3. Map the route to citizenship, if that is the goal. Count the actual years under current law, and remember that laws can change mid-stream, as Portugal's did in 2026.
4. Price the full cost. Add legal fees, government fees, fund or management fees, transfer taxes, and the return you give up by locking the money away.
5. Plan the US reporting. Foreign funds, accounts, and companies can carry complex US tax filings. Get a cross-border tax adviser involved before you buy, not after.
6. Compare it with a passive-income visa. If you qualify for one, it may give you the same right to live there at a fraction of the cost.

If you plan to buy property abroad anyway, our housing abroad guide covers renting first, foreign-ownership rules, and common traps.

Last reviewed October 18, 2026. General information only, not legal, immigration, or tax advice. Requirements change, so confirm with official sources before you apply. See our disclaimer.