A golden visa is a special residency permit granted to foreigners who make a substantial investment or donation in a country. Commonly found in the EU, golden visas allow investors to establish themselves and their families in a country and enjoy benefits like visa-free travel in the Schengen Area and special tax breaks.
These residency programs have raised millions of dollars in foreign direct investment and tax revenue. Still, they’re being phased out due to rising housing prices, public pressure, and money laundering concerns. Are these truly why countries with golden visas are shutting down these programs? Or are there hidden agendas at play?
In this article, we’ll explore five golden visa programs, including the date they got phased out, why countries have eliminated them, and, most importantly, where you can park your money instead.
Europe's golden visas end: UK & Ireland stopped programs, EU pressures more closures over money laundering fears. Spain/Portugal next?
Expats and high-net-worth individuals (HNWIs) have contributed massively to European economies like Spain, Portugal, and Ireland, all of which needed to recover from the 2008 financial crisis. However, due to “safety concerns” and “territorial integrity,” the European Union has pushed for stricter controls or simply eliminated golden visas. Let’s explore which countries have already modified or discarded them.
The Tier 1 Visa was a special UK golden visa that allowed HNWIs to get residency in the UK if they met at least one of the following conditions:
Invest at least £2 million (roughly $2,434,900 USD) in UK government bonds, share capital, or loan capital in UK companies.
Have at least £1 million (roughly $1,217,450 USD) under your control in the UK.
Invest £750,000 (roughly $913,087 USD) in UK government bonds, share capital, or loan capital in active UK companies within 3 months of your ‘investor start date’ (i.e., your entry date in the UK or the date of your original application).
This golden visa, among other benefits, allowed applicants to include family members such as spouses and children and to apply for citizenship after 6 years. However, the UK government scrapped this visa in February 2022 due to money laundering concerns and the alleged association of many applicants with corrupt foreign elites.
The Immigrant Investor Programme (IIP) was the Irish golden visa that allowed HNWIs to get residency in Ireland if they invested in any of the following four options:
Invest at least €1 million (roughly $1,028,450 USD) in an Irish enterprise for at least three years.
Invest at least €1 million (roughly $1,028,450 USD) in an approved investment fund for at least three years. Such funds had to be approved and regulated by the Central Bank.
Invest at least €2 million (roughly $2,056,900 USD) in an Irish Real Estate Investment Trust listed on the Irish Stock Exchange.
Donate at least €500,000 (roughly $514,375 USD) to a public benefit project in Ireland's arts, sports, health, or culture.
This Irish golden visa allowed applicants to secure residency in Ireland for five years while not being required to live there permanently. However, according to Ireland’s Department of Justice, the program had to be removed in February 2023 due to border security, money laundering, and tax evasion issues.
Portugal cut real estate from its golden visa in 2023. The Netherlands scrapped theirs in 2024. Spain will end all golden visa options by April 2025—housing costs and weak returns drove the changes
Portugal’s Golden Visa has been one of the most popular among expats seeking to establish themselves in beautiful Portugal. Many bought houses in Lisbon, Porto, and the Algarve, but the real estate investment option was removed in October 2023. The golden visa itself has not been phased out, as other permissible pathways remain:
Investing at least €500,000 (roughly $514,175 USD) in research and development activities.
Investing at least €500,000 (approximately $514,175 USD) in non-real estate investment funds.
Donating at least €250,000 (approximately $257,087 USD) to arts and culture initiatives (e.g., cultural associations).
Establishing or reinforcing a Portugal-based business by investing at least €500,000 (approximately $514,175 USD).
Golden visa holders can still obtain benefits like visa-free travel across the Schengen Area, but the real estate option was removed due to rising housing prices attributed to this program. Persistent public pressure and EU directives forced the government to reformulate the investment options.
The Netherlands, one of Europe’s wealthiest economies, issued its own golden visa, the Residence Permit for Foreign Investors. To qualify for this program, just one financial requirement needed to be met:
Invest €1.25 million (roughly $1,285,437 USD) in an innovative Dutch business.
This golden visa has been available since 2013. Successful applicants could include their families and enjoy benefits like visa-free travel across the Schengen Area. However, the government discontinued it in April 2024 because the program did not deliver the expected results and did not help the startup ecosystem grow.
Like Portugal, Spain is a sought-after destination where many want to live. Imagine having the right to live in Spain full-time and travel visa-free across the Schengen Area. However, as I said in a previous article, the government is wrapping up the process of eliminating the golden visa. The available investment options were as follows:
Investing €500,000 (roughly $514,175 USD) in real estate.
Investing €2,000,000 (roughly $2,077,500 USD) in government bonds.
Investing €1,000,000 (roughly $1,038,750 USD) in stocks or equity of Spanish companies with actual, ongoing operations.
Investing €1,000,000 (roughly $1,038,750 USD) in Spain-based mutual or venture capital funds.
Depositing €1,000,000 (roughly $1,038,750 USD) in Spanish financial institutions.
Spain’s golden visa, however, will be phased out in April 2025. Not only will the real estate option be removed, but so will all the investment options. The government has claimed that the golden visa has caused property prices to rise, especially in major urban areas like Madrid, Barcelona, and Málaga.
If all these countries with golden visas wanted to attract foreign investors to revitalize their economies, why did they discontinue programs that could bring in millions of dollars? The following are some of the reasons.
Golden visa programs have been blamed for inflating real estate prices, particularly in major cities. By abolishing the real estate investment option, governments seek to curb housing prices and make them more affordable for locals. However, price controls never work, and a golden visa is meant to attract HNWIs willing to invest large sums of money, rarely buying lower-tier houses.
According to the EU, golden visa schemes eroded principles like fairness, non-discrimination, and sincere cooperation. Since these programs also ‘commodified’ EU citizenship and facilitated corruption, money laundering, and tax avoidance, the European Parliament decided to regulate golden visas more stringently.
Lastly, we cannot ignore the pressure from the European Union, which has been working hard to crack down on golden visa programs. The push for stricter controls or eliminating golden visas aims to address issues like financial integrity and regional stability.
As golden visa programs end, Europe risks losing investors to emerging markets like Panama and Colombia, places offering cheaper, friendlier paths to residency and long-term economic growth
Governments have tried to tackle issues such as housing affordability and corruption by ending these programs. However, wealthy individuals who once wished to invest in these golden visa programs will look for alternatives. Walls are going up everywhere, with more restrictions and due diligence hoops. All of this has consequences.
Despite the removal of these golden visa programs, capital always seeks the friendliest environment in which to thrive. Just like companies compete for customers, countries should compete for investors. If nations like Spain and Portugal criminalize foreign investment, sectors like real estate will see slow economic growth.
Eliminating golden visa programs will cause many countries to lose their appeal as expat destinations, potentially driving them to seek more welcoming countries and jurisdictions with better investment opportunities and tax regimes. Let’s not forget that Europe is a high-tax continent, with income tax rates nearing 50% in many instances.
As Europe repels foreign investment and economic growth, HNWIs will seek better opportunities in other countries with attractive residency and citizenship programs. For instance, Panama has the Qualified Investor Visa, requiring a $300,000 USD investment in real estate, much less expensive than Spain’s Golden Visa. On the other hand, Colombia offers residency options for investors purchasing real estate worth around $120,000 USD, potentially making them eligible for citizenship.
Europe may close its doors, but Latin America is wide open. From Panama to Paraguay, your Plan-B starts with smart moves, strong passports, and expert guidance. Freedom is still possible
Europe might shut down enticing golden visa programs, but all is not lost. As discussed above, bigger and better opportunities exist in places like Latin America. If you’re serious about securing your new life abroad, here’s a simple step-by-step guide to help you maximize your opportunities, from smart investments to a lifestyle tailored to your goals.
Are you looking for a permanent place of residence? Or a backup plan if things go south in your home country? Assessing your needs is key to ensuring you build your perfect offshore Plan-B. Factors include tax benefits, investment opportunities, lifestyle preferences, and political stability.
The world is your oyster, and you can find a country that suits your needs. My clients and I love Latin America, which has excellent jurisdictions like Panama, Paraguay, and Uruguay. Panama stands out due to its territorial taxation system, making foreign-earned income tax-free, and its Qualified Investor Visa. Paraguay also offers territorial taxation and an easy way to obtain permanent residency there. Uruguay has a special tax holiday regime for expats, a high standard of living, and a stable economy.
Look beyond real estate and consider other tangible investments like agricultural land, timber, or teak. What’s more, diversify across jurisdictions, ensuring each one meets your specific needs—that’s flag theory at play. Second passports can also act as excellent political insurance to protect your wealth and future.
Last but not least, while you can do all this alone, it might take thousands of hours. I’ve gone through this entire process by myself, making hundreds of mistakes along the way. To set yourself up for success, hire professionals specializing in expat relocation and international investment strategies to make informed decisions. By working with me and my team, you’ll be one step closer to securing your new life abroad and living on your terms.
With Europe shutting down golden visa programs, the Wealth Freedom Passports Conference 2025 proved the future lies in places like Panama, Paraguay, and Uruguay, jurisdictions ready for your Plan-B
The end of golden visa programs in Europe has created a ripple effect, pushing HNWIs to seek more stable, expat-friendly destinations. This presents a golden opportunity to reassess your options and secure your Plan-B in countries offering favourable conditions for financial growth, increased safety, and a higher quality of life.
Jurisdictions across Latin America, like Panama with its Qualified Investor Visa and Uruguay with its high standard of living, emerge as excellent options for savvy expats seeking investment-friendly environments or a new place to call home. If you’re ready to make your offshore Plan-B a reality, download our free special report, ‘Plan-B Residencies and Instant Citizenships.’