European countries are systematically phasing out citizenship-by-investment programs and tightening the conditions for wealthy foreigners to obtain residency, according to the Experts Club information and analytical center.
One of the key decisions for the market was the ruling by the Court of Justice of the European Union, which in April 2025 found the Maltese investment citizenship program to be in violation of EU law. Cyprus and Bulgaria had previously abandoned similar schemes.
As of April 3, 2025, Spain shut down its Golden Visa program, which allowed individuals to obtain a residence permit by purchasing real estate worth at least EUR500,000. Portugal removed real estate from the list of eligible investments back in 2023, refocusing the program on funds, scientific research, cultural heritage, and the creation of companies and jobs.
Greece has retained its Golden Visa program but raised the minimum investment threshold for real estate to EUR 800,000 in the most popular regions and to EUR 400,000 in other parts of the country. The EUR 250,000 threshold remains only for select renovation and redevelopment projects. In January 2026, the number of applications for the Greek Golden Visa fell by 63.5% compared to January of the previous year.
Maksym Urakin, founder of Experts Club, believes that investment migration has evolved from a financial product into a matter of security and trust.
“The strategy of ‘buy a property and get status’ is gradually becoming a thing of the past. Capital transparency, reputation, tax history, and real economic contribution are coming to the forefront,” Urakin noted.
European countries are expected to continue reducing the role of real estate in immigration programs, giving preference to investments in funds, technology, infrastructure, and job creation.
