Golden visas fading fast: where can you still buy residency?
The allure of a 'golden visa' – a pathway to residency secured through real estate investment – has dimmed considerably. Once a commonplace strategy for wealthy individuals seeking a European foothold or a fresh start, these programs are rapidly disappearing, casualties of rising housing costs and political pressure. But don't despair entirely; a select few nations still offer this lucrative option.
The retreat of the golden age
For years, countries like Portugal and Spain eagerly welcomed foreign capital through golden visa schemes, presenting a seemingly win-win scenario. Investors gained a relatively streamlined route to residency, while nations benefited from an influx of investment. However, the tide has turned. Portugal dramatically curtailed its program in 2023, removing standard residential real estate, and Spain followed suit with a planned end in 2025. The rationale? An urgent need to address escalating housing costs and curb the perceived role of foreign investment in already-strained local markets.
Where residency still awaits: a global snapshot
Despite the contraction, the golden visa isn't extinct. Several countries continue to offer residency through property purchase, albeit with varying requirements and benefits. Here's a look at your options, from the tried-and-true to the emerging markets.
Greece remains a beacon in the European Union, boasting one of the most accessible programs. Reforms in 2024 and 2025 tightened some aspects, raising investment thresholds and limiting eligible zones, but substantial property purchases still unlock a long-term permit with minimal living obligations. Expect to invest at least €800,000 in prime locations like Athens and Santorini, or €400,000 elsewhere.
The United Arab Emirates, with its Golden Visa introduced in 2019, offers a more straightforward path. Recent updates have streamlined the qualification process. A minimum investment of AED 2 million (approximately $545,000) is required, and even off-plan and mortgaged properties now qualify. A remarkable 10-year, renewable permit is granted, along with the right to work without a local sponsor.
Turkey presents a dual-track system. A comparatively affordable route grants a renewable residence permit, while a pricier option leads directly to citizenship. The minimum investment for residency is $200,000, while citizenship demands $400,000 held for three years. The path to citizenship is paved with five years of continuous renewal on the residency track.
Hungary's relaunched Guest Investor Program provides a generous 10-year residence permit tied to property purchase. A minimum investment of €500,000, held for at least five years, is required.
Panama offers permanent residency directly with a $300,000 investment in real estate, held for five years. This comes with the requirement of a single visit every two years.
Malta's Permanent Residence Programme provides an immediate pathway to permanent status, bypassing the usual temporary permit renewals. Investment starts at €375,000 for purchase or €14,000/year for rental.
Egypt stands out for its affordability, structuring permit durations around investment levels—$100,000 for one to three years, $200,000 for five years, and $300,000 for citizenship outside the Sinai region.
Finally, Cyprus, after shuttering its fast-track citizenship-by-investment program following scrutiny, maintains a permanent residency route requiring a €300,000 investment in new residential real estate. Annual proof of foreign income is now mandatory.
The golden visa landscape is evolving rapidly. Prospective investors should conduct thorough due diligence and seek expert legal advice before committing to any program. The fleeting nature of these opportunities underscores the importance of informed decision-making.