Europe is cracking down on “golden visas”

If you’re unfamiliar, a golden visa, also known as a golden passport, is a type of residence permit that offers a foreign investor or entrepreneur the right to live and work in a country of their choice in exchange for making a substantial investment in that country’s economy. Essentially, their investment buys them citizenship. 

It’s become something of a trend in recent years, with people becoming increasingly frustrated by their country’s leadership and looking to take up residence elsewhere. Unsurprisingly, golden visas have been met with a lot of criticism, with some concerns around the potential for the schemes to be used for money laundering or tax evasion. 

Why Europe is cracking down 

As individuals seek to distance themselves from political decisions, such as Brexit, that may curtail their rights, and Americans look to unshackle from the political and social climate of the US, applications for golden visas have seen a massive surge. 

The European Commission urged EU member states in 2022 to discontinue the sale of citizenship to investors as part of an effort to clamp down on a multi-billion euro industry. Even though golden visas provide permanent residency instead of citizenship, the call was made due to concerns that these programs could pose a security risk, particularly following the Ukraine conflict. 

Which countries have abandoned golden visas

As a part of a crackdown on illicit money coming in from Russia, the UK terminated its golden visa opportunity in February 2022, which allowed affluent foreign nationals to settle in the country by bringing a portion of their wealth with them.. Similarly, in February 2023, Ireland also eliminated its Immigrant Investor Programme, which offered Irish residency in exchange for a €500,000 donation or a three-year annual €1 million investment in the country. 

And in Portugal terminated its lucrative residence by investment scheme, which permitted foreigners to purchase a property or invest some of their wealth into the country in exchange for residency, to combat property and rent price speculation.

Despite the drama, there are still plenty of countries that offer golden visa schemes. Review the full list here. And, since most of us can’t buy our way into citizenship, we recommend trying out a much more economical option: being a digital nomad.