Europe is cracking down on “golden visas”

Mounting concerns, including the potential for the golden visas to be used for money laundering or tax evasion, have led to bans.
Golden Visas crack down in Europe


The Daily Navigator strives to help you make the best personal finance decisions. While we produce content according with strict editorial integrity this post may contain references to partner products. Here’s a full explanation for how our team makes money.

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

Editorial Disclaimer: Opinions expressed here are the author’s alone. This post contains references to products from one or more of our partners and we may receive compensation when you click on links to those products.

Stay in the know

Get expert insight into credit cards, loyalty programs, financial tips, and more delivered right to your inbox.

Related Stories

Smart Points Logo

Stay in the know with
Smart Points Newsletter

Get expert insight into travel credit cards, loyalty programs, points tips, and more. Recent edition →

Get expert insight into travel credit cards, loyalty programs, points tips, and more. Recent edition →

Advertiser Disclosure

This article contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. The relationship may impact how an offer is being presented. Our site doesn’t include all the offers available. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

LIMITED-TIME OFFER!

$900 CashBack OR
90,000 bonus points

Worth over $1,500 in travel!

Partner offer. Terms apply.

DFC Partner Perks App Link Image
Special Discounts for Our Members

Save Big with Perks

Get $5,000+ in immediate travel savings with Perks. Unlock next level travel benefits, for life. Get discounts from the world’s best travel brands you won’t find anywhere else. No credit required.

DFC Concierge App Link Image
Special Discount for Our Members

93% off lifetime access

Save $1,200 and 10 hours of your time on every vacation. With Lifetime access to DFC Concierge, get fully customized trip itineraries to make every vacation unforgettable.

Dollar Flight Club App Link Image
Special Discount for Our Members

50% Off PREMIUM

You can save up to $500 on your next adventure without lifting a finger get email alerts when we find flights up to 90% off leaving your home airport. Just let us know your departure airport and we’ll do the rest.

The Daily Navigator Commitment

The Daily Navigator is an integral part of the larger DFC Media family. Through each of our brands, we’re dedicated to helping our readers travel, spend, and live smarter.

With products dedicated to affordable travel, educational content, and personal finance, we deliver the day’s essential content with none of the filler — all in a way that’s fast, easy, and fun to read. Every day million of audience members trust us to deliver educational content so that they can make informed decisions faster. We hope you’ll join them.

We’re happy to have you here!