Golden Visa Programs Closing: Which Countries Might Be Next?

The Changing Landscape of Residency by Investment

The golden visa era that began in the aftermath of the 2008 financial crisis is entering a new phase. Countries that once welcomed foreign investment through residency and citizenship programs are now reassessing—and in some cases, shutting down—these pathways entirely.

Malta's citizenship by investment program closed to new applications in 2024. Spain announced its golden visa program would end. These weren't minor adjustments or increased requirements. These were complete closures of programs that had facilitated thousands of applications.

For anyone considering residency or citizenship by investment, the question is no longer whether programs will change, but which ones might close next—and how quickly.

Why Countries Are Closing These Programs

The reasons behind these closures aren't mysterious. Several factors have converged:

• EU pressure: The European Commission has consistently expressed concern about security risks and the potential for money laundering through golden visa schemes
• Housing affordability: In Spain and Portugal, public frustration grew over foreign investment driving up property prices in major cities
• Political optics: Programs that appeared to offer citizenship or residency to wealthy foreigners became politically unpopular in some jurisdictions
• Reduced fiscal need: As economies recovered from various crises, the urgency to attract foreign capital diminished

These pressures haven't disappeared. They're affecting policy discussions across multiple countries right now.

Programs That May Face Increased Scrutiny

While we can't predict government decisions, certain programs are facing particular attention:

Portugal's Golden Visa

Portugal has already made significant changes, eliminating residential real estate in major cities as a qualifying investment. The program continues, but faces ongoing criticism similar to what Spain experienced. The Portuguese government has signaled openness to further reform.

Greece's Golden Visa

Greece substantially increased its minimum investment threshold in certain areas from €250,000 to €800,000. While the program remains active, housing affordability concerns in Athens mirror those that contributed to Spain's decision.

Caribbean Citizenship Programs

Several Caribbean citizenship by investment programs have faced increased scrutiny from the EU and other international bodies. Visa-free travel benefits—a key attraction—have been threatened or restricted for some jurisdictions when programs were perceived as insufficiently rigorous.

United Kingdom Investor Visa

The UK already closed its Tier 1 Investor visa in 2022, citing security concerns. While not a recent development, it demonstrates that even established programs in major economies aren't immune to closure.

What This Means for Applicants

The trend toward program closures creates several implications:

Timeline pressure is real. When governments announce closures, they sometimes offer transition periods for applications already in process—but not always, and not indefinitely. The gap between "considering" a program and actually submitting an application matters more than it used to.

Due diligence is critical. Working with experienced professionals who manage licensed lawyers becomes even more important when programs are in flux. Our platform connects applicants with qualified legal partners who understand both current requirements and potential changes on the horizon.

Diversification may be worth considering. Some families explore whether multiple jurisdictions might serve their long-term mobility, business, or succession planning needs, rather than relying on a single program that could change.

Newer programs carry different risks. Some countries have recently launched programs, but newer doesn't always mean more stable. Established programs with years of consistent operation may—or may not—prove more durable than recently introduced ones.

Programs That Appear More Stable

Not every program faces the same pressures. Some factors associated with program stability include:

• Clear economic benefit to the host country beyond real estate speculation
• Strong regulatory frameworks and due diligence procedures
• Smaller programs that don't generate political backlash
• Countries outside the EU that face different political dynamics
• Programs tied to genuine business activity or job creation

That said, stability is never guaranteed. Government priorities change, and what seems secure today may face scrutiny tomorrow.

Making Decisions in an Uncertain Environment

If you're considering a residency or citizenship by investment program, here's what we typically recommend:

Act with appropriate urgency, but not panic. Don't rush into an unsuitable program just because others are closing, but don't assume your preferred option will remain available indefinitely.

Understand the full timeline. Some programs involve multiple stages over several years. If a program closes midway through your process, the implications vary depending on the jurisdiction and how far you've progressed.

Work with qualified professionals. At citizenships.legal, we manage relationships with licensed partner lawyers who handle the legal work for these applications. They can provide jurisdiction-specific guidance on both current requirements and potential changes under discussion.

Consider your actual needs. The "best" program depends on your specific situation—business interests, family composition, desired travel access, tax implications, and long-term plans. A program that's open isn't necessarily the right fit.

Looking Ahead

The golden visa landscape will continue evolving. Some programs will close. Others will introduce restrictions or raise investment thresholds. New programs may launch in jurisdictions not currently active in this space.

What remains constant is that government authorities—not facilitators or advisors—make the final decisions on applications. Our role is to help you navigate the process through qualified legal partners who understand these programs deeply.

If you're exploring residency or citizenship by investment options, the most important step is getting accurate, current information about programs that align with your needs.

Explore available programs and connect with qualified legal partners through our platform