Europe Tightens Golden Visa Schemes: Key Reforms and What Investors Should Know in 2025

The investment migration landscape in Europe is undergoing rapid transformation. For years, so‑called Golden Visa programmes allowed non‑EU nationals to gain residency by purchasing property or making financial investments.

In 2025 governments are rewriting the rules: real‑estate options are closing, financial thresholds are rising and cultural contributions are becoming the new path to residency. Here’s what you need to know about the changing face of Europe’s Golden Visa programmes.

The age of property‑driven golden visas is over

A 2025 analysis of investment migration reforms observed that governments are prioritising economic diversification over property‑driven gains. Spain, once a popular destination for real‑estate investors, abolished its Golden Visa scheme in April 2025 due to housing crises in Madrid and Barcelona.

Portugal’s programme eliminated real‑estate investments in October 2023 and now focuses on funds and cultural donations. Hungary revived its Guest Investor Programme in July 2024, offering a ten‑year residence permit through investments in regulated real‑estate funds or non‑refundable donations to universities.

Malta and Cyprus have increased financial thresholds and due diligence to align with EU standards.

Comparing major reforms in Golden Visas for 2025 and beyond

Country	Key reform (2024–2025)	New investment requirements	Residency/citizenship timeline
Spain	Golden Visa abolished in April 2025	No new applications accepted; government exploring alternative programmes tied to innovation and job creation	Existing holders unaffected; future options pending
Portugal	Eliminated real‑estate route in Oct 2023; now focuses on funds and culture	€250,000 donation to cultural/heritage projects or €500,000 investment in regulated funds; job creation options	Residence permit valid for 2 years; citizenship after 5 years
Hungary	Guest Investor Programme relaunched July 2024	€250,000 investment in real‑estate fund or €1 million donation to higher education	10‑year renewable residence permit; citizenship path not specified
Malta	Increased asset thresholds in 2025	Applicants must show assets of €500,000 (with €150,000 in financial assets) or €650,000 total; property purchase threshold raised to €375,000	Direct citizenship within 12–18 months via Malta’s Individual Investor Programme
Cyprus	Maintained residency programme but raised investment bar	€300,000 investment in new residential property or company shares	Permanent residency; citizenship possible after 7 years

Table adapted from information available at this guide (Top Countries that Offer Golden Visa)

These reforms demonstrate a shift towards regulated funds, cultural donations and job creation as preferred investment routes. Real estate is no longer a ticket to residency in most of Europe.

Portugal’s pivot to culture and funds

Portugal’s Golden Visa remains one of the few European programmes still open to investors. However, the focus has shifted dramatically. Government reforms removed real‑estate and capital transfer options. Investors can now choose from:

Cultural or artistic donations: A €250,000 contribution to an approved project, such as film production or heritage restoration. A 20 % discount applies in low‑density regions, reducing the minimum to €200,000.
Venture‑capital or private‑equity funds: A €500,000 investment in a regulated fund.
Scientific research or business creation: A €500,000 investment or creation of ten jobs.

The programme still offers significant benefits: visa‑free travel across the Schengen Area, inclusion of family members and a path to citizenship after five years.

Physical presence requirements remain light – seven days in the first year and 14 days every two years. Applications must now be submitted through the ARI portal with biometrics appointments scheduled automatically.

For a detailed guide on Portugal’s new cultural and fund investment options – along with eligibility requirements and application procedures – read the comprehensive overview at this Global Citizen Solutions guide.

Spain’s shutdown and Hungary’s comeback

Spain’s April 2025 decision to terminate its Golden Visa scheme shocked many investors. The government cited surging housing prices and limited public benefit. While existing visa holders remain unaffected, no new applications are accepted. Officials are considering alternative programmes that encourage innovation and job creation, but details have yet to emerge.

In contrast, Hungary resurrected its Guest Investor Programme in July 2024, offering a ten‑year renewable residence permit. Investors can choose between a €250,000 investment in a real‑estate fund registered with the Hungarian National Bank or a €1 million donation to a higher education institution supporting research or the arts. The direct real‑estate purchase option has been abolished as of January 2025.

What investors should consider

For prospective residents, these policy changes highlight several themes:

Diversification over property: Investors should expect to place funds in regulated vehicles or philanthropic projects rather than buying a condo in Lisbon or Barcelona.
Higher compliance: Due diligence and asset thresholds are increasing. Malta requires applicants to demonstrate at least €500,000 in assets, while Cyprus demands €300,000 in real estate or company shares.
Longer timelines and uncertainty: Some programmes (like Hungary’s) offer long residence permits without clarity on citizenship, while others (Spain) have closed altogether.
Continued demand: Despite reforms, interest in European residency remains strong. For example, donations to Portugal’s cultural projects have reached tens of millions of euros, revitalising regional museums and communities.

Wrapping Up

Europe’s Golden Visa landscape is evolving from real‑estate deals to targeted investments that align with economic and cultural priorities. Spain’s programme has shut its doors; Portugal invites investors to fund art, heritage and innovation; Hungary has returned with a focus on funds and education; and Malta and Cyprus have tightened compliance.

For investors, the message is clear: adapt to the new rules, diversify your portfolio and consider philanthropic or fund‑based routes if you wish to secure European residency.