The golden passport era: has the shine worn off?

For nearly two decades, “golden visas” and citizenship by investment (CBI) programmes have sat at the crossroads of private wealth and public policy. They promised ultra-high net worth (UHNW) families mobility, asset diversification and a hedge against instability. For governments, they offered a quick injection of capital at moments of fiscal stress. It was, for a while, a compelling bargain.

Spain’s Golden Visa programme tells that story in miniature. Introduced in 2013 to revive a property market left hollow by the 2008 crash, it allowed wealthy foreigners to buy residency through real estate purchases, sovereign debt, or business creation. Families gained Schengen mobility and a pathway to EU citizenship; Spain gained foreign capital and a backstop for its struggling banks.

But, in 2024, Madrid shut the programme down. Prime Minister Pedro Sánchez cited housing affordability, money laundering risks, and political optics, declaring that “housing should be a right, not a speculative business”. In its place, Spain has pivoted towards “productive residency” programmes — digital nomad visas, student visas and entrepreneur permits — designed to attract tax-paying residents rather than offshore landlords.

Spain’s reversal is not unique. Across Europe, the golden visa landscape is narrowing. Portugal, long a darling of residency-by-investment, has withdrawn real estate from its programme, steering investors towards research funds and job-creating ventures.

Greece, still welcoming but under pressure from Brussels, has steadily raised the price of entry — doubling minimum real estate thresholds in popular areas to €500,000 ($580,000). Cyprus, once a hotspot for fully-fledged “golden passports”, shut down its programme after EU criticism in 2020. Malta continues to operate a CBI scheme, but it faces ongoing scrutiny from Brussels over due diligence.

European guardrails

The European Commission has made its position clear: residency and citizenship should not be for sale without guardrails. Concerns about money laundering, tax evasion and security have hardened into regulatory pressure. What began as a competitive field of programmes — Spain, Portugal, Greece, Malta, Cyprus — has now become a patchwork of restrictions, higher costs and reputational risks.

For UHNW families and their bankers, the demand has not disappeared. The appetite for mobility, security and diversification remains strong. Families in China, India, the Middle East and Latin America continue to view second residencies as an essential insurance policy. What is changing is the shape of the opportunity. The days of buying a €500,000 flat in Lisbon or Barcelona and securing family residency are receding.

Instead, Europe is moving towards talent-driven programmes — digital nomad visas, entrepreneur residencies and investment in innovation sectors. These schemes may not deliver instant citizenship, but they align better with governments’ desire for productive residents and sustainable growth.

Meanwhile, other regions are stepping in. The UAE, Saudi Arabia and Singapore are rolling out premium residency schemes aimed at entrepreneurs and active investors rather than passive property buyers. The Caribbean still offers quick passports, but under mounting EU and US pressure, even those programmes are being forced to tighten due diligence.

For the private wealth industry, this creates both a challenge and an opportunity. The challenge: golden visas can no longer be treated as a commoditised add-on. The opportunity: UHNW mobility planning is becoming more bespoke, strategic and integrated with tax, succession and business structuring.

The golden visa era in Europe may be past its peak. But the broader movement — the pursuit of global mobility and jurisdictional diversification — isn’t going anywhere. The question is simply evolving: not ‘where can I buy a passport?’ but ‘how can I structure my family’s global footprint to maximise security and opportunity across generations?’

That’s the next chapter for the industry — and for the clients who still see citizenship not just as a right, but as a strategy.

 Alastair Johnson, founder of Moving To Spain