The investment migration landscape in Europe is being reshaped—not by market demand, but by deliberate policy decisions. As governments tighten their approach to residency-by-investment, what was once a widely accessible tool for global mobility is now a more selective, compliance-driven framework.
2025 marks a clear departure from the era of automatic approvals through property acquisition. Instead, countries like Portugal and Hungary are closing the door on real estate in favour of regulated funds and targeted economic contributions, while Spain has halted its Golden Visa program altogether. In parallel, programs such as Cyprus and Malta remain open but have introduced higher financial thresholds and stricter requirements to align with EU governance standards.
Let’s explore the key changes unfolding in five major programs—Portugal, Hungary, Spain, Malta, Cyprus, Italy—and what they signal about the future of investment migration in the region.
Portugal: Exit of Real Estate, Focus on Funds and Culture
Portugal’s decision to formally eliminate the real estate route in October 2023 marked a major pivot. While it was once the most popular gateway to residency, real estate investments are no longer eligible for Golden Visa applications.
Now, investors must channel funds into areas the government deems more economically beneficial. This includes:
- A minimum of €500,000 into regulated investment funds
- A €250,000 cultural or heritage donation
- Or job creation through a new business venture employing at least ten people
This reform, driven by domestic housing concerns and EU pressure, prioritizes economic diversification over property-driven gains (Global Residence Index).
Hungary: Guest Investor Program (2025)
Hungary relaunched its Guest Investor Program in July 2024, offering a 10-year renewable residence permit to non-EU nationals. The program includes the following investment options:
- €250,000: Investment in units of a real estate fund registered with the Hungarian National Bank.
- €1 million: Non-refundable donation to a higher education institution in Hungary, supporting scientific research or artistic activities.
It’s important to note that the previously proposed €500,000 direct real estate purchase option has been abolished as of January 15, 2025. Therefore, real estate fund investment remains the primary route for investors seeking residency in Hungary.
Sources: Henley & Partners, Discus Holdings
Spain: Golden Visa Officially Terminated
In April 2025, Spain became the latest EU member state to abolish its Golden Visa scheme. The government cited growing housing crises in Madrid and Barcelona as justification, noting that real estate-focused investment migration no longer served the public interest.
While the decision does not affect existing visa holders, no new Golden Visa applications are being accepted under the previous model. The government is exploring alternative programs tied to innovation, job creation, and strategic sectors, but no replacement has been formalized yet (France 24).
Malta: Permanent Residence Programme (MPRP) Updates (2025)
Malta’s Permanent Residence Programme (MPRP) remains active in 2025, offering non-EU nationals the opportunity to obtain residency through investment. Key updates to the program include:
- Increased Financial Requirements: Applicants must now demonstrate assets of at least €500,000, with a minimum of €150,000 in financial assets. Alternatively, they can show assets totaling €650,000, with at least €75,000 in financial assets.
- Property Investment: The minimum property purchase value has been raised to €375,000 (from €300,000) nationwide, and €300,000 in Gozo, and the minimum annual rent for leased properties is now €14,000.
- Enhanced Due Diligence: The program continues to enforce a rigorous four-tier due diligence process to ensure compliance with EU standards.
These updates aim to enhance the program’s competitiveness while ensuring it continues to attract high-caliber applicants to Malta.
Source: Imperial Citizenship
Cyprus: Permanent Residency by Investment (2025)
Cyprus continues to offer a Permanent Residency Program for non-EU nationals, requiring a minimum investment of €300,000. Eligible investment options include:
- Real Estate: Purchase of new residential property.
- Company Shares: Investment in the share capital of a Cyprus-registered company with physical presence and at least five employees.
- Investment Funds: Acquisition of units in Cyprus Investment Funds (AIF, AIFNLP, or RAIF).
Applicants must also demonstrate a secure annual income of at least €50,000, with additional income requirements for dependents. Notably, Cyprus has abolished its citizenship-by-investment program, focusing solely on permanent residency pathways. Henley & Partners
Italy: Investor Visa Program (2025)
Italy’s Investor Visa program, established in 2017, continues to offer a residency pathway for non-EU nationals through various investment options. As of 2025, the program maintains its original investment thresholds, providing flexibility for investors with different risk appetites.
Investment Options:
- €250,000: Investment in an innovative startup registered in Italy.
- €500,000: Investment in shares of an Italian limited company.
- €1 million: Donation to a philanthropic initiative in Italy.
- €2 million: Purchase of Italian government bonds.
Applicants must obtain a Nulla Osta (certificate of no impediment) before applying for the visa. The initial residence permit is valid for two years and can be renewed for additional three-year periods, provided the investment is maintained. After five years of continuous residency, investors may apply for permanent residency, and after ten years, for Italian citizenship.
It’s important to note that real estate investments do not qualify for the Investor Visa program. However, Italy offers other visa options, such as the Elective Residence Visa, for individuals who wish to reside in Italy without engaging in employment or business activities.
Sources: Ministry of Enterprises and Made in Italy, Global Citizen Solutions, Immigrant Invest
The Broader European Context: Alignment with EU Anti-Money Laundering Initiatives
Beyond national reforms, a broader EU strategy is shaping the direction of all investment migration schemes. The European Commission has repeatedly voiced concern over the lack of harmonisation across Golden Visa programs and their potential misuse for illicit financial flows.
As part of the EU’s Anti-Money Laundering (AML) Package, introduced in 2021 and expanded through 2024, Brussels is pushing for greater due diligence, transparency of ultimate beneficial ownership, and elimination of programs that do not contribute meaningfully to the host country’s economy (European Commission).
The message is clear: investment residency programs must evolve from real estate windfalls to strategic, transparent pathways that serve national development goals—and comply with EU-wide financial standards.
Key Takeaways for Investors in 2025
- Real estate is no longer the default route: Portugal has officially removed property from its Golden Visa scheme, Spain has suspended its entire program, and Hungary cancelled its direct real estate option—now only allowing investment through regulated real estate funds.
- Expect deeper due diligence: Programs increasingly demand robust documentation for source of funds, asset declarations, and personal background checks, as seen in Malta’s updated financial thresholds and Cyprus’ income verification requirements.
- EU harmonisation efforts are gaining momentum: The European Union continues to push for alignment on anti-money laundering (AML) measures, transparency, and beneficial ownership disclosures—affecting how member states structure and monitor their investment migration programs.
- Alternative investment options are becoming standard: Real estate is being replaced or supplemented by government-approved funds, enterprise capital contributions, and philanthropic support—as seen in Portugal, Hungary, and Malta.
- Jurisdictional choice matters more than ever: With rapid regulatory changes, investors must now evaluate program stability, reputational standing, and alignment with long-term goals—not just entry price. Programs like Malta’s MPRP and Hungary’s Guest Investor route reflect the pivot toward structure and substance over speed.
A New Era for Investment Migration in Europe
Europe’s Golden Visa environment in 2025 has undergone a fundamental transformation. The once straightforward, real estate-led models have been replaced by more structured, policy-driven frameworks designed to align with national economic goals and EU-wide compliance standards.
Portugal’s elimination of property investment, Spain’s full program suspension, and Hungary’s shift from real estate to regulated investment funds mark a broader recalibration of how European countries view investment migration. Meanwhile, Malta and Cyprus continue to maintain permanent residency programs—but with updated financial thresholds, compliance obligations, and a stronger focus on economic substance.
For investors, this signals the end of passive, low-engagement pathways. Residency-by-investment in Europe now requires thoughtful planning, transparent capital, and alignment with destination countries’ long-term development agendas. The opportunity remains—but it’s reserved for those prepared to meet a higher standard.
