The Changing Landscape of Investment Migration in Europe. What Remains in 2025?

By Ryoichi Kosaka March 30, 2025

​In July 2024, Hungary reintroduced its Golden Visa, known as the Guest Investor Program (GIP)

As the geopolitical and economic landscape continues to evolve, European countries are reassessing their approach to investment migration programs. Once a thriving route for global investors seeking residency or citizenship within the European Union, many of the continent's so-called "Golden Visa" schemes—particularly those tied to real estate—have been scaled back, restructured, or shut down entirely over the past few years. Yet, despite increasing scrutiny and reform efforts, several key pathways remain open in 2025, offering legitimate and strategic routes for high-net-worth individuals to gain European residency or citizenship.

Portugal's Golden Visa now requires investment in funds, not real estate. It offers residency for three generations and a path to citizenship. Greece's Golden Visa has increased minimum investment thresholds and created zones with different investment amounts. It offers residency for three generations and a path to citizenship. Spain's Golden Visa no longer allows real estate investment. It now requires a large deposit in a Spanish bank. It offers residency and a path to citizenship. Hungary's Golden Visa grants a 10-year (renewable) residence permit to non-EU citizens for an investment of €250,000.

The Decline of Real Estate-Driven Golden Visas

In recent years, pressure from the European Commission, coupled with concerns over money laundering, housing market inflation, and misuse of residency schemes, led to the closure of several high-profile real estate investment programs. Countries like Portugal and Ireland have officially ended their real estate-linked routes, redirecting attention toward alternative investments such as innovation, job creation, and cultural preservation.

However, not all real estate-based programs have disappeared.

Greece received 9,289 applications for its Golden Visa Program in 2024. The surge in the number of applications for this scheme has also led to an increase in the number of pending applications. Chinese investors continue to remain top beneficiaries of Greece's Golden Visa Program.

Greece and Latvia: The Last Bastions of Real Estate Investment Migration

Greece: A Stronghold Amid Change

• Path to Citizenship: After seven years of continuous legal residency and fulfillment of integration requirements (including Greek language and history exams), investors may apply for naturalization.

  
  

Latvia: Quiet but Active

Latvia offers a lesser-known but active residency-by-investment route. While not part of the Schengen visa-free pathway to citizenship, the Latvian model still permits permanent residency through:

• €250,000 real estate investment in Riga or other designated regions. Plus a government fee of €5,000.

• Path to Citizenship: Latvian citizenship can be obtained after 10 years of residency (5 years temporary + 5 years permanent), subject to language and civics requirements.

Hungary's Golden Visa                                                      ​In July 2024, Hungary reintroduced its residency-by-investment program, known as the Guest Investor Program (GIP), aiming to attract foreign capital and stimulate economic growth. This initiative allows non-European Union nationals to obtain a 10-year residence permit in Hungary : A minimum investment of €250,000 in certificates issued by a real estate fund registered with the Hungarian National Bank

Capital Investment Routes:

Portugal, Malta, Italy & Bulgaria

With the decline of real estate options, capital-based pathways are increasingly prominent. These programs, while more stringent and often requiring longer timelines, provide viable routes to eventual citizenship:

Portugal

• Eligible Investments:

  • €500,000 in venture capital or private equity funds.

  • €500,000 in research.

  • €250,000 in cultural heritage.

  • Creation of 10+ jobs.

• Residency & Citizenship:

  • Five years of residence (not necessarily continuous).

  • Language test and integration proof required for naturalization.

    
    

Malta

• Offers Europe’s only direct citizenship-by-investment path.

• Requirements:

  • €600,000–€750,000 contribution to the National Development and Social Fund.

  • €700,000 real estate purchase or €16,000/year rental for 5 years.

  • €10,000 donation to a Maltese NGO.

• Citizenship Timeline: As fast as 12 months for high-tier contributions.

  
  

Bulgaria

• Permanent residency via a €512,000 investment in government bonds or approved funds.

• Fast-track Citizenship available in 2 years if investment is doubled to €1,024,000.

• EU passport accessible without the need to reside full-time.

Italy

• Investor Visa available through:

  • €250,000 in startups.

  • €500,000 in an Italian company.

  • €2 million in government bonds.

• Citizenship requires 10 years of residency.

Easiest Pathways to EU Residency & Citizenship

For those seeking to secure a European residence card (and later, citizenship), the following strategies are widely considered the most accessible:

Luxembourg is one of the most attractive business destinations worldwide. For those who wish to reside in this EU nation with a flourishing economy, the Luxembourg Residence by Investment Program is the most efficient way to acquire such status.

Very Few People Know that : Luxembourg Offers a Prime Residency Program for Investors

'Quality Investor Visa' Luxembourg Government's Program

Under this program, wealthy individuals can make a significant contribution to the country and become Luxembourgish residents within approximately six months, with the possibility to acquire citizenship after five years.

Investors from non-EU countries can choose one of the following four investment options:

• A minimum of EUR 500,000 into an existing Luxembourg company (with commercial, industrial, or craft activities) and commit to maintain the existing employment for five years

• A minimum of EUR 500,000 into a new Luxembourg company (with commercial, industrial, or craft activities) and commit to create at least five employments in the following three years

• A minimum of EUR 3 million into an existing or new investment or management structure, with a registered office in Luxembourg, which must have appropriate substance

• A minimum of EUR 20 million by deposit into a financial institution established in Luxembourg, which must be maintained for at least five years

Digital Nomad and Passive Income Visas:Countries like Spain, Portugal, and Croatia offer residency to remote workers or retirees earning consistent foreign income.

 Business and Startup Visas:Germany, France, and the Netherlands promote entrepreneurship by offering residency in exchange for viable business plans and job creation.

Ancestry-Based Applications:Italy, Ireland, and Poland offer citizenship to individuals who can prove descent from citizens or former nationals—often requiring no investment.

Marriage or Family Reunification:Spouses of EU citizens and long-term residents often enjoy streamlined pathways to residency and eventual citizenship.

University Study + Post-Graduation Residency:Students studying in the EU can transition to long-term residence and naturalization through continued legal stay and employment.

The investment migration industry in Europe is far from dead—it’s evolving.

Adaptation is Key

While real estate programs are fading, capital investment, innovation, and integration-focused strategies are rising. For those still seeking European access, the landscape in 2025 offers both opportunity and complexity. Successful navigation will depend on personalized strategies, legal guidance, and a long-term commitment to integration within European society.