Golden visas are vanishing in Europe while Trump pushes $1 mn card: Decoded

Europe pulls back golden visas as Trump launches $1m Gold Card for wealthy investors and firms, reshaping global residency options

While US President Donald Trump is creating new options for the wealthy to move to America, Europe has been heading in the opposite direction. Several countries have wound down or restricted so-called golden visa schemes, saying they inflated property markets and failed to deliver wider economic benefits.

 

The contrast is sharp. Trump’s new $1 million Gold Card is pitched at individuals, alongside a $5 million Platinum Card and a $2 million Corporate Gold Card. By comparison, most European residency-by-investment thresholds were set much lower, often tied to property purchases or smaller investment funds.

 

Portugal tightens its rules

 

Portugal ended its property-based residency route in 2023 after complaints about soaring housing costs. Investors can still qualify by putting at least €500,000 ($590,000) into an approved venture capital or investment fund, with 60% of the assets required to remain in Portugal.

 

Other paths include donating €250,000 to a non-profit, reduced to €200,000 in low-population areas. US, Brazilian and Chinese nationals have been among the largest groups applying. Residency requires minimal time spent in the country — one week in the first year, then 14 days in each two-year period.

 

The programme has had unexpected effects, from boosting avocado farm values to funding a village classic-car museum.

 

UK mulls investor visa return

 

Prime Minister Keir Starmer’s government is considering a new investor visa focused on strategic sectors such as artificial intelligence, clean energy and life sciences. While officials are cautious about repeating past golden visa problems, Bloomberg reported that a scheme targeted at large investors is on the table.

 

Separately, the UK is weighing proposals to scrap visa fees for winners of top academic prizes or graduates of the world’s leading universities, according to the Financial Times. 

 

Greece keeps property route open

 

Greece continues to offer golden visas in return for property purchases. The threshold is €800,000 in Athens, Thessaloniki or large islands, and €400,000 in other regions. Converting a commercial building into housing qualifies at €250,000.

 

Properties must be at least 120 square metres (1,300 square feet) and cannot be rented short-term. Other investment options include government bonds and technology startups.

 

Chinese and Turkish citizens lead in applications, while post-Brexit demand from Britons and more recent interest from Americans has grown, according to official data quoted by Bloomberg. Residence permits last five years and can be renewed as long as the investment is held.

 

Hungary reopens its scheme

 

Hungary closed its original golden visa in 2017 after corruption allegations, but launched a new model in 2024. Investors can put €250,000 into an approved real estate fund, with at least 40% directed to local housing. Another route is a €1 million donation to a public-interest university trust.

 

The visa is valid for up to 10 years, renewable once for another decade. Unlike the earlier scheme, applicants can no longer qualify through direct property purchases. 

 

Italy and Spain diverge

 

Italy’s investor visa, launched in 2017, requires at least €2 million in state bonds, €500,000 in an Italian company or €250,000 in a startup. Philanthropic donations of €1 million are also accepted. By 2021, only 50 applications had been approved, worth about €40 million. Citizens of Russia and Belarus are excluded.

 

Spain, by contrast, scrapped its golden visa in 2024, ending the €500,000 property-for-residency route. The government said the programme reduced housing affordability, particularly in major cities.

 

Ireland and the Netherlands close doors

 

Ireland ended its golden visa in February 2023, though it has been processing pending cases. In 2024, 535 applications were approved, 97% from Chinese nationals. Another 208 were cleared in the first half of 2025.

 

The Netherlands shut its €1.25 million investor residency scheme in 2024 after years of low demand, with fewer than 10 permits granted in total.

 

Malta and North Macedonia

 

Malta’s golden passport, which granted citizenship outright, was struck down by the European Court of Justice in April. Judges ruled that EU citizenship requires a “genuine link” to the country.

 

North Macedonia, still outside the EU, runs a citizenship-by-investment programme ranging from €200,000 in a government fund to €400,000 in a new business creating at least 10 jobs.

 

Trump’s new cards

 

The White House has outlined three options so far:

 

Trump Gold Card

Target: Individuals

Price: $1 million

Process: Application with non-refundable fee, background vetting by US Citizenship and Immigration Services

Benefit: Residency across all 50 states and territories

 

Trump Platinum Card

Target: Individuals

Price: $5 million

Process: Vetting by the Department of Homeland Security

Benefit: Stay up to 270 days a year without US tax on foreign income

 

Trump Corporate Gold Card

Target: Companies hiring foreign workers

Price: $2 million plus annual maintenance fee

Process: Department of Homeland Security vetting

Benefit: Transferable between employees for a fee

 

With inputs from Bloomberg