From UAE to Europe, which were the best golden visa routes in 2025?

Stricter rules, refined thresholds and tighter checks defined golden visas and investor residencies through 2025

As mainstream work and study routes closed in and governments began asking wealthier migrants for more “productive” capital, better due diligence and, in several cases, more money, investor visas drew renewed attention in 2025. The year saw golden visas, the US gold card and a range of investor-linked residencies reshaped across regions.

 

“Immigration for students, professionals and businessmen is a constantly changing scenario and Indian citizens must do extensive planning and due diligence before making any decision looking at their own personal circumstances. Gone are the days where you just go abroad and life is set,” said Prashant Ajmera, founder of Ajmera Law Group.

 

 

It was a reset year rather than a launch year in the investment-migration space. “The big story is that governments are trying to keep foreign capital but take the political heat out of ‘golden visas’,” said Varun Singh, managing director at XIPHIAS Immigration.

 

Vinayak Magotra, product head and part of the founding team at Centricity WealthTech, said countries were adjusting their playbooks. “As we’ve observed across global markets in 2025, countries are reshaping their investment and talent visa pathways because the old, passive models simply don’t meet today’s economic or political realities. New Zealand has shifted towards active business investment, Europe has introduced restrictions on property-linked golden visas, and there is a rise of talent-first programmes in hubs like Hong Kong, Singapore and the UAE. At the same time, rising housing pressures, stricter anti-money laundering norms and national-security concerns are pushing countries to demand cleaner documentation and stronger due diligence. The overall direction clearly points towards programmes becoming more selective, more transparent and more closely aligned with job creation, innovation and long-term economic benefit. They seem to want to attract applicants who generate real economic value, not just capital transfers,” he said.

 

Best golden visas of 2025 

Investor-migration advisers said a handful of programmes defined the year.

 

“In 2025 mandate five programmes clearly stood out in my practice: UAE, Greece, Portugal, Italy with a noticeable uptick for France’s financial-independent route,” said Andri Boiko, founder and global CEO at Garant In.

 

He added that the UAE continued to set the pace. “UAE’s golden visa was the single biggest magnet for global millionaires, with a record net inflow and strong take-up from Indian HNWIs using property, salary, business and talent categories as a tax-efficient base. The core real estate threshold stayed at AED 2 million, but authorities clarified fee ranges (roughly AED 3,500–5,500 per adult in government charges) and tightened documentation around property valuation and salary or talent categories, while keeping 10-year residency and flexible stay rules intact.

 

“In Europe, Greece, Portugal and Italy stood out as the main HNWI hubs, combining Schengen access with favourable tax regimes and structured investment options,” he said.

 

New Zealand also overhauled its business pathways. “New Zealand significantly overhauled its investor and business programmes in 2025, simplifying categories, easing certain residency obligations, and creating clearer pathways for direct business investment rather than passive funds. The reforms were driven by the need for stronger economic stimulus and improved capital inflows after underperformance of the earlier regime,” said Vinay Kumar, director and head of estate and succession planning at Client Associates.

 

Ajmera said due-diligence expectations rose sharply across major markets. He pointed to three areas:

 

• Portugal ended real-estate options, moving fully to €500,000 venture funds or cultural donations, with a longer five-year wait for citizenship.

• The UAE expanded non-property tracks such as AED 2 million business investments and talent categories, keeping closer scrutiny over financial and background checks.

• New Zealand’s Business Investor Visa now requires NZ$1–2 million in active, non-retail businesses with a clear focus on jobs.

 

He added that the United States took an unusual turn. “The US gold card programme announced only via executive order, mandating a $1 million direct gift to the Treasury for immediate permanent residency, bypassing EB-5 queues to fund national priorities,” he said.

 

How Indian investors responded

 

Advisers said Indian interest did not shrink. Instead, investment plans became more thought-through.

 

According to Singh, Indian demand held firm but changed shape. He noted:

 

• Henley Private Wealth Migration data show India still in the top three countries for net millionaire outflows, with about 3,500 HNWIs projected to leave in 2025 while the country continues to create fresh wealth.

• More families now blend residence-by-investment, talent visas and business routes across the UAE, Europe and North America. UAE golden visas remain among the top choices for Indian HNWIs owing to tax efficiency and proximity.

• In Europe, preferences have shifted after Spain closed its property route and Portugal reduced property dependence; Indians now look more closely at Greece and Malta for Schengen mobility, often through fund-based structures.

 

“At our level, we are seeing fewer ‘single-asset’ decisions (‘just buy a flat in X country’) and more portfolio planning. Families weigh Schengen mobility, education, tax and capital controls together before choosing between a business visa, fund subscription or multi-country strategy,” he said.

 

What is driving Indian demand in 2025

 

Boiko said both domestic and overseas conditions shaped interest. “In 2025, Indian golden visa demand is being driven by a more urgent mix of domestic pressures and global opportunities than seen in 2023–24. Heightened tax scrutiny and enforcement, especially targeted at high-income individuals and complex structures, has increased anxiety about retrospective action, compliance burdens and disclosure of global assets. At the same time, concerns over air quality, infrastructure stress and uneven public services in major metros are prompting families to look for cleaner, more predictable living environments abroad,” he said.

 

Where refusal risks are rising

 

Advisers agreed that 2025 brought tougher checks and more rejections.

 

“Refusal rates for Indians hit very high in Canadian categories due to intensified fraud probes, with pitfalls in source-of-funds documentation and mismatched business viability. UAE and Portugal demand audited proofs and detailed plans; common errors include inadequate due diligence or overlooked compliance like tax records. Stricter global vetting amplifies risks for incomplete submissions. Lack of expertise within professionals in India is a major problem for Indian investors to produce documents and show source of funds,” said Ajmera.

 

Magotra echoed these concerns. “We might see higher refusal rates for Indian applicants as most programmes now apply bank-grade AML and KYC scrutiny. The biggest issues are weak or inconsistent source-of-fund and tax documentation, unclear beneficial ownership in family businesses, and incomplete or outdated police clearances. Authorities can also flag unexplained transfers and templated paperwork submitted by unregulated agents. With cross-border data sharing increasing, even small documentary gaps are now enough to trigger delays or outright denials,” he said.

 

How countries recalibrated thresholds, job requirements and due diligence

 

Kumar noted three broad shifts:

 

• More programmes now expect measurable economic contribution such as active business investment, job creation or technology transfer.

• Compliance checks have become deeper with stronger AML and KYC rules, tighter source-of-fund verification and closer scrutiny of politically exposed persons.

• Thresholds have risen in some regions while others reduced minimums when applicants commit to job creation or active management.

 

Europe: Property routes squeezed, “productive” capital in 

Spain: Property golden visa shut down 

Spain took one of the firmest steps in 2025. From April 3, it stopped granting residence permits linked solely to property purchases of €500,000 or above. Buyers who once used Madrid or Barcelona real estate as a route to residency no longer had that option.

 

Portugal: Real estate gone, funds and ‘solidarity’ in 

Portugal’s 2023 law fully settled into place in 2025. Investors now use private equity and venture capital funds, scientific research, cultural projects or job-creating ventures. A pilot “solidarity visa” steers money towards affordable housing and migrant accommodation.

 

Greece: Higher minimums and a new start-up track 

Greece retained its golden visa but raised minimums sharply in high-demand areas. Some commercial-to-residential conversions still qualify at around €250,000. In late 2025, a separate start-up golden visa was introduced, with renewal tied to funding and job-creation benchmarks.

 

Malta: EU court shuts down the passport-for-sale model 

An April 2025 European Court of Justice ruling declared Malta’s citizenship-by-investment offer incompatible with EU law, ending the direct “buy a passport” option.

 

Italy: Steady rules, more interest 

Italy’s investor visa kept its existing structure—€250,000 in an innovative start-up, €500,000 in a company, €1 million donation or €2 million in government bonds. With Spain’s and Portugal’s property routes off the table, Italy’s model became more attractive for investors wanting an EU base.

 

Gulf: The biggest winners of 2025 

UAE: A maturing golden visa with new services 

The UAE did not lower thresholds but widened eligibility and introduced new conveniences. Humanitarian workers and volunteers became eligible for long-term visas, while a new electronic return permit allowed stranded residents to obtain travel documents within minutes.

 

Bahrain: Lower property threshold 

Bahrain reduced its investment requirement for golden residency from BHD 200,000 to BHD 130,000. Professionals earning at least BHD 2,000 per month, high-income retirees and select pensioners also saw clearer long-term pathways.

 

Oman: New 5- and 10-year golden residencies 

Oman rolled out a two-tier scheme in late August and early September. The 10-year tier requires at least OMR 200,000 in approved investments, while a 5-year category begins around OMR 250,000 depending on asset type.

 

Saudi Arabia: Premium residency becomes more structured 

Saudi Arabia expanded its premium residency tracks with categories for investors placing at least SAR 7 million and creating jobs, real-estate owners holding SAR 4 million in qualifying property, and entrepreneurs linking their stay to start-up activity.

 

Asia: Pricier lifestyle visas with stricter criteria

 

Thailand: Privilege vs DTV 

Thailand’s five- and ten-year Privilege packages remained popular, while the far cheaper Destination Thailand Visa offered a flexible option for long-stay visitors and freelancers.

 

Malaysia: MM2H becomes a costlier second-home route 

Malaysia raised thresholds through 2024–25, asking for at least $150,000 in fixed deposits and property purchases ranging from RM 600,000 to RM 2 million depending on location and category.

 

Caribbean: Higher costs and sharper checks 

The five Eastern Caribbean CBI schemes adopted a coordinated $200,000 minimum donation and deeper due-diligence checks, ending earlier pricing competition and creating a more uniform, compliance-heavy environment.