AIAIG观点
2025年10月30日
Post-Golden Visa Era: The New Landscape of European Immigration Policy
Spain officially terminates the residence-by-purchase program, Portugal cancels the real estate investment pathway, Greece and Malta cater to high-net-worth demands, and digital nomad visas are on the rise. Europe is shifting from 'buying property equals residency' to a new model of 'compliant residence + tax contribution'. This article analyzes this structural transformation and its impacts in a Q&A format.
Question
What structural changes have occurred in Europe's immigration policy?
AIAIGAnswer
Europe is entering the 'post-golden visa era'.
- Old model: Foreign buyers could obtain long-term residence permits and bring their families by investing locally (most typically by purchasing property, reaching a certain threshold). This model was known as the 'golden visa'.
- New trends:
- Spain has officially canceled the 'buy €500,000 property → get residence' golden visa pathway.
- Portugal no longer allows property purchases to apply for golden visas, shifting to fund investments, employment contributions, and other paths.
- Greece still permits 'buy property for residence', but has significantly raised thresholds, especially in popular areas.
- Malta continues to offer long-term residence pathways centered on investment and property rental.
- Digital nomad visas (remote work visas) are emerging in Spain, Portugal, Croatia, Greece, and other places, becoming a new entry point for 'long-term legal residence without requiring property purchase'.
Essential changes:
- European countries are shifting from 'welcoming your money (especially direct purchases of local property)' to 'welcoming you personally (your tax contributions, your long-term residence, your compliant status)'.
- For overseas property buyers, simply buying an apartment no longer automatically comes with European residence rights.
- Old model: Foreign buyers could obtain long-term residence permits and bring their families by investing locally (most typically by purchasing property, reaching a certain threshold). This model was known as the 'golden visa'.
- New trends:
- Spain has officially canceled the 'buy €500,000 property → get residence' golden visa pathway.
- Portugal no longer allows property purchases to apply for golden visas, shifting to fund investments, employment contributions, and other paths.
- Greece still permits 'buy property for residence', but has significantly raised thresholds, especially in popular areas.
- Malta continues to offer long-term residence pathways centered on investment and property rental.
- Digital nomad visas (remote work visas) are emerging in Spain, Portugal, Croatia, Greece, and other places, becoming a new entry point for 'long-term legal residence without requiring property purchase'.
Essential changes:
- European countries are shifting from 'welcoming your money (especially direct purchases of local property)' to 'welcoming you personally (your tax contributions, your long-term residence, your compliant status)'.
- For overseas property buyers, simply buying an apartment no longer automatically comes with European residence rights.
Question
Why is this shift happening?
AIAIGAnswer
There are three main driving factors:
1. Housing price pressures and social opinion:
- In popular tourist cities and high-demand coastal areas, local residents have long complained that large amounts of foreign capital treat houses as investment assets rather than living spaces, driving up rents and property prices.
- Governments need to account to their domestic voters and must demonstrate 'I will protect the affordability of housing for locals'.
2. Compliance and financial security:
- The EU has long criticized golden visa programs, believing they could be used for money laundering, evading regulation, and buying political favors.
- At the national level, there is an increasing emphasis on KYC, the legality of fund sources, and background checks on applicants, rather than simply welcoming unconditional hot money.
3. Economic strategy upgrade:
- Countries have realized that one-time property purchases do not equate to continuous tax payments.
- Instead of people who only come to buy assets and hardly live there, they prefer to attract high-income remote workers who pay taxes long-term, investors who can create jobs, or new residents who will actually relocate their families.
1. Housing price pressures and social opinion:
- In popular tourist cities and high-demand coastal areas, local residents have long complained that large amounts of foreign capital treat houses as investment assets rather than living spaces, driving up rents and property prices.
- Governments need to account to their domestic voters and must demonstrate 'I will protect the affordability of housing for locals'.
2. Compliance and financial security:
- The EU has long criticized golden visa programs, believing they could be used for money laundering, evading regulation, and buying political favors.
- At the national level, there is an increasing emphasis on KYC, the legality of fund sources, and background checks on applicants, rather than simply welcoming unconditional hot money.
3. Economic strategy upgrade:
- Countries have realized that one-time property purchases do not equate to continuous tax payments.
- Instead of people who only come to buy assets and hardly live there, they prefer to attract high-income remote workers who pay taxes long-term, investors who can create jobs, or new residents who will actually relocate their families.
Question
1.1 What is a 'Golden Visa'? How did it initially operate?
AIAIGAnswer
The 'Golden Visa' is a 'residency by investment' scheme:
- Basic model: Non-EU citizens invest a certain amount of capital in a target country (most classically through real estate purchase, meeting the amount threshold and typically requiring no mortgage), and can apply for long-term residency permits, sometimes including spouses and minor children.
- Classic version in Spain (old policy): Purchase a property valued at ≥500,000 euros to apply for a residency permit.
- Attractions:
- Obtain the right to legally reside long-term in the country;
- Many programs also include the convenience of free movement within the Schengen Area;
- Family members (spouse, children) usually benefit together.
Policy original intent:
- Attract funds from high-net-worth individuals to stimulate local real estate, construction, and service industries;
- During periods of economic weakness or real estate oversupply (such as after the financial crisis), this is a quick way to attract foreign capital.
- Basic model: Non-EU citizens invest a certain amount of capital in a target country (most classically through real estate purchase, meeting the amount threshold and typically requiring no mortgage), and can apply for long-term residency permits, sometimes including spouses and minor children.
- Classic version in Spain (old policy): Purchase a property valued at ≥500,000 euros to apply for a residency permit.
- Attractions:
- Obtain the right to legally reside long-term in the country;
- Many programs also include the convenience of free movement within the Schengen Area;
- Family members (spouse, children) usually benefit together.
Policy original intent:
- Attract funds from high-net-worth individuals to stimulate local real estate, construction, and service industries;
- During periods of economic weakness or real estate oversupply (such as after the financial crisis), this is a quick way to attract foreign capital.
Question
1.2 Why is this model suddenly seen as a 'problem'?
AIAIGAnswer
The Golden Visa has shifted from being a 'lifesaver' to a 'scapegoat', mainly due to two points:
1. Housing political pressure:
- In some popular cities, local rents and housing prices are accused of 'being driven up by foreign investors'.
- The public narrative has started to change from 'foreign capital saving us' to 'foreign capital displacing local residents'.
2. Security and compliance pressure:
- EU-level concerns: Could buying residency or even eventual citizenship with money open the door to money laundering, tax evasion, and sanctions evasion?
- As a result, governments must demonstrate stronger screening and restrictions, and can no longer give the impression that 'paying money = buying a pass'.
Conclusion: The Golden Visa is no longer packaged as an economic tool but is politicized as an 'unfair foreign capital privilege', thus becoming a target for tightening.
1. Housing political pressure:
- In some popular cities, local rents and housing prices are accused of 'being driven up by foreign investors'.
- The public narrative has started to change from 'foreign capital saving us' to 'foreign capital displacing local residents'.
2. Security and compliance pressure:
- EU-level concerns: Could buying residency or even eventual citizenship with money open the door to money laundering, tax evasion, and sanctions evasion?
- As a result, governments must demonstrate stronger screening and restrictions, and can no longer give the impression that 'paying money = buying a pass'.
Conclusion: The Golden Visa is no longer packaged as an economic tool but is politicized as an 'unfair foreign capital privilege', thus becoming a target for tightening.
Question
2.1 Can you still get residency in Spain by buying a house now?
AIAIGAnswer
Core conclusion: You can no longer rely on 'buying a house = residency'.
- Spain has officially canceled the golden visa pathway, ending the channel of 'purchasing property worth ≥500,000 euros → obtaining residency permit'.
- The government emphasized in policy explanations: housing is a basic public resource, not a speculative commodity for global capital. It has publicly prioritized housing affordability as a political priority.
- Practical impacts:
- Foreigners can still legally buy property in Spain; this act itself is not prohibited.
- But simply buying a house no longer automatically grants you a long-term residency card.
- For those wanting to stay long-term in Spain, the path is shifting to other visa types, such as:
- Non-lucrative residency (requires proving you have sufficient passive income/savings, allowing you to live in Spain but not work locally);
- Digital nomad/remote work visa (requires proving you have continuous income from abroad and are working remotely, not coming to take local jobs).
- Spain has officially canceled the golden visa pathway, ending the channel of 'purchasing property worth ≥500,000 euros → obtaining residency permit'.
- The government emphasized in policy explanations: housing is a basic public resource, not a speculative commodity for global capital. It has publicly prioritized housing affordability as a political priority.
- Practical impacts:
- Foreigners can still legally buy property in Spain; this act itself is not prohibited.
- But simply buying a house no longer automatically grants you a long-term residency card.
- For those wanting to stay long-term in Spain, the path is shifting to other visa types, such as:
- Non-lucrative residency (requires proving you have sufficient passive income/savings, allowing you to live in Spain but not work locally);
- Digital nomad/remote work visa (requires proving you have continuous income from abroad and are working remotely, not coming to take local jobs).
Question
2.2 Has Portugal also cut off the golden visa?
AIAIGAnswer
Portugal's situation is 'de-propertization', not 'complete cancellation'.
- After 2023, Portugal reformed the golden visa, with key actions:
- Canceled the channel for 'applying for a golden visa by purchasing real estate (including apartments, commercial properties, etc.)';
- Also canceled the practice of using real estate funds as eligible investments.
- However, the golden visa program itself still exists, but the eligible investment directions have changed:
- Applicants can choose to invest a certain amount in Portuguese-approved fund assets;
- Or apply for long-term residency by creating local employment, participating in innovation projects, etc.
- Rights are largely maintained:
- Upon successful application, the applicant and their immediate family can obtain legal long-term residency in Portugal;
- Still allows free movement within the Schengen Area;
- The long-term path of 'complying with residency duration requirements → permanent residency/citizenship' still exists.
Practical meaning: Portugal no longer sells the 'real estate + visa' package, but rather the 'compliant capital + visa' package.
- After 2023, Portugal reformed the golden visa, with key actions:
- Canceled the channel for 'applying for a golden visa by purchasing real estate (including apartments, commercial properties, etc.)';
- Also canceled the practice of using real estate funds as eligible investments.
- However, the golden visa program itself still exists, but the eligible investment directions have changed:
- Applicants can choose to invest a certain amount in Portuguese-approved fund assets;
- Or apply for long-term residency by creating local employment, participating in innovation projects, etc.
- Rights are largely maintained:
- Upon successful application, the applicant and their immediate family can obtain legal long-term residency in Portugal;
- Still allows free movement within the Schengen Area;
- The long-term path of 'complying with residency duration requirements → permanent residency/citizenship' still exists.
Practical meaning: Portugal no longer sells the 'real estate + visa' package, but rather the 'compliant capital + visa' package.
Question
3.1 Which countries/projects are taking over the demand for 'high net worth individuals wanting to stay in Europe'?
AIAIGAnswer
Currently, there are mainly three routes taking over:
1. Greece Golden Visa (still allows property orientation)
- Non-EU citizens can obtain a 5-year renewable residence permit by purchasing real estate in Greece.
- This route still allows the entire family to obtain long-term legal residence in Greece and enjoy free movement within the Schengen Area.
- However, the threshold is rapidly increasing:
- The traditional low threshold is around €250,000 in property investment;
- In overheated areas such as Athens, Santorini, Mykonos, etc., the government is raising the minimum threshold to higher levels (e.g., €400,000 or even higher ranges) to curb speculation and direct capital to non-overheated regions.
- The overall trend is: it is still possible to 'buy property for residence,' but the prices are becoming less like a 'bargain.'
2. Malta Long-Term Residence/Permanent Residence Route
- Malta offers a combined scheme: applicants can obtain long-term residence eligibility through specific government contributions/donations, along with meeting local property purchase or long-term rental requirements.
- Selling points:
- English-speaking environment;
- Tax system is relatively friendly to high net worth individuals;
- Once approved, it allows long-term settlement locally and free travel within the Schengen Area.
3. Digital Nomad Visa (Remote Work Visa)
- Countries such as Spain, Portugal, Croatia, Greece have introduced or are improving remote work visas.
- Core logic:
- You do not need to buy property first;
- You must prove you have stable, sustainable foreign income (remote salary, freelance income, etc.);
- It allows you to legally reside long-term for 1 year, 2 years, or even longer, and often provides derivative residence for spouses/children;
- Countries hope you will consume and pay taxes locally long-term, rather than just leaving an empty investment property.
It can be seen that Europe is transitioning from a 'one-time investment' to a 'continuous residence + continuous contribution' screening logic.
1. Greece Golden Visa (still allows property orientation)
- Non-EU citizens can obtain a 5-year renewable residence permit by purchasing real estate in Greece.
- This route still allows the entire family to obtain long-term legal residence in Greece and enjoy free movement within the Schengen Area.
- However, the threshold is rapidly increasing:
- The traditional low threshold is around €250,000 in property investment;
- In overheated areas such as Athens, Santorini, Mykonos, etc., the government is raising the minimum threshold to higher levels (e.g., €400,000 or even higher ranges) to curb speculation and direct capital to non-overheated regions.
- The overall trend is: it is still possible to 'buy property for residence,' but the prices are becoming less like a 'bargain.'
2. Malta Long-Term Residence/Permanent Residence Route
- Malta offers a combined scheme: applicants can obtain long-term residence eligibility through specific government contributions/donations, along with meeting local property purchase or long-term rental requirements.
- Selling points:
- English-speaking environment;
- Tax system is relatively friendly to high net worth individuals;
- Once approved, it allows long-term settlement locally and free travel within the Schengen Area.
3. Digital Nomad Visa (Remote Work Visa)
- Countries such as Spain, Portugal, Croatia, Greece have introduced or are improving remote work visas.
- Core logic:
- You do not need to buy property first;
- You must prove you have stable, sustainable foreign income (remote salary, freelance income, etc.);
- It allows you to legally reside long-term for 1 year, 2 years, or even longer, and often provides derivative residence for spouses/children;
- Countries hope you will consume and pay taxes locally long-term, rather than just leaving an empty investment property.
It can be seen that Europe is transitioning from a 'one-time investment' to a 'continuous residence + continuous contribution' screening logic.
Question
4.1 How have the rules changed for those wanting to buy European real estate?
AIAIGAnswer
The impact can be summarized in three points:
1. Property ≠ Residency (Normalization):
- In Spain, buying a property no longer automatically grants residency rights.
- In Portugal, purchasing real estate is no longer a qualifying investment for the Golden Visa.
- In Greece, property can still be exchanged for residency, but the threshold has been raised, especially in popular areas. In other words, it's still available, but it's becoming more expensive and more 'elitist'.
2. Residency pathways are becoming stratified:
- Capital-oriented: Countries like Portugal prefer investments in funds, job creation, and other 'regulatable, quantifiable' capital contributions.
- Property-oriented: Greece still retains this option for now, but is gradually increasing the minimum investment amount, pushing funds towards non-overheated regions.
- Lifestyle/tax-oriented: Digital nomad visas, non-lucrative residency, and long-term retirement visas are starting to attract those who would have otherwise pursued Golden Visas.
3. The government's real demands have changed:
- Past: I sell you a property, you don't ask too much, and I don't ask too much.
- Present: I want you to stay—bring your family for education, spend locally, pay taxes long-term, work remotely legally, rather than just leaving behind an empty apartment and a name that rarely appears.
Conclusion:
- Real estate investment and immigration planning are 'diverging'.
- You can no longer assume 'buying property = entry to residency'; instead, you must first ask: Is my goal long-term legal residency? Tax restructuring? Asset allocation? Different goals correspond to entirely different pathways.
1. Property ≠ Residency (Normalization):
- In Spain, buying a property no longer automatically grants residency rights.
- In Portugal, purchasing real estate is no longer a qualifying investment for the Golden Visa.
- In Greece, property can still be exchanged for residency, but the threshold has been raised, especially in popular areas. In other words, it's still available, but it's becoming more expensive and more 'elitist'.
2. Residency pathways are becoming stratified:
- Capital-oriented: Countries like Portugal prefer investments in funds, job creation, and other 'regulatable, quantifiable' capital contributions.
- Property-oriented: Greece still retains this option for now, but is gradually increasing the minimum investment amount, pushing funds towards non-overheated regions.
- Lifestyle/tax-oriented: Digital nomad visas, non-lucrative residency, and long-term retirement visas are starting to attract those who would have otherwise pursued Golden Visas.
3. The government's real demands have changed:
- Past: I sell you a property, you don't ask too much, and I don't ask too much.
- Present: I want you to stay—bring your family for education, spend locally, pay taxes long-term, work remotely legally, rather than just leaving behind an empty apartment and a name that rarely appears.
Conclusion:
- Real estate investment and immigration planning are 'diverging'.
- You can no longer assume 'buying property = entry to residency'; instead, you must first ask: Is my goal long-term legal residency? Tax restructuring? Asset allocation? Different goals correspond to entirely different pathways.
Question
4.2 How should investors/buyers take specific actions?
AIAIGAnswer
Actionable directions:
- If your goal is "I and my family want to obtain a renewable long-term residence + Schengen free access":
- Focus on the Greece Golden Visa, but accept the higher minimum investment amount, and prioritize locking in cities or regions that are still in the lower threshold areas.
- If your goal is "a stable residence status + a medium to long-term path to citizenship", and you have scalable, reportable funds:
- Focus on Portugal's reformed investment-based residence (fund investments, job creation, etc.), rather than putting all your budget into one apartment.
- If your goal is "I just want to stay in Europe long-term for one or two years, enjoying the local lifestyle/tax/education environment, but not necessarily obtaining citizenship immediately":
- Focus on digital nomad visas, non-lucrative residence, retirement/lifestyle long-term visas.
- These paths often require: proof of continuous income, health insurance, proof of accommodation, rather than large real estate payments.
Overall advice:
- Your first step is no longer to ask 'Can I buy a house?', but to ask 'Which legal status should I use to enter and stay long-term?'
- Property purchase has become a subsequent allocation, not a pass ticket.
- If your goal is "I and my family want to obtain a renewable long-term residence + Schengen free access":
- Focus on the Greece Golden Visa, but accept the higher minimum investment amount, and prioritize locking in cities or regions that are still in the lower threshold areas.
- If your goal is "a stable residence status + a medium to long-term path to citizenship", and you have scalable, reportable funds:
- Focus on Portugal's reformed investment-based residence (fund investments, job creation, etc.), rather than putting all your budget into one apartment.
- If your goal is "I just want to stay in Europe long-term for one or two years, enjoying the local lifestyle/tax/education environment, but not necessarily obtaining citizenship immediately":
- Focus on digital nomad visas, non-lucrative residence, retirement/lifestyle long-term visas.
- These paths often require: proof of continuous income, health insurance, proof of accommodation, rather than large real estate payments.
Overall advice:
- Your first step is no longer to ask 'Can I buy a house?', but to ask 'Which legal status should I use to enter and stay long-term?'
- Property purchase has become a subsequent allocation, not a pass ticket.
Question
Common Key Term Explanations
AIAIGAnswer
- Golden Visa: A fast-track pathway to long-term residency through investment (traditionally in real estate), typically allowing family members to benefit together.
- Real Estate Golden Visa: A version of the Golden Visa that explicitly considers 'purchasing real estate above a certain amount' as a qualifying investment condition. This model is most representative in Spain and Portugal, but has been halted or significantly tightened.
- Fund Investment Route: Obtaining long-term residency by investing capital (usually in the range of hundreds of thousands of euros) into funds/projects recognized by the target country. Portugal's Golden Visa has largely shifted to this model after reforms.
- Digital Nomad Visa / Remote Work Visa: For applicants with overseas income engaged in remote work, allowing them to legally reside long-term in the applying country (usually 1-2 years, renewable), often with the possibility of bringing family members. It emphasizes 'you spend money to live here' rather than 'you buy property here'.
- Threshold Increase: Refers to some countries (such as Greece) raising the minimum investment amount in popular areas, pushing up entry prices in major cities and tourist hotspots to curb further price increases driven by overseas buyers.
- Real Estate Golden Visa: A version of the Golden Visa that explicitly considers 'purchasing real estate above a certain amount' as a qualifying investment condition. This model is most representative in Spain and Portugal, but has been halted or significantly tightened.
- Fund Investment Route: Obtaining long-term residency by investing capital (usually in the range of hundreds of thousands of euros) into funds/projects recognized by the target country. Portugal's Golden Visa has largely shifted to this model after reforms.
- Digital Nomad Visa / Remote Work Visa: For applicants with overseas income engaged in remote work, allowing them to legally reside long-term in the applying country (usually 1-2 years, renewable), often with the possibility of bringing family members. It emphasizes 'you spend money to live here' rather than 'you buy property here'.
- Threshold Increase: Refers to some countries (such as Greece) raising the minimum investment amount in popular areas, pushing up entry prices in major cities and tourist hotspots to curb further price increases driven by overseas buyers.