Cyprus's citizenship-by-investment program, which was comparable to a "golden visa" but gave citizens citizenship instead of just residency, was shut down in 2020.

The U.K. ended its invitation for international investment in February 2022.

Montenegro, an EU satellite state, ended its citizenship by investment program in January 2023.

With Ireland and Portugal both abruptly terminating their golden visas within a week of one another in February of this year, it appears that the tide has finally shifted.

On February 15, Ireland abruptly terminated its program.

Portugal announced that its program would be shut down as well just a few days after Ireland did, and on July 19, the decision was confirmed by Parliament.

The death knell has sounded, but it still needs to be signed into law by the president, which is most likely to happen in September.

Following the 2008 financial crisis, these schemes were established in a number of European nations.

The idea was straightforward: If you invested some cash in the nation, you would be granted permission to live and work there.

It could take the shape of a real estate investment (usually $500,000 or more), launching a business locally, or contributing money to a fund that has been given the green light.

Because they allow access to the whole Schengen Area—27 countries—the schemes have drawn wealthy investors from beyond the EU.

The first country to implement a golden visa policy was Portugal. Following suit were Spain, Greece, Cyprus, Italy, Ireland, and other nations.

However, it seems as though the "golden age" of residency programs is ending.

Why are these visas currently at jeopardy?

The European Commission, the "executive committee" of the EU, despises them and has done all in its power to prevent nations from implementing them while attempting to end current programs.

The Final Decision of Portugal
The most significant loss is Portugal's program.

With this arrangement, anyone could obtain residency in the EU for as little as 250,000 euros, and you only needed to visit Portugal for one week each year to keep your visa.

You may become eligible for an EU passport after just five years and be free to live and work anywhere in the 27-nation bloc.

There will still be a number of ways for investors to obtain Portuguese residency under the new law, including investing 250,000 euros in Portuguese culture or history, 500,000 euros in research, or 500,000 euros in a company that produces five permanent jobs. However, acquiring real estate disqualifies you from eligibility.

This was, without a doubt, the program's most well-liked component and the main factor in expats' interest in it.

Joo Gil Figueira, my lawyer in Portugal, provided me the real story behind the termination of the Golden Visa program and briefly discussed the program's closure with me.

According to the government, the Golden Visa property investment option increased home values.

However, purchasers with Golden Visas make up a very small portion of all buyers of real estate in Portugal, and even a much smaller portion of foreign buyers.

That they are a significant factor in the sharp rise in home prices defies logic.

"Problems related to a lack of affordable housing are in the news," Joo informed me. Regarding affordable housing, the government must forward anything.

In essence, the Golden Visa is being exploited as a scapegoat for Portugal's sharp rise in housing costs. The government must appear to be taking action. This new "More Housing" law resulted.

"In the first proposal, the government claimed that all current Golden Visa holders would be subject to the new regulations; for example, they would be expected to rent out their homes or live in them full-time or spend more than 180 days annually in Portugal.

"There was a severe backlash.

If you discontinue a program like this without grandfathering in prior applicants, it will reflect poorly on Portugal as a location for foreign direct investment.

"So the government reversed course."

Golden Visa property buyers will be able to maintain their visas under the same conditions as before thanks to the final form of the recently passed law, which is a major victory.

Additionally, there are still a number of ways to obtain residence through investment; but, buying a home will no longer be one of them.

Possibilities for future cash flow are just one of the many advantages of owning property in Portugal. And if you decide to buy property there and stay there, you can obtain residency just by visiting Portugal. Renters are also affected by this.

The well-liked D7 "retirement" visa from Portugal is still available, and the nation has also recently unveiled a new digital nomad visa for independent contractors.

Additionally, if the government's More Housing bill actually achieves its goal of lowering real estate prices, a thrilling new window of opportunity to invest in one of Europe's strongest markets would open up.

Despite the expiration of the Golden Visa, there are still numerous reasons to travel to Portugal.

There Is Still A Magnificent Chance
If you're thinking of relocating to Portugal or elsewhere in Europe to live and invest, the repeal of these visas may not be a bad thing.

In fact, it might end up being a net benefit.

Golden visa elimination might cause a drop in the value of real estate, which would be a good buying opportunity.

Even though purchasing a home no longer qualifies you for residency, you can still do so for your own lifestyle or as an investment and still qualify for residency the old-fashioned way by living there for a while.

Additionally, there are still chances to fund your way into residency in Europe.

This year, Greece made adjustments to its Golden Visa Program, which became effective on July 31. Although the entrance fee was increased from 250,000 to 500,000 euros, there are currently no intentions to end the program.

The Golden Visa program is still in operation in Spain, Malta, and Italy (albeit Italy does not allow for the purchase of real estate).

And since its initial citizenship-by-investment scheme expired in 2020, Cyprus has a new Golden Visa program.

Moment to Act
Europe's borders are still fairly open to North Americans, but if you have money to invest and want to live there, a few possibilities have already been eliminated this year.