Europe’s Golden Visa Programs Restructured Amid Real Estate Restrictions

Key Takeaways

• Hungary relaunched its Golden Visa as ‘Guest Investor Residence Permit’ with €250,000 investment minimum and no real estate option.
• Portugal removed real estate and capital transfer options; investors must choose venture capital, job creation, research, or culture routes.
• Spain ended its Golden Visa program in April 2025; UAE expanded visa categories including investors and entrepreneurs.

Golden Visa Programs Face Major Changes: Hungary’s Guest Investor Residence Permit Relaunched Amid Global Shifts

The world of Golden Visa programs is changing fast, with new rules, closures, and fresh opportunities shaping how investors and families can secure residency in popular countries. As of July 8, 2025, the landscape looks very different from just a few years ago. Hungary 🇭🇺 has relaunched its program under a new name, Portugal 🇵🇹 has restructured its options, Spain 🇪🇸 has closed its doors, and the United Arab Emirates 🇦🇪 continues to expand its offerings. These changes affect not only wealthy investors but also families, legal advisors, and real estate markets across the globe.

Let’s break down what’s happening, why it matters, and what steps you can take if you’re considering a Golden Visa or Hungary’s new Guest Investor Residence Permit.

What’s Happening With Golden Visa Programs in 2025?

Golden Visa programs, also known as residency-by-investment schemes, allow people to get residence permits in exchange for investing money in a country. These programs have been especially popular in Europe and the Middle East, offering benefits like the right to live and work in the country, visa-free travel in the Schengen Area, and sometimes even a path to citizenship.

But in 2024 and 2025, several countries have made big changes:

• Hungary 🇭🇺: Relaunched its Golden Visa as the “Guest Investor Residence Permit,” with new rules and investment options.
• Portugal 🇵🇹: Restructured its program, removing real estate and capital transfer options.
• Spain 🇪🇸: Abolished its Golden Visa program entirely.
• UAE 🇦🇪: Expanded its Golden Visa to include more categories and easier access for investors, entrepreneurs, and talented individuals.

These moves are a response to concerns about rising housing prices, real estate speculation, and the need to attract investment in ways that benefit the whole country.

Hungary’s Guest Investor Residence Permit: What’s New?

Hungary 🇭🇺 has brought back its Golden Visa program, now called the Guest Investor Residence Permit. This new version started in March 2024 and was updated again in January 2025. The program gives successful applicants the right to live and work in Hungary for 10 years, with the option to renew once. It also allows travel to other Schengen countries for up to 90 days in any 180-day period.

Key Details of Hungary’s Guest Investor Residence Permit:

• Who Can Apply: Foreign investors who meet the investment requirements.
• Family Members: Spouses, minor children, and dependent parents can get residence permits too, with the right to work.
• Purpose: Hungary wants to attract more foreign investment and boost its economy.

Investment Pathways (as of July 2025):

1. Investment Fund: Put at least €250,000 into a specific Hungarian investment fund and keep it there for at least five years.
2. Donation: Make a €1 million non-refundable donation to a Hungarian higher education institution for scientific research or artistic activities.
3. Real Estate: The real estate investment pathway (previously €500,000) was abolished on January 15, 2025. Only property purchases made after January 1, 2025, were briefly considered, but now this option is closed.

How to Apply: Step-by-Step

1. Choose Your Investment: Decide between the investment fund or the donation.
2. Gather Documents: You’ll need proof of your investment, a clean criminal record, health insurance, and proof you can support yourself financially.
3. Submit Your Application: Apply through the Hungarian immigration authority or a licensed legal representative.
4. Wait for Approval: Processing can take several months.
5. Get Your Permit: If approved, you’ll receive a 10-year residence permit, which you can renew once.
6. Bring Your Family: After your permit is approved, you can apply for your spouse, minor children, and dependent parents to join you.

For more details and official forms, visit the Hungarian Immigration Office.

Portugal’s Golden Visa: Restructured, Not Ended

Portugal 🇵🇹 has not ended its Golden Visa program, but it has made big changes. As of June 2025, the Portuguese Parliament voted to remove the real estate and capital transfer options for new applicants. The goal is to spread foreign investment more evenly and reduce pressure on housing in big cities.

Current Investment Options in Portugal (July 2025):

• Venture Capital Funds: Invest at least €500,000 in qualifying funds (not real estate).
• Job Creation: Create at least 10 jobs in Portugal.
• Research Activities: Invest €500,000 or more in public or private scientific research.
• Cultural Heritage: Support artistic production or national cultural heritage with at least €250,000.
• Commercial Company: Invest €500,000 or more in a company that creates at least five permanent jobs.

What About Existing Golden Visa Holders?

If you already have a Portuguese Golden Visa, your rights are protected. You can still renew your permit and bring family members. The changes only affect new applications.

For the latest updates and official forms, check the Portuguese Immigration and Borders Service (SEF).

Spain’s Golden Visa: Program Closed

Spain 🇪🇸 made headlines in January 2025 when Prime Minister Pedro Sánchez announced the end of the Golden Visa program. The program officially closed on April 3, 2025. This decision was made to help control real estate speculation and make housing more affordable for local people.

What Does This Mean for Investors?

• No New Applications: You can’t apply for a Spanish Golden Visa anymore.
• Existing Holders: If you already have one, your rights are protected, but you can’t renew through the old pathways.
• Other Options: Investors now have to look at other visa types, like non-lucrative visas or entrepreneur visas.

For more information, visit the Spanish Ministry of Inclusion, Social Security, and Migration.

UAE’s Golden Visa: Growing and Expanding

While Europe is tightening its rules, the United Arab Emirates 🇦🇪 is making its Golden Visa program bigger and more flexible. As of July 2024, the UAE offers more ways for people to qualify, including investors, entrepreneurs, top students, and people with special talents.

Key Features of the UAE Golden Visa:

• 10-Year Visa: For investors in public funds.
• 5-Year Visa: For property owners (renewable).
• Entrepreneurs: 5-year visa for those with innovative business projects.
• Outstanding Students: 5- or 10-year visas based on academic achievement.

The UAE government’s official portal has all the details and application steps.

Why Are Countries Changing Their Golden Visa Programs?

Golden Visa programs have been popular for years, but they’ve also faced criticism. Some people say these programs drive up housing prices, make it harder for locals to buy homes, and can even create security risks. Governments are now trying to balance the need for foreign investment with the need to keep housing affordable and safe.

Key Reasons for Change:

• Housing Affordability: In cities like Lisbon, Madrid, and Budapest, local people have struggled to find affordable homes. Cutting real estate investment options is meant to help.
• Economic Focus: Countries want to direct investment into areas that help the whole economy, like research, business, and culture, instead of just real estate.
• Security and Fairness: Some worry that easy residency for wealthy investors could be misused. New rules aim to make the process safer and more transparent.

Who Is Affected by These Changes?

• Investors: Must now look at new investment options, often outside of real estate. The process is more complex, and the minimum investment amounts may be higher.
• Families: Many programs still allow spouses, children, and sometimes parents to join the main applicant, but the rules can change quickly.
• Legal and Immigration Advisors: With rules changing so often, there’s a bigger need for expert advice to avoid mistakes and delays.
• Real Estate Markets: In places where real estate investment is no longer allowed, housing prices may cool down, but some sectors could lose foreign buyers.

Expert Perspectives: What Are People Saying?

• Governments: Want to attract money that helps the country grow, not just raise property prices.
• Investors: Still want stable residency and travel rights, but now face more rules and fewer choices.
• Legal Experts: Say it’s more important than ever to get professional advice before making big investments.
• Civil Society Groups: Some say Golden Visa programs make inequality worse, while others point out the economic benefits.

As reported by VisaVerge.com, these changes reflect a growing trend across Europe and beyond, where countries are rethinking how they attract foreign investment and who benefits from these programs.

What’s Next for Golden Visa Programs?

Looking ahead, experts expect even more changes:

• Europe: More countries may tighten their rules or close their programs, especially if housing shortages continue.
• Alternative Destinations: Investors may look to the UAE, Caribbean, or other regions with stable and attractive Golden Visa options.
• Policy Evolution: Countries will keep trying to balance the need for investment with social and political concerns.

Summary Table: Golden Visa Status as of July 8, 2025

Practical Steps for Interested Applicants

If you’re thinking about applying for a Golden Visa or Hungary’s Guest Investor Residence Permit, here’s what you should do:

1. Check the Latest Rules: Visit official government websites for up-to-date information.
2. Choose the Right Pathway: Decide which investment option fits your goals and budget.
3. Get Professional Advice: Immigration rules change fast. Talk to a qualified legal advisor before making any investment.
4. Prepare Your Documents: Make sure you have all the paperwork ready, including proof of investment, clean criminal record, and health insurance.
5. Apply Through Official Channels: Use government portals or approved representatives to avoid scams or mistakes.
6. Plan for Your Family: If you want to bring family members, check the specific rules for dependents.

Where to Find Official Information

• Hungary: Hungarian Immigration Office
• Portugal: Portuguese Immigration and Borders Service (SEF)
• Spain: Spanish Ministry of Inclusion, Social Security, and Migration
• UAE: UAE Government Official Portal

Final Thoughts

Golden Visa programs are changing quickly, especially in Europe. Hungary’s Guest Investor Residence Permit is now one of the main options for investors looking for long-term residency in the Schengen Area, but the real estate pathway is gone. Portugal still offers several investment routes, but not through property. Spain has closed its program, while the UAE is opening more doors than ever.

If you’re interested in these programs, stay informed, act quickly, and always use official sources and professional advice. The rules can change at any time, and making the right choice now can help you and your family build a secure future in your chosen country.

Learn Today

Golden Visa → A residency-by-investment program granting residence permits in exchange for qualified financial investments.
Guest Investor Residence Permit → Hungary’s renewed visa program allowing residence through investments in funds or donations, excluding real estate.
Schengen Area → A zone of 26 European countries with abolished internal border controls allowing free travel.
Venture Capital Funds → Investment funds providing capital to startups or growing companies, eligible for Portuguese Golden Visa.
Non-refundable Donation → A financial contribution without reimbursement, used in Hungary’s permit to support education or arts.

This Article in a Nutshell

Golden Visa programs are rapidly evolving in 2025, with Hungary relaunching under new rules, Portugal restructuring investments, Spain closing its program, and UAE expanding opportunities for investors and talented individuals.
— By VisaVerge.com