EU Citizenship by Investment Ends After CJEU Ruling in 2025

Key Takeaways

• European Court of Justice ruled Malta’s Citizenship by Investment program illegal on April 29, 2025, forcing its closure.
• Golden Visa programs in Portugal and Spain removed real estate investments, requiring higher financial contributions.
• Over 130,000 individuals gained EU citizenship or residence via investment, generating €21.4 billion revenue in the past decade.

The purpose of this analysis is to examine the recent and decisive changes in European Union (EU) policy regarding Citizenship by Investment (CBI) and Residency by Investment (commonly known as “Golden Visa”) programs. The focus is on the European Court of Justice (CJEU) ruling against Malta’s CBI scheme, the last of its kind in the EU, and the broader shift toward merit-based citizenship pathways. This content aims to provide a clear, evidence-based overview of the current landscape, recent trends, and practical implications for investors, policymakers, and affected individuals.

Scope:
This analysis covers the legal, policy, and practical dimensions of CBI and Golden Visa programs in the EU as of May 2025. It draws on official rulings, government statements, and quantitative data to present a comprehensive picture of the end of “citizenship for sale” in the EU and the rise of stricter, merit-based alternatives.

Methodology

The information presented here is based on:

• Official rulings and statements from the European Court of Justice, European Commission, and national governments.
• Quantitative data on program requirements, participation, and financial impact.
• Recent policy changes and program closures across EU member states.
• Analysis from recognized immigration experts and sources, including VisaVerge.com.
• Comparative tables and step-by-step breakdowns of current procedures.

All data and claims are attributed to their original sources, and official government links are provided for further reference.

Key Findings

• The European Court of Justice ruled on April 29, 2025, that Malta’s Citizenship by Investment program is illegal under EU law. This decision orders Malta to terminate its “golden passport” scheme, ending the last direct CBI program in the EU.
• Other EU countries have already closed their CBI programs (Cyprus, Bulgaria) or never launched them (North Macedonia), largely due to EU pressure and corruption concerns.
• Golden Visa programs are being restructured: Portugal and Spain have eliminated real estate investment as a qualifying route, requiring more substantial, regulated economic contributions.
• Financial thresholds for residency by investment have increased: Investors must now commit at least €500,000 in regulated funds (Portugal), €1,000,000 in bank deposits (Spain), or meet higher requirements elsewhere.
• Over 130,000 people have gained EU citizenship or residence through investment schemes in the past decade, generating more than €21.4 billion in revenue for member states.
• The EU is shifting toward “citizenship by merit,” emphasizing genuine connection, long-term residence, ancestry, or exceptional contributions over simple financial investment.

Data Presentation and Visual Descriptions

Table: Status of EU Citizenship and Residency by Investment (May 2025)

Visual Description:
Imagine a table with countries listed in the first column. The next columns show whether each country offers CBI or Golden Visa programs, and the final column summarizes recent changes. Malta stands out as the last country forced to close its CBI program, while others have already shifted to stricter residency options.

Comparisons, Trends, and Patterns

The End of Citizenship by Investment in the EU

• Malta’s CBI program was the last of its kind in the EU. The program, officially called the Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment (MEIN), required a non-refundable contribution of €600,000–€750,000, a property purchase or rental, and a €10,000 donation, with a cap of 400 applicants per year.
• Cyprus and Bulgaria closed their CBI programs in 2020 and 2022, respectively, after scandals and strong EU opposition.
• Montenegro and North Macedonia, both outside the EU, either closed or never fully launched CBI programs due to EU accession requirements and pressure.

Golden Visa Programs: From Real Estate to Regulated Funds

• Portugal and Spain have removed real estate investment as a qualifying route for their Golden Visa programs. Portugal now only accepts investments in regulated funds (€500,000 minimum) or cultural/heritage donations (€250,000 minimum). Spain requires a €1,000,000 deposit in an accredited bank.
• Hungary, Italy, Malta, and Cyprus maintain residency-by-investment programs but have raised financial thresholds and tightened compliance checks.
• Due diligence and background checks have become more rigorous across all programs, reflecting concerns about money laundering and security.

Quantitative Impact

• Over 130,000 people have gained EU citizenship or residence through investment schemes in the past decade.
• These programs have generated more than €21.4 billion in revenue for EU member states, according to official data.

Evidence-Based Conclusions

The European Court of Justice’s Ruling: A Turning Point

The European Court of Justice’s April 2025 decision is a clear message: “EU citizenship is not for sale.” The court found that Malta’s CBI program violated EU law by allowing individuals to acquire EU citizenship—and thus all the rights that come with it—solely through financial contributions, without any genuine connection to the country.

Key evidence:

• The CJEU ruling orders Malta to close its program immediately.
• The European Commission has consistently warned that CBI schemes pose risks of money laundering, corruption, and undermine the integrity of EU citizenship.
• Malta’s program was the last direct CBI scheme in the EU; all others have been closed or reformed.

The Shift Toward “Citizenship by Merit”

With the end of CBI, the EU is moving toward pathways that require:

• Long-term residence
• Demonstrated integration (such as language skills or community involvement)
• Ancestry or family ties
• Exceptional contributions in fields like science, culture, or sports

This approach is designed to ensure that new citizens have a real connection to the country and the EU as a whole.

Golden Visas: Stricter, More Regulated

Residency-by-investment programs remain available in some EU countries, but the requirements are tougher:

• Higher financial thresholds: Minimum investments now range from €500,000 to €1,000,000.
• No more passive real estate investment: Only regulated funds, cultural donations, or bank deposits qualify.
• Stricter background checks: Applicants must pass rigorous due diligence to prevent abuse.

Step-by-Step Procedures (as of May 2025)

Malta (CBI – Being Terminated)

1. Apply for residency in Malta.
2. Make a non-refundable contribution: €600,000 for a 36-month process, or €750,000 for a 12-month process.
3. Purchase or rent qualifying property: Minimum €700,000 purchase or €16,000/year rental.
4. Donate €10,000 to a Maltese NGO.
5. Undergo strict due diligence.
6. Await approval (subject to a 400 applicants/year cap).
7. Note: Applications are likely to be suspended soon due to the CJEU ruling.

Portugal (Golden Visa)

1. Invest €500,000 in a regulated fund or €250,000 in cultural/heritage projects.
2. Submit application with proof of investment.
3. Undergo background checks and due diligence.
4. Obtain residency permit.
5. Maintain investment and minimal physical presence.
6. After 5 years, apply for permanent residency or citizenship (must meet language and integration requirements).

For more details, visit the Portuguese Immigration and Borders Service (SEF).

Spain (Golden Visa)

1. Deposit €1,000,000 in an accredited Spanish bank.
2. Submit application with proof of deposit.
3. Undergo due diligence.
4. Obtain residency permit.
5. After 5 years, eligible for permanent residency; after 10 years, eligible for citizenship (with integration requirements).

Multiple Perspectives

EU Institutions

• Firmly opposed to CBI: The European Commission and European Parliament have long argued that CBI schemes threaten the integrity of EU citizenship and security.
• Advocating for harmonization: EU bodies are considering new laws to further restrict or harmonize residency-by-investment programs.

National Governments

• Malta: Resisted EU pressure but is now compelled to close its CBI program following the CJEU ruling.
• Portugal and Spain: Proactively reformed their Golden Visa programs, citing the need to address housing crises and align with EU standards.

Investors

• Face higher barriers and more scrutiny: Direct access to EU citizenship through investment is no longer possible. Investors must now pursue longer-term, merit-based pathways.
• Fewer options: Only regulated funds, cultural donations, or large bank deposits qualify for residency, and the path to citizenship is longer and more demanding.

Historical Development

• 2010s: Many EU countries launched CBI and Golden Visa programs to attract foreign capital.
• 2017–2022: Scandals and EU investigations led to the closure of Cyprus, Bulgaria, and other CBI programs.
• 2023–2025: Portugal and Spain eliminated real estate investment routes. Malta remained the last holdout until the CJEU ruling in April 2025.

Limitations

• Rapid policy changes: The landscape for investment migration in the EU is changing quickly. Information may become outdated as new laws and regulations are introduced.
• National differences: While the EU sets broad standards, each country has its own procedures and requirements for residency and citizenship.
• Uncertainty for pending applicants: Individuals who have already applied for CBI or Golden Visa programs may face delays or changes in eligibility as programs are reformed or closed.

Policy Implications and Practical Effects

• End of “Golden Passports”: The CJEU ruling marks the end of direct citizenship-by-investment in the EU. Malta must close its program, and no other EU country offers direct CBI.
• Golden Visas under scrutiny: Residency-by-investment programs are being restructured to require more active, regulated economic contributions.
• Higher barriers: Financial thresholds have increased, and due diligence is stricter. Investors must now show assets of at least €500,000, with some programs requiring even more.
• Shift toward “citizenship by merit”: The EU is moving toward pathways based on genuine connection, long-term residence, ancestry, or exceptional contributions.

Official Resources

For the latest updates and official information, consult:

• European Commission – Migration and Home Affairs
• Malta Individual Investor Programme Agency (for CBI program status)
• Portuguese Immigration and Borders Service (SEF) (for Golden Visa application procedures)
• Spanish Ministry of Inclusion, Social Security and Migration (for Golden Visa updates)

Conclusions

The April 2025 ruling by the European Court of Justice against Malta’s Citizenship by Investment program marks the end of an era for the EU. No longer can individuals buy their way into EU citizenship through financial contributions alone. The focus has shifted to merit-based pathways that require real, long-term engagement and integration.

Golden Visa programs remain, but they are stricter, more regulated, and require higher financial commitments. The EU is sending a clear message: citizenship and residency are privileges that must be earned, not bought.

As reported by VisaVerge.com, these changes reflect a broader trend toward protecting the integrity of EU citizenship and ensuring that new members of the EU community are genuinely connected to the countries they wish to call home.

Actionable Takeaway:
If you are considering EU residency or citizenship, be prepared for higher investment thresholds, longer timelines, and stricter requirements. Focus on pathways that demonstrate real commitment—such as long-term residence, cultural contributions, or family ties—rather than expecting quick access through financial investment alone.

For the most current information, always check official government resources and consult with qualified immigration professionals.

Learn Today

Citizenship by Investment (CBI) → A program allowing individuals to obtain citizenship through financial investments in a country.
Golden Visa → A residency-by-investment scheme granting residency rights based on qualifying economic contributions.
European Court of Justice (CJEU) → The highest court of the EU responsible for interpreting EU law and ensuring its uniform application.
Due diligence → A thorough investigation process to verify applicants’ backgrounds and prevent fraud or security risks.
Residency by Investment → A legal process enabling foreigners to obtain residence permits by fulfilling specific investment requirements.

This Article in a Nutshell

The EU ended direct citizenship by investment with Malta’s CBI closure in 2025. Golden Visas remain but require stricter, higher financial commitments emphasizing genuine ties over transactions.
— By VisaVerge.com