Key Takeaways
• European Court of Justice ended Malta’s citizenship-by-investment program on April 29, 2025.
• The ruling closes the last direct EU citizenship-for-investment pathway; existing Maltese citizens retain passports.
• Golden Visa residency programs remain available in Malta, Portugal, Greece, and Spain with updated requirements.
A major change has just taken place in the world of European immigration. On April 29, 2025, the European Court of Justice issued a ruling that officially ended the Malta citizenship-by-investment program. This program,sometimes referred to as a “golden passport” scheme, offered wealthy people a direct path to citizenship in Malta 🇲🇹—and, in turn, citizenship in the entire European Union—if they could make a large enough financial contribution. Now, with this European Court of Justice action, the landscape for people seeking EU citizenship with their wealth looks very different.
Let’s look at what this means, how it happened, and what options wealthy individuals are exploring next.
End of Malta’s Citizenship-by-Investment Program
For several years, Malta’s offer was simple and famous among global investors: invest a certain amount, meet property and donation requirements, and gain citizenship. In 2025, this program ranked number one in the world on the Henley & Partners Global Citizenship Program Index. Applicants had to:
- Pay a non-refundable sum of €600,000 (after living in Malta for 36 months), or €750,000 (after just 12 months)
- Buy a home costing at least €700,000, or rent a property for at least €16,000 per year
- Donate at least €10,000 to a registered Maltese charity
Altogether, this scheme brought in more than €1.4 billion for Malta, a small island nation with only about half a million people. However, the plan was never without controversy. Many critics pointed out that some new “citizens” of Malta never truly lived in the country. They saw the deal as a shortcut, or even a loophole, to European Union citizenship, since Malta is part of the EU and its citizens enjoy freedom to work and travel throughout the block.
As reported by VisaVerge.com, the European Commission grew unhappy with the way citizenship was being “sold” and brought the case to the European Court of Justice. The court’s ruling was strong and clear: this was not true citizenship, but a “mere commercial transaction.” The ECJ said these golden passports had no place in the EU’s legal system. With this decision, Malta is expected to completely shut down its citizenship-by-investment program very soon.
Prime Minister Robert Abela has already said the government will respect the court’s decision and adjust the country’s laws around citizenship.
If you are interested in reading the official European Court of Justice judgment, you can find details on the ECJ official website—this page offers full information on recent court decisions.
The Fallout for Wealthy Investors
Wealthy people value European citizenship for many reasons—freedom to travel, work, set up businesses, and ensure better access to healthcare and education for their families. For years, Malta’s citizenship-by-investment offered a fast way to these benefits. With the closure of this final EU citizenship-by-investment scheme, the last direct door to EU citizenship for money has now closed.
Yet those who already got their Maltese passports under the program should know: the new court ruling does NOT cancel or retroactively erase their citizenship. However, experts expect that countries in the EU may give extra attention when checking these holders’ documents or activities in the future.
Some of these investors feel disappointed or uneasy. After spending large amounts of money, the rules have changed. However, for now, the passports they received remain valid.
What Is Citizenship-by-Investment?
“Citizenship-by-investment” means you can become a full citizen of a country by making a large financial investment. In Malta’s case, the requirements were payment to the government fund, buying or renting property, and a donation to a charity. Once you fulfilled these steps and passed certain checks, you could receive a Malta 🇲🇹 passport even without having real roots or long-term residence there.
The European Commission argued that this is unfair and opens the door to abuse. It allows people to get EU rights without any real connection to the country.
Residency-by-Investment: The Next Option
With direct citizenship-by-investment now banned across the EU, wealthy people are quickly looking at the next best option—“residence by investment” programs. Commonly called Golden Visas, these programs don’t give citizenship right away. Instead, they offer legal residency (the right to live) in exchange for financial investments—mostly in real estate, government bonds, or local business.
Several EU countries, including Portugal, Greece, and Spain, still keep some form of a residency-by-investment scheme. Each program has its own rules. Usually you need to:
- Invest in real estate (often with a minimum value)
- Hold investments for a set period (like 5 years)
- Pass background checks
- Live in the country for a certain number of days each year
With legal residency, Golden Visa holders can often move freely within most of the EU’s “Schengen Area.” After several years of residency, some countries might let these residents apply for full citizenship, but the path is much slower and not guaranteed.
Malta Permanent Residence Programme (MPRP)
Malta 🇲🇹 itself still offers a version of a Golden Visa called the Malta Permanent Residence Programme (MPRP). In January 2025, Malta updated this scheme to better fit new EU guidelines and to improve fairness. The recent updates make it easier for eligible people from many countries to apply, with changes to property requirements and simplified fees.
Applicants for the MPRP now have two main ways to qualify:
- Option 1: Prove that you have at least €500,000 in assets, with €150,000 of that in investments like stocks, bonds, or cash.
- Option 2: Prove ownership of €650,000 in assets, with at least €75,000 in financial investments.
These changes hope to attract serious, committed residents rather than people only interested in citizenship for convenience.
For more official information about the Malta Permanent Residence Programme, you can check the Identity Malta Agency website where all the updated details are shared.
Wider Choices: Non-EU Options for Wealthy Applicants
The interest in citizenship-by-investment is worldwide, and not limited to the EU. As the last EU program closes, investors are taking a broader view. Many are now considering:
- The United States 🇺🇸 EB-5 program: This plan gives a path to permanent residency (a green card) for investors who put at least $800,000 into approved projects that create jobs.
- United Arab Emirates 🇦🇪 (UAE) Golden Visa: This program grants 10-year residence to investors willing to invest roughly $272,300.
- Caribbean countries: Several countries in this region, such as St. Kitts and Nevis 🇰🇳, Dominica 🇩🇲, and Antigua and Barbuda 🇦🇬, continue to offer citizenship-by-investment plans. These are often less expensive and have lighter residency requirements than the former Malta 🇲🇹 scheme.
- Southeast Asia and New Zealand 🇳🇿: Some countries in these areas offer investment-based visas for residency, with opportunities in locations popular for business, quality of life, or personal safety.
As options in the EU become more limited, interest in these programs has been rising.
Questions and Controversy: What’s Next for the EU?
The closing of Malta’s citizenship-by-investment program is more than a local story. As the last EU member to shut its doors to this fast-track route, Malta 🇲🇹 marks the finish of an era. The European Court of Justice’s ruling is a clear message to any country thinking of opening similar programs in the future: “commercial” sales of citizenship are not allowed.
But what about residency-by-investment? The rules here are less strict across the EU. Right now, Golden Visa programs remain legal, as long as they offer residency (not citizenship) in return for investment.
However, there are growing calls in the EU to tighten these rules. Some say Golden Visas still allow wealthy people to gain entry and influence without a real attachment to the country. Lawmakers have debated stricter anti-corruption rules to ensure that only serious, law-abiding investors gain long-term residency.
The European Union faces a choice: Will it create a clear, common rulebook for all member states, blocking loopholes? Or will some countries continue to use these programs to attract wealthy foreigners and raise funds, with the risk of abuse?
Historical Context: How Did We Get Here?
To better understand why Malta 🇲🇹 became the center of this debate, it helps to look back. Citizenship-by-investment plans have always sparked arguments. Supporters say they bring in much-needed money and help pay for social programs, schools, and hospitals. Malta 🇲🇹 raised over €1.4 billion—a huge sum for the country—through this program.
Opponents, though, say citizenship is more than just a contract; it’s a matter of national identity, connection, and belonging. When a passport can be bought with a simple payment, some fear it weakens the very meaning of citizenship and opens the door to fraud, tax evasion, and even security risks.
As more people raised these concerns, the EU began to take a stronger stand against these “quick sale” citizenship programs.
Practical Advice for Potential Applicants
If you are a person with significant assets or are advising someone in this position, here are some practical points to consider after the European Court of Justice decision:
- Understand the new reality: There is no direct path to EU citizenship “for sale” anywhere in the EU. Programs like Malta’s citizenship-by-investment have been closed.
- Look at Golden Visas carefully: These allow for legal residence, which is a big step, but you won’t get citizenship right away. Each country’s requirements, fees, and timelines for eventual citizenship can be very different.
- Consider non-EU options: If your goal is second citizenship or residency in a stable country, look beyond the EU. Many countries worldwide have programs ranging from United States 🇺🇸 and UAE 🇦🇪 to Caribbean nations.
- Be wary of promises that are too good to be true: If an agent or company promises fast-track citizenship in the EU, be careful—these offers may no longer be lawful, and you risk losing your investment.
Immediate and Long-Term Impacts
The immediate effect of Malta’s program closure is clear: wealthy people will need to rethink their plans for life, work, or business in the EU.
- For Malta 🇲🇹: The program was a significant source of income. With this revenue gone, the country may need to find fresh ways to support its budgets.
- For the EU: The ruling could send a signal to all countries within the block about the values of citizenship and belonging.
- For other investors: Interest in Golden Visas and similar programs in non-EU countries will likely keep rising as rich individuals look for new options.
Looking to the future, experts believe Golden Visa programs may soon face stricter EU-wide controls. Many expect the European Union to keep watching these schemes to make sure they aren’t used to avoid taxes or launder money.
Final Words
The decision by the European Court of Justice is a turning point. Citizenship in the EU is now firmly closed to direct sale. Malta 🇲🇹, once home to the most popular program, must now move forward, likely focusing more on residence-by-investment routes. Other countries within the EU may follow suit, either adjusting their rules or ending similar programs.
If you are considering such pathways, reliable sources, such as the Identity Malta Agency, offer full details on both current programs and any future changes. VisaVerge.com remains a trustworthy source for the latest analysis and news on global immigration topics.
This is a fast-changing landscape, and anyone considering these programs should keep up to date with new laws and rules, as the future may bring even more changes to how people can build lives across borders.
Learn Today
European Court of Justice → The highest court for European Union law, which resolves disputes and interprets EU legislation for member states.
Citizenship-by-Investment → A scheme allowing individuals to acquire citizenship in exchange for significant financial investment in a country.
Golden Visa → A residency-by-investment program granting legal residence permits to investors who meet financial and procedural requirements.
Schengen Area → A group of European countries allowing passport-free travel across their borders for residents and visitors.
Malta Permanent Residence Programme (MPRP) → A Maltese government initiative awarding permanent residency to foreigners meeting specific investment and property requirements.
This Article in a Nutshell
Malta’s “golden passport” scheme, once the world’s top citizenship-by-investment program, ended in April 2025 after an EU court decision. Wealthy investors must now look to residency-by-investment—Golden Visas—or programs outside the EU for second citizenship. Malta’s revised Golden Visa remains open under stricter financial requirements.
— By VisaVerge.com
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