Key Takeaways
• Malta’s Golden Visa Program closes April 29, 2025, after EU court ruling.
• Other countries like Cyprus, Bulgaria, and Spain recently ended similar citizenship-by-investment programs.
• Future EU access will require active engagement, longer residency, and stronger ties—no more fast tracks through investment alone.
As of April 29, 2025, Malta’s Golden Visa Program, also known as the “golden passport” scheme, will come to an end. The European Court of Justice has ordered its closure, saying it breaks European Union laws and damages trust between member countries. For many years, this Maltese program allowed wealthy people to gain EU citizenship through large financial investments and only minimal time spent in the country. Now, the last direct citizenship-by-investment program in the European Union 🇪🇺 is closing, making a clear statement: the era of buying a “golden ticket” to Europe is over.
The Rise and Fall of Golden Passport Schemes
Malta’s Golden Visa Program was one of several offered across the EU. Its appeal was simple: with a big enough investment, you could become a Maltese citizen—and by extension, an EU citizen, gaining the right to live, work, and travel freely throughout the European Union 🇪🇺. But Malta is not alone in facing stronger controls. Over the past few years, other countries have also ended or restricted similar programs:
- Cyprus stopped its golden passport system in 2020.
- Bulgaria followed in 2022.
– Spain closed its golden visa scheme for real estate investments in April 2025.
Authorities have become worried about money laundering, risks to public safety, rising property prices, and the unfairness of wealthy people “buying” entry to the EU. These concerns have led to a broader shift in policy and public opinion.
As reported by VisaVerge.com, Malta’s decision is not just the end of a local program—it closes the last direct route to EU citizenship by investment inside the European Union 🇪🇺.
Why Did the European Court of Justice Shut Down Malta’s Program?
The European Court of Justice stepped in because Malta’s approach allowed people to get EU citizenship mainly for money, without requiring deep personal ties to the country. The court said laws like Malta’s break the trust among EU member countries. They do not respect the idea that EU citizenship is about genuine connections—not just financial transfers.
The ruling from the court emphasized that granting citizenship in this way does not match the values or laws of the EU. The court’s move will likely shape other countries’ future policies and influence ongoing debates about residency and citizenship-by-investment models.
What Happens to Similar Programs Across Europe?
The closure of Malta’s Golden Visa Program fits into a bigger story. Other EU countries have reviewed, limited, or ended their “golden” programs in recent years. The reasons are clear:
- Security Risks: Governments are worried that such programs could let unsafe people or criminal groups buy passports and gain entry into the EU easily.
- Money Laundering: Some investors use these programs to hide or “clean” money by moving it to countries with less oversight.
- House Price Pressure: Local people in many cities have seen home prices rise sharply as foreign investors buy up property for the sake of gaining residency, not to live there.
EU leaders have made it clear that they want to end the practice of granting EU citizenship just for investment. Malta’s Golden Visa Program was the last standing, and its closure is expected to set a trend for even tighter rules across the region.
Quick Summary of Recent Program Changes
- Portugal used to allow real estate investment for residency, but now requires investment to focus on job creation or funding innovation.
- Greece is still offering residency by property investment, but may be forced to change under EU pressure.
For more details on how individual programs work, you can visit the official EU immigration portal.
New Ways Wealthy Individuals Seek Access to EU Citizenship
With the direct “golden passport” approach closing, wealthy people hoping to gain entry to the EU are looking at other legal options. These alternatives still exist but are fast becoming more limited or complicated:
1. Residency-by-Investment (“Golden Visa”) Programs
Some countries still offer “golden visas,” which grant lawful residence—instead of full citizenship—after you invest a certain amount. However, these programs are also under review and may face further limits soon. For example:
- Portugal: Removed property investment from its program. Now, investors must put money into job creation or support science and tech development.
- Greece: Still provides residency for property buyers but is under pressure to change or tighten eligibility rules.
It’s important to note that a residency permit is not the same as citizenship. People with residency can live and work in the specific country but do not have the right to move freely in the EU or vote in EU elections. To become citizens, they must meet stricter criteria over time.
2. Active Investment and Entrepreneurial Pathways
Many European countries are moving toward programs that demand more than simply investing money—they want to see real economic activity and involvement in the local economy.
Some key examples:
- Portugal’s HQA® Program: Attracts entrepreneurs and business leaders who invest directly in research universities or start-ups. This focuses on bringing knowledge and innovation, not just capital.
- Slovakia, Hungary, Germany, and Austria: Do not have direct citizenship-by-investment schemes. However, in rare cases, they may grant citizenship by exception—mostly when an applicant has built businesses, created local jobs, or made other contributions that clearly help the national interest.
- Austria: To qualify for its rare path to citizenship by exception, an investor usually must spend between €5–10 million on active businesses that benefit local workers.
The main theme is that passive investment—like buying a house or holding shares—is no longer enough. Countries now want to see serious business activity, job creation, or knowledge transfer.
3. Standard Naturalization Pathways
The oldest and most reliable path remains open: living legally in an EU country for several years, developing language skills, and demonstrating strong ties to the local community. This is a much slower route and does not offer shortcuts for the wealthy.
- Legal Residence: Most countries require 5–10 years of lawful residency.
- Integration: Applicants must often show that they can speak the language, understand local customs, and participate in the community.
- No Fast Track: There are almost no exceptions, even for people with lots of money. Patience is required.
For many high-net-worth individuals, this is a big change. No matter how much money they have, they cannot buy their way to EU citizenship anymore.
What Does the Future Hold for EU Citizenship by Investment?
The decision from the European Court of Justice is expected to have ripple effects across Europe. It’s likely that existing residency-by-investment programs will get a closer look and may soon be tightened or even closed. Possible changes include:
- Longer Physical Stay: Applicants may be required to spend much more time actually living in the country, not just visiting for a few days.
- Stricter Background Checks: Due diligence—detailed investigations into an applicant’s finances and background—could become tougher.
- Higher Taxes: Some countries could increase taxes on global income for residents under such investment programs.
A well-noted quote in the field sums up the situation: “The pendulum may be swinging… It is highly possible that European golden visas will begin to be more highly scrutinised and pared back.”
This means wealthy investors should expect more rules, more delays, and higher costs—all for a less certain result.
How Have Different Stakeholders Reacted?
For Countries
Governments in the EU are now under political and legal pressure. On one hand, these programs brought in large sums of money. On the other, they raised questions about fairness, public safety, and the value of EU citizenship. Some countries now struggle to balance attracting foreign investment with the demand for secure and fair immigration laws.
For Wealthy Applicants
For those wanting to enter the EU through Malta’s Golden Visa Program or programs like it, the road is now longer and harder. The closure means:
- No More Shortcuts: Direct citizenship-by-investment is gone. Wealthy people must follow the same rules as everyone else, though some entrepreneurial paths still exist if they create real, lasting value for the host country.
- Uncertain Future: Even residency programs could close or become much more difficult soon.
- More Scrutiny: Every application will get more attention, and authorities are checking backgrounds and genuine connections more carefully.
For Locals
People living in popular EU cities have often complained that golden visa programs have made housing unaffordable and brought few real benefits. The closure of these schemes could ease pressure on local housing markets and make things more fair for residents.
Historical Perspective
Just 10–15 years ago, “golden passport” and “golden visa” programs were new ways for small countries to attract foreign money. At their peak, countries like Cyprus and Malta saw huge inflows of capital, sometimes helping their economies after tough times. This led other countries to offer similar pathways, causing a race to attract wealthy investors.
But as stories of misuse surfaced, and as local communities saw few benefits beyond higher home prices, the mood across the EU changed. Investigations and scandals involving questionable applicants only increased pressure on governments to end these programs. Malta’s Golden Visa Program was the last of its kind—its end closes a chapter in EU immigration history.
Where Does This Leave the Future of EU Citizenship?
Europe is moving strongly away from easy “golden” immigration. Bank transfers and property purchases cannot deliver EU citizenship anymore. Policymakers want to return citizenship to something earned over time, through genuine connection and contribution.
Wealthy individuals need to rethink their strategies:
- Active Engagement: More countries reward business creators, job-makers, and innovators.
- Long-Term Thinking: The naturalization route is still open, but it takes time and effort for everyone.
- No Guarantees: Even large sums of money may not provide any fast track to EU citizenship or permanent residency.
As authorities across Europe keep tightening the rules, anyone considering a move to the EU should get advice before making investments or big plans. The legal landscape is shifting quickly, and more program changes are likely to come.
Conclusion: An End and a New Beginning
The closure of Malta’s Golden Visa Program by the European Court of Justice marks the end of a period when wealthy individuals could almost literally “buy” their way into the European Union 🇪🇺. With concerns about fairness, security, and integrity guiding policymakers, direct citizenship-by-investment offers are now a thing of the past in Europe.
The focus has shifted to programs that demand real involvement in local economies—through entrepreneurship, knowledge exchange, and long-term commitment. The only remaining paths to EU citizenship are slow and involve real effort. People who hope to make Europe their new home must now prove they belong through years of legal residence, active economic participation, or both.
For the latest updates and more in-depth analysis on these and related topics, you can visit official sources such as the European Commission’s immigration information page. Always be sure to check current requirements before making major decisions on immigration or investment.
The message is clear: the European Union 🇪🇺 aims to protect what it means to be an EU citizen. As Malta’s Golden Visa Program closes, it’s a reminder that citizenship is not just a product, but a deep connection built through time, effort, and real engagement with society.
Learn Today
Golden Visa Program → A program granting residency rights to foreigners in exchange for specific qualified investments, often in property or business.
European Court of Justice → The EU’s highest legal authority responsible for interpreting and enforcing European Union law among member states.
Citizenship-by-Investment → Legal process allowing individuals to acquire citizenship in a country primarily by making substantial monetary investments.
Residency-by-Investment → A program offering foreign investors residence permits instead of immediate citizenship, usually in return for significant investments.
Due Diligence → Detailed checks conducted by authorities to investigate an applicant’s financial background, origins of funds, and personal history.
This Article in a Nutshell
Malta’s Golden Visa Program, once a gateway to EU citizenship via investment, will close by April 29, 2025. The European Court of Justice ruled the scheme illegal, signaling an end to citizenship-for-sale in Europe. Future options require meaningful involvement, integration, and time—not just a financial transaction or property purchase.
— By VisaVerge.com
Read more:
• Austria and Malta draw more Indian students for higher education
• Malta work permit scam: Man charged for using fake passport
• EU Ruling Finds Malta’s Golden Visa Schemes Illegal
• Golden visa brokers urge fast action after Malta court ruling
• EU citizenship redefined after Court of Justice ruling on Malta
