For years, golden visa programs offered HNWIs an attractive path to residency through investment, often in real estate. These programs provided a straightforward way to secure a second residency or even citizenship while enjoying favourable tax regimes. But are golden visas ending?
The short answer is no. Residency-by-investment is not disappearing. What is disappearing is the version of it that required little more than a property purchase and a passive holding. The programmes that survive are more demanding, more scrutinised, and more genuinely connected to the countries offering them. And the compliance environment around holding one has changed as significantly as the programmes themselves.
This article looks at what is driving the reform of golden visa programmes worldwide, which countries have made the most significant changes, where HNWIs are now focusing their attention, and what every golden visa holder — current or prospective — needs to understand about tax residency in this new environment.
The changes to golden visa programmes did not happen in isolation. They reflect a convergence of pressures that governments across Europe and beyond have been responding to for several years.
Together, these forces have reshaped the golden visa trends around which programmes exist, what they require, and how they are enforced.
The clearest illustrations of this shift come from Europe, where the most significant closures and reforms have taken place.
Spain’s Golden Visa programme ended on April 3, 2025. Introduced in 2013, the programme allowed non-EU nationals to obtain residency by making significant investments in the country. Existing and pending applications submitted before the deadline remain unaffected, maintaining their renewal rights and benefits.
HNWIs interested in Spanish residency must now explore alternative routes. These include employment-based visas or the relatively new startup visa scheme.
Spain’s neighbour Portugal also launched its Golden Visa programme in 2012 for non-EU nationals. But like many European countries with Golden Visas, this programme has also undergone changes, shifting the focus away from real estate investments as a path to residency.
As of 2025, Portugal’s Golden Visa programme no longer accepts real estate purchases or real estate-related funds as qualifying investments. However, one interesting amendment in 2025 allows applicants to begin the five-year citizenship process from the date of their initial residence permit application rather than from the approval date.
Like Portugal, Greece has shifted the focus from real estate to more productive investments like startups. Since the beginning of 2025, the minimum investment threshold for real estate increased in certain high-demand areas to €800,000. Other regions have a minimum investment of €400,000.
Ireland abolished its popular Immigrant Investor Programme (IIP), often referred to as Ireland’s Golden Visa, in 2023. At the time, the Irish government cited security risks and a lack of economic contribution from visa holders as key reasons behind the decision. However, the country continues to offer a Startup Entrepreneur Programme as an alternative path to non-EU nationals.
The pattern across all these changes is consistent: higher thresholds, more targeted investment categories, and a clearer expectation that investors engage with the local economy rather than simply hold an asset.
As golden visa programs have tightened requirements, many HNWIs are reconsidering where to establish residency. While some still pursue investment-based visas, others are opting for low-tax jurisdictions with stable residency options.
Making a decision to relocate is a combination of lifestyle choices, family commitments and financial strategies. We recommend turning to professional tax advisors when deciding where to move. Professional tax advisors can help understand the complexities of a move for your personal circumstances.
As golden visa regulations tighten, the assumption that residency automatically equates to tax efficiency is increasingly risky. Many investors who secure golden visas are unaware of the potential tax residency implications tied to their presence in a country. Without careful planning and management of day counts, HNWIs may inadvertently trigger tax liabilities, leading to audits and financial penalties. Understanding the new compliance landscape is crucial to maintaining financial security and avoiding unexpected tax obligations.
Many investors mistakenly assume that securing a golden visa means avoiding local taxation. However, many countries have specific tax residency rules that could subject golden visa holders to local tax obligations, often based on the number of days spent in the country.
One of the biggest risks golden visa holders face is unintentionally triggering tax residency by exceeding permitted stay limits. For instance, Portugal considers individuals tax residents if they spend more than 183 days in the country within a tax year.
The solution is to use an automated system like Daysium. It provides you with precise day counts to avoid unexpected tax liabilities.
As scrutiny around tax residency increases, authorities are more likely to investigate whether golden visa holders meet their residency requirements. Governments now expect applicants to genuinely reside and contribute to the local economy, not just hold a visa as a ‘backup plan.’
Having a robust, automated record of day counts and supporting evidence is becoming essential for compliance, particularly in audits or inquiries.
As the regulatory landscape tightens, investors need proactive compliance strategies. Daysium provides essential tools to ensure golden visa holders stay within legal limits:
✔ Automated Day Counting – Manages presence across multiple jurisdictions, preventing accidental tax triggers.
✔ Audit-Proof Record-Keeping – Stores real-time location data as proof of compliance, with the option to add supporting evidence.
✔ Tax Rule Customisation – Helps you adhere to the specific tax residency rules of different tax jurisdictions.
✔ Real-Time Day Counts – Displays day counts in real-time, alerting you before you exceed tax residency thresholds, helping you plan travel accordingly.
With automated compliance, HNWIs can confidently manage their global mobility while avoiding regulatory pitfalls.
Golden Visa programs are not ending entirely, but many countries are tightening regulations, especially in Europe. Instead of considering it an end to golden visa frameworks, the past years have shifted how these programmes operate.
No. Holding a Golden Visa does not exempt you from tax residency rules. Many countries determine tax residency based on the number of days spent in the country.
Many European countries are shifting towards investment-based and entrepreneurial residency programs. Portugal now focuses on business investment and venture capital, while Greece has raised real estate investment thresholds to prioritise local housing needs.
Many HNWIs are choosing stable, low-tax jurisdictions with clear residency options, such as Monaco, Dubai, and Italy. Despite recent restrictions, Portugal and Greece remain attractive due to lifestyle benefits and tax incentives.
Managing your day counts is essential to avoid accidental tax residency. Automated solutions like Daysium help Golden Visa holders manage their stay limits, provide audit-proof records, and ensure compliance with evolving tax regulations.
Created in partnership with industry experts, tackle the complex challenges of day counting and tax record-keeping.
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