In 2025, many European countries officially terminated their residency-by-investment programs that granted residence permits through real estate purchases. This shift was driven by EU pressure, housing affordability concerns, and efforts to curb speculative investment. Below is an up-to-date list of countries that ended these programs.

Spain

As of April 2025, Spain officially abolished its golden visa program tied to real estate investment of €500,000 or more. The government cited soaring housing prices and social inequality as key reasons for the cancellation.

Portugal

Portugal removed real estate as a qualifying option in October 2023. By 2025, the transition was completed. The program now focuses on investments in funds, business, or scientific research.

Hungary

The Guest Investor Program (GIP), launched in 2024, was restructured in 2025 to exclude direct real estate investment. Applicants can now only invest through government-approved funds or public benefit donations.

Latvia

Latvia officially ended residency by real estate investment in 2025, finalizing the legislative process. Authorities determined that the program brought limited economic benefit and contributed to housing unaffordability.

Ireland

Ireland shut down its investment visa program, including the real estate route, in 2023. The decision was reaffirmed in 2025, with no plans for reinstatement.

Luxembourg

In 2025, Luxembourg paused its residency-by-investment program due to low demand. The government is reviewing its effectiveness and considering full termination.

Greece

Although Greece’s golden visa program via real estate is still technically active, a draft law to cancel it is under parliamentary debate in 2025. Cancellation may happen later this year.

Other Countries

Malta and Cyprus had already ended their citizenship-by-investment programs earlier. By 2025, both countries confirmed they would not resume such schemes, focusing instead on transparency and economic sustainability.

Conclusion

2025 marks a turning point in Europe’s immigration landscape. Residency through real estate investment is rapidly disappearing. Investors are now encouraged to consider alternative routes such as business creation, innovation, or research funding.