There’s a particular kind of late-night Google search that almost every future expat has done at some point:

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“Can I just buy an apartment in Europe and live there?”

You picture it:

You sign for a small apartment in Athens or Valencia.
You get a shiny new residency card.
You hop in and out of the Schengen Zone like you were born there.

That fantasy is the heart of residency-through-investment—what most people casually call “Golden Visas.”

And once upon a time, a lot of countries were practically begging you to do it.

But the game has changed. Housing crises, political backlash, and EU pressure have forced many governments to tighten or even shut down their real-estate-for-residency programs. The result?

Residency-by-investment is still possible—
but it’s no longer a cheat code.

In this edition of The Passport Newsletter, we’re going to walk through how these programs actually work in 2025, who they’re for, and how to think about them like a strategy, not a travel hack.

What Is a “Golden Visa,” Really?

Let’s strip away the marketing.

A Golden Visa is basically a deal between you and a country:

  • You: Bring in a qualifying amount of money

  • Them: Give you a residency permit (and sometimes a path to long-term residency or citizenship)

The investment might be:

  • Buying real estate

  • Investing in funds or bonds

  • Putting capital into local businesses

  • Donating to government-approved projects

But here’s the critical distinction a lot of people miss:

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Golden Visa ≠ instant citizenship.

What you’re usually getting is:

  1. Temporary residency (often 1–5 years at a time)

  2. Ability to renew while you keep the investment

  3. After years of meeting specific rules, the possibility to apply for permanent residency or citizenship

No one hands you a passport because you bought a condo.
You’re buying time and access, not nationality in a box.

Where You Can Still Buy Property for Residency

This space is moving constantly, but the general landscape looks like this:

  • Greece – From around €250,000 in real estate

    • You get renewable residency

    • After 7 years, you may be eligible to apply for citizenship (if you meet residency and integration requirements)

    • Very active Golden Visa market; still one of the most popular

  • Spain – From €500,000 in real estate

    • You get a residency permit tied to maintaining the investment

    • After 10 years, you can apply for citizenship (with real, lived-residency conditions)

  • Turkey – Around $400,000 in qualifying real estate

    • Often treated more as a fast-track to citizenship

    • Popular with people whose primary passport is heavily restricted

  • UAE (Dubai) – Property-based options around ~AED 750,000+

    • This gets you long-term renewable residency (5–10 years in some cases)

    • But not a path to Emirati citizenship

  • Thailand Elite program – Roughly $250,000–$500,000 depending on the tier

    • It’s not real estate ownership in the classic sense, but a paid membership

    • Gets you long-stay rights, not citizenship

  • Portugal – The classic “buy a flat, get a visa” route is basically gone

    • Real estate options were mostly removed in 2023

    • Now the action is in funds, commercial projects, or specific low-density areas

Add to that: countries like Ireland and others have scaled back or shut down real-estate-based programs entirely.

The message from a lot of governments is clear:

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“If you’re going to buy your way in, it better benefit more than just the luxury condo market.”

So if you’re interested in these programs, rule #1 is:

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Always check the most current rules before you start wiring money or hiring lawyers.

(And ideally get advice from someone other than a real estate agent with a quota.)

What Kind of Property Usually Qualifies?

You can’t just buy a garden shed and call it a day. Most residency-through-property programs have similar baseline requirements:

  • Minimum investment amount

    • Varies by country, but often €250,000–€500,000+

  • Freehold ownership

    • They want you to actually own the property, not just lease it long-term

  • Hold period

    • You usually have to keep the property for at least 5 years

    • Sell too early, and you may lose the right to renew your visa

  • Money must come from abroad

    • Funds must be clean, documented, traceable

    • Expect to show bank statements, source-of-funds letters, and anti–money laundering paperwork

  • Mortgages are often limited or banned

    • Many countries want the investment to be unencumbered equity

    • If you use debt, it usually can’t reduce your own “skin in the game” below the minimum threshold

On top of that, you’ll likely deal with:

  • Property transfer taxes

  • Notary fees

  • Lawyers

  • Translators

  • Local bank account setup

So your “€250,000 property investment” might look more like €275,000–€300,000 all-in once the dust settles.

Beyond Bricks: Other Investment Routes to Residency

Real estate is the most obvious path—but it’s not the only one.

Plenty of programs now prefer:

  • Investment funds (regulated local funds, venture, private equity, government bonds)

  • Business creation (startup visas, innovation visas, entrepreneur visas)

  • Donation routes (cultural, educational, or development-focused projects)

  • Job-creation programs (invest X, create Y number of local jobs)

Pros of non-real-estate routes:

  • You’re not tied to a single property market

  • Sometimes lower minimum stays

  • Can align with your existing business or investment strategy

Cons:

  • More complex due diligence

  • Market risk tied to fund or business performance

  • Governments can tighten rules faster than buildings devalue

Real estate remains attractive for a simple reason:

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People understand houses and apartments more than they understand bond yield curves and VC structures.

Why People Still Chase Residency-by-Investment

If you’re thinking, “Why would I put half a million into an apartment just to live somewhere?” —fair question.

But for the right person, the stack of benefits can be huge.

You get:

  • Legal right to live in the country

  • Often the ability to move freely within the wider region (e.g., Schengen)

  • A card in your wallet that says “I belong here,” not “I’m visiting”

For people from over-restricted passports, this alone can be life-changing.

2. Minimal Physical Presence Requirements (Sometimes)

Many Golden Visa-style residencies:

  • Don’t require you to live there full-time

  • May only ask for a few days per year on the ground

That makes them a powerful “Plan B”:

  • You keep your life, business, or family elsewhere

  • But you always have somewhere safe and legal to pivot to if needed

3. Access to Public Systems

Depending on the country and your status, residency can also grant:

  • Access to public healthcare

  • Local education options for kids

  • Easier access to local banking and credit

It’s not always automatic—but it’s often far easier than coming in as a simple tourist.

4. Tax & Structuring Opportunities

This is where you bring in the professionals.

A second residency can sometimes:

  • Help you legally relocate tax residency

  • Open access to different tax treaties

  • Let you structure global income more efficiently

But this is never “buy a flat, never pay tax again.”

It’s more like:

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“If I’m willing to move my actual life and center of gravity, can I also align that with a better tax environment?”

Cue the international tax advisor.

5. A Real Plan B

In a world of:

  • Political swings

  • Travel restrictions

  • Currency instability

Residency-by-investment is essentially buying optionality.

You don’t have to move tomorrow.
But you can—and that’s the point.

The Pitfalls (a.k.a. The Part the Brochures Skip)

It’s not all rooftop terraces and residency cards. There are real downsides.

1. High Upfront Costs

Beyond the property itself, expect:

  • Transaction taxes

  • Notary and registration fees

  • Attorney fees (both immigration and real estate)

  • Translators

  • Bank and compliance costs

In many cases, you’re adding 10–15% overhead on top of the purchase price.

2. Ongoing Obligations

You may face:

  • Annual or biannual renewals

  • Proof that you still hold the investment

  • Occasional audits or document updates

If you let renewals slip or sell too early, your residency can vanish faster than your Airbnb revenue.

3. Policy Risk

Governments change their minds. Frequently.

  • Programs get tightened

  • Minimums go up

  • Entire routes get shut down for new applicants

Most countries grandfather in people who already applied under old rules—but not always in the way you expect.

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Never assume: “If it exists now, it will exist in two years when I’m finally ready.”

If you’re serious, move while the door is open.

4. Investment Risk

You’re not just buying residency—you’re buying an asset in a foreign market:

  • You can overpay

  • You can get stuck in an illiquid market

  • You can end up with something that’s hard to rent or resell

If the only thing your property has going for it is “qualifies for Golden Visa,” that’s not an investment—that’s a ticket.
Tickets don’t always hold value.

5. Extra Scrutiny for Certain Passports

Some nationalities face:

  • Longer background checks

  • Higher documentation burden

  • More intense review for anti–money laundering compliance

A Golden Visa doesn’t override the geopolitical reality of your original passport.

A Real-World Snapshot: The Greek Golden Visa

Let’s take one example from the transcript and zoom in.

Scenario:

You buy a €270,000 apartment in Athens.

What happens?

  • You qualify for Greece’s residency-by-investment program

  • You get a 5-year residency permit, renewable as long as you hold qualifying property

  • You can live or not live in Greece—many people just visit occasionally

  • You can rent out the property or use it yourself

Citizenship?

  • After 7 years, if you actually live there enough and meet other integration requirements (language, ties, etc.), you may be able to apply for Greek citizenship

  • That then opens up EU citizenship, with all the freedom-of-movement that comes with it

What this is not:

  • A magic “buy passport now” button

  • A guaranteed investment return

  • A loophole that lets you skip residency rules

What it is:

  • A structured, legal on-ramp to EU residency—if you understand and respect the rules.

Who Is Residency-by-Investment Actually For?

These programs aren’t for everyone. They tend to make sense for people who are:

  • Retirees
    Want to spend part of the year abroad, have healthcare and stability, but don’t want to jump through long-stay visa hoops each time.

  • Investors wanting an EU foothold
    They care about long-term positioning: “I want the option to live, work, or send kids to school in the EU someday.”

  • Nomads & globally mobile entrepreneurs
    They want a Plan B or a base in a strategic region, while keeping their business and income streams flexible.

  • Families planning ahead
    Thinking in terms of:

    • Education pathways

    • Safer environments

    • Long-term relocation options for kids

If you’re just looking for a cheap Airbnb and a good story, this is probably overkill.

If you’re thinking:

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“I want to add a real, legal pillar to my global life,”
then it can be a very powerful tool.

The Grown-Up Takeaway

Residency-through-investment still exists. You can buy property and get residency in a handful of countries.

But:

  • It’s no longer a loophole

  • It’s no longer casual

  • It’s a serious financial, legal, and lifestyle decision

So if you’re going to play this game, treat it like what it is:

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An investment—in both real estate and your future mobility.

That means:

  • Researching the country, program, and property market

  • Getting proper legal and tax advice

  • Making sure the move fits your long-term plan, not just your next vacation phase

Done wrong, you get an expensive apartment you never use and a residency card you forget to renew.

Done right, you get:

  • A legal base in a region you love

  • A hedge against uncertainty

  • And another layer of freedom in how—and where—you live your life.

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