Governments worldwide are increasingly re-evaluating and tightening their "golden visa" programs, which offer residency or citizenship in exchange for significant investment. While these schemes have attracted wealthy investors, including a growing number of crypto executives, and stimulated local economies, concerns over corruption, money laundering, and soaring housing costs are leading many jurisdictions to backtrack.
The trend toward stricter regulations is clear. In May, Malta's "golden passport" program was ruled illegal by an EU court, which deemed it a "commercialization of European citizenship." This follows Cyprus and Bulgaria, which ended their golden visa programs in 2021 and 2022, respectively, due to similar concerns about abuse and corruption.
More recently, on April 3, Spain canceled its golden visa program, which primarily relied on real estate investment, amidst widespread worries about skyrocketing housing costs that were making homes unaffordable for local residents. Portugal, long celebrated as a crypto-friendly hub, is also moving toward more restrictive policies regarding residency and citizenship eligibility through its golden visa scheme. As Alessandro Palombo, co-founder and CEO of Bitizenship, an advisory firm, notes, "What’s possible today may become legally impossible within months or weeks. This pattern is accelerating. Golden visas, once abundant, are fast becoming scarce.”
Since 2020, at least nine countries have scrapped their golden visa programs entirely, including the UK, Ireland, the Netherlands, Spain, Bulgaria, Cyprus, Montenegro, Moldova, and Malta. This global pivot signifies a broader re-evaluation of the benefits versus the potential drawbacks of these investor-driven schemes.
Despite the tightening landscape, golden visa programs have held particular appeal for wealthy crypto investors seeking global mobility and favorable regulatory or tax environments. These programs often come with minimal residency requirements—sometimes as low as five days per year—while granting full residency or citizenship benefits. This offers a "Plan B" or "global citizenship" for individuals navigating diverse and often evolving crypto regulations.
Some golden visa programs have even begun to integrate crypto directly into their investment options. For example, Portugal offers a "Bitcoin Eco Golden Visa" where investors can gain exposure to Bitcoin and local companies through investment funds while securing Portuguese residency benefits. El Salvador, which adopted Bitcoin as legal tender, passed a law in 2023 granting citizenship to those who invest $1 million in Bitcoin or Tether's USDT. In Italy, Bitizenship is launching a golden visa route that would allow investors to gain Italian residency by investing 250,000 euros in a local Bitcoin startup.
The strong appetite for crypto-linked visa programs was recently highlighted by a publicity mishap involving the TON Foundation and the UAE. In early July, the TON Foundation prematurely announced a "10-year Golden Visa" for investors who staked $100,000 on The Open Network blockchain. However, UAE authorities quickly issued a joint statement denying the program, emphasizing that no such official scheme was in place. TON later clarified it was working independently with a "licensed partner," with final approval resting with UAE regulators.
While innovative crypto-related investment options within existing golden visa regimes may continue to expand, the overarching trend points to increased scrutiny and fewer overall opportunities for investor-led citizenship. The days of easily obtainable "golden visas" appear to be rapidly winding down as governments prioritize national interests and address concerns about transparency, economic impact, and security.
July 2025, Cryptoniteuae