The ‘golden passport’ is no more in Europe, but for wealthy Americans eager to relocate, there are still plenty of options to escape to new horizons.
On April 29, the European Court of Justice delivered a stunning blow, ruling against Malta’s controversial golden passport scheme, which allowed affluent foreigners to buy citizenship by investing in the country.
The landmark decision marks a pivotal moment for Europe as other countries crack down on – or abandon – their own citizenship-for-investment programs under increasing scrutiny.
Malta’s scheme, one of the most popular in Europe, allowed investors to fast-track citizenship by splashing out on real estate, business ventures or charitable donations, according to Reuters.
The court ruled the program violated EU rules, especially the principle of fair treatment for EU citizens.
‘A member state cannot grant its nationality – and indeed European citizenship – in exchange for predetermined payments or investments, as this essentially amounts to rendering the acquisition of nationality a mere commercial transaction,’ the court said.
‘Such a practice does not make it possible to establish the necessary bond of solidarity and good faith between a member state and its citizens, or to ensure mutual trust between member states.’
Following the ruling, Malta’s Prime Minister Robert Abela confirmed that new applications for the golden passport program would be halted immediately, as reported by Fortune.
Existing passport holders are unaffected, but other European countries with similar programs – such as Cyprus and Bulgaria – are expected to follow suit.
Spain ended its golden visa program on April 3, while Ireland and the Netherlands have already axed theirs.
Greece is also planning tighter restrictions, and in 2023, Portugal removed real estate as a qualifying investment for its residency program.
Meanwhile, Hungary reinstated its golden visa program last year but has also abolished the real estate option as of 2025.
So, where does this leave wealthy Americans looking to fast-track their relocation to Europe? While the EU may be closing its doors, there are still plenty of alternatives for those willing to invest significant sums.
Portugal remains a top destination, its ‘golden visa’ program, unlike Malta’s, grants residency instead of citizenship.
Investors can secure residency by investing in property or business, with a relatively low entry threshold, which has made Portugal’s golden visa an appealing option for those seeking a second home in Europe without the red tape.
Greece is another contender, offering residency to those who invest in property.
While a handy investment doesn’t immediately provide citizenship, it’s a solid long-term investment for those wanting to settle in the EU. However, with options narrowing across Europe, time is of the essence for those still eyeing the continent.
Then, there’s New Zealand.
As Europe slams the door on golden passports, New Zealand’s Investor Visa program is becoming increasingly popular.
While the country doesn’t offer citizenship-by-investment, wealthy individuals can gain residency by investing in New Zealand’s businesses or economy, Fortune reported.
The process is slower than Europe’s fast-track programs, but after several years, applicants can apply for permanent residency and eventually citizenship.
However, New Zealand’s Investor Visa isn’t cheap. Applicants must invest between $2.5 million to $5 million USD, plus meet residency requirements and hold their investments for several years, according to Fortune.
‘Attracting super successful, highly wealthy people has a lot of positive effects for New Zealand,’ Dominic Jones, managing director of Greener Pastures New Zealand, said, noting that around 40 percent of inquiries come from Americans.
Other countries like Australia and Canada also offer investor visas for those seeking a fresh start, while Caribbean nations like St. Kitts & Nevis and Antigua & Barbuda still offer relatively affordable, quick routes to citizenship in exchange for investment.
While Europe pulls the plug on golden passports, the dream of securing a second passport remains alive.
Whether through Portugal’s golden visa or New Zealand’s investor visa, wealthy Americans still have options for a new life abroad – if they’re willing to invest.
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