Is the so-called “golden visa” still as gilded as it once was?
Prof Jo Vanbelle
Belgium
by Prof Jo Vanbelle
In 2026, the golden visa is no longer simply a fast-track residency product, it has become a sophisticated tool for international wealth planning, mobility, and family security. Originally designed by some European member countries to attract foreign capital after the 2008 financial crisis, these “residence by investment” programmes have evolved dramatically under growing political, regulatory, and tax scrutiny.
The distinction between golden visas (residency by investment) and golden passports (citizenship by investment) is now more important than ever. A landmark ruling by the Court of Justice of the European Union (CJEU) in April 2025 confirmed that EU citizenship cannot be granted solely in exchange for financial contributions, fundamentally reshaping the investment migration landscape.
At the same time, Europe’s regulatory environment has become increasingly unstable. Spain officially closed its golden visa programme in 2025, while Ireland and Cyprus had already suspended theirs under pressure from European authorities and anti-money laundering watchdogs. Investors today must therefore navigate a much narrower and more complex field of options.
Despite these shifts, several jurisdictions continue to stand out. Portugal remains one of Europe’s most attractive destinations thanks to its low physical presence requirements and potential path to citizenship, although proposed reforms could significantly extend naturalisation timelines.
Greece has emerged as the last major real estate-based visa programme in Europe, while Hungary offers one of the simplest and fastest residency routes through regulated investment funds. Italy combines residency opportunities with an exceptionally attractive tax regime for high-net-worth individuals. Outside Europe, jurisdictions such as the United Arab Emirates (UAE), Singapore, and Hong Kong continue to attract globally mobile investors seeking tax efficiency, stability, and long-term strategic positioning.
It is important to highlight a critical reality often overlooked by visa applicants: obtaining residency does not automatically change one’s tax residency. Also, international transparency standards, including the Organisation for Economic Cooperation and Development (OECD)’s Common Reporting Standard (CRS), have made superficial or “appearance-only” residency strategies increasingly ineffective. Governments now demand extensive proof regarding the applicant’s origin of wealth, source of funds, and compliance with anti-money laundering regulations.
The legal and operational risks are equally significant. Sudden programme closures, evolving eligibility rules, capital lock-up periods, and uncertain citizenship pathways all require careful planning and specialised legal and tax advice.
Far from being a simple immigration product, the modern golden visa has become a long-term strategic asset, one tied not only to mobility and taxation, but increasingly to geopolitical resilience and intergenerational wealth protection.
Read the full article here.
XLNC member firm Vanbelle LawBrussels, BelgiumT: +32 2 431 64 00
Legal, Tax
Vanbelle Law is an international award-winning law firm based in Brussels. It has been in operation for more than thirty years, and is considered to be one of the best law firms in Belgium in international tax and corporate law.
Prof Jo Vanbelle is the managing partner at Vanbelle Law Boutique. He graduated cum laude with a Master of Law from KU Leuven in 1995 and immediately thereafter started his own law firm, Vanbelle Law. Jo is a deputy judge in the Brussels Metropolitan Area (since 2006) and, until recently served as Honorary Consul of Ukraine in Belgium. He publishes regularly and is a lecturer at the Diplomatic Academy of the University of Brussels (VUB).Contact Jo.
