Across Europe, whispers of a potential halt to citizenship-by-investment schemes are growing as soaring housing costs ignite public discontent. Bloomberg reports that this shift could redefine how countries attract investment while balancing social expectations.
The era of “golden visas” appears to be losing momentum in several nations. Ireland and Portugal, for instance, have signaled that their passport-for-sale programs may close to new applicants in the coming months, amid rising housing prices tied to these schemes. The outcome could reshape regional investment strategies and public sentiment about who benefits from citizenship opportunities.
Experts describe a paradox shaping many European economies. While some countries welcome outside wealth to spur growth, the benefits often concentrate among a small group, leaving broader segments of society feeling priced out or overlooked. This tension underscores the broader political and economic debate about balancing openness with social equity.
Europe introduced golden visa programs after the 2008 financial crisis, and the flow of funds through these programs was substantial. Governments reported that investments associated with these schemes contributed billions in revenue from 2016 through 2019, supporting public budgets and development projects. Yet policymakers at the European Commission questioned whether the long-term value of EU citizenship could be compromised by the perceived commodification of residency rights.
In mid-January, Bloomberg cited Betterhomes data to illustrate how regional market dynamics interplay with non-resident purchasing activity. The report highlighted that buyers from Russia had emerged as prominent participants in Dubai’s property market during 2022, a signal of how global mobility and investment preferences influence real estate trends far from the purchase sites themselves. This kind of cross-border interest adds a layer of complexity to housing affordability debates across Europe and beyond, as capital seeks favorable conditions in different jurisdictions.