The era of golden visas is fading fast as governments around the world tighten or eliminate programs that offer residency or citizenship in exchange for large financial investments—moves that are now affecting crypto investors seeking global mobility and tax advantages.
Golden Visas Under Fire
Golden visa programs were originally designed to attract foreign capital and entrepreneurial talent by granting residency or citizenship to wealthy individuals in return for investments in real estate, national funds, or businesses. For years, these schemes served as a gateway for high-net-worth individuals, including crypto investors, to gain fast-tracked access to international travel, financial markets, and lower-tax jurisdictions.
But increasing concerns over abuse, corruption, and economic distortion have sparked a global reevaluation of these programs. Authorities are questioning whether the economic benefits outweigh the risks of misuse, prompting a wave of regulatory crackdowns and program closures.
Legal Challenges and Program Terminations
In a landmark decision this May, the European Court of Justice ruled that Malta’s Exceptional Investor Naturalisation (MEIN) program violated EU law, calling it a “commercialization of citizenship.” This ruling adds to a growing list of countries abandoning their golden visa schemes.
Cyprus and Bulgaria terminated their programs in 2021 and 2022, respectively, after coming under scrutiny for links to corruption and geopolitical concerns. Spain followed suit in April 2024, citing the golden visa’s contribution to skyrocketing housing costs and widening affordability gaps in major cities.
According to Alessandro Palombo, CEO of Bitizenship, at least nine countries—including the UK, Ireland, and the Netherlands—have completely dismantled their programs since 2020.
Crypto Investors in the Crosshairs
The clampdown is sending ripples through the crypto investment community, which has long leveraged golden visas to secure favorable tax treatment, regulatory arbitrage, and increased personal security through multiple citizenships.
Unlike traditional investors, many crypto holders value mobility and flexible legal status due to the decentralized and often volatile nature of the digital asset market. Some golden visa programs had even begun incorporating crypto-based investment options, catering specifically to this emerging demographic.
For example, Portugal’s Eco Golden Visa allows applicants to gain residency through investments in Bitcoin-linked funds and local blockchain enterprises. Meanwhile, El Salvador, the first country to adopt Bitcoin as legal tender, granted citizenship in 2023 to individuals investing $1 million in Bitcoin or stablecoins. Italy is also exploring visa opportunities tied to investments in Bitcoin startup ecosystems.
Growing Regulatory Pressure
Despite these innovations, governments are increasingly wary of the risks associated with these fast-track residency schemes. The Russia-Ukraine war and mounting global concerns over money laundering and illicit financial flows have hastened regulatory action.
In Spain, lawmakers linked golden visas to housing market inflation, arguing that the program fueled speculation and contributed to local housing crises. Bulgaria faced international criticism for enabling politically exposed individuals from China, Russia, and the Middle East to bypass standard immigration processes.
The United Arab Emirates also found itself at the center of controversy in July when the TON Foundation, associated with Telegram’s blockchain project, prematurely announced a $100,000 crypto staking offer tied to a 10-year golden visa. UAE authorities quickly denied any official endorsement, prompting TON to clarify that the initiative was still pending regulatory approval and under development with a licensed local partner.
A Shrinking Window for Crypto-Backed Residency
Experts warn that the window for using crypto investments as a pathway to second citizenship is closing quickly. “What’s possible today may become legally impossible within months or weeks,” said Palombo. He adds that while certain jurisdictions are still experimenting with blockchain-integrated investment schemes, the global trajectory leans toward stricter eligibility standards, increased oversight, and reduced loopholes.
For crypto investors, the shift marks a turning point. The tightening of golden visa programs limits not just mobility and tax planning strategies, but also the broader promise of financial sovereignty that attracted many to crypto in the first place.
As the landscape narrows, the intersection of crypto wealth and immigration policy is likely to remain a focal point in debates over economic ethics, national security, and the future of digital finance.
