Kill the Golden (Visa) Goose'.

The end of the golden visa era in Europe has now officially arrived. In 2020, Cyprus closed its citizenship by investment program (similar to a golden visa, but granting citizenship rather than just residency).

In February 2022, the UK ended its offer to attract foreign investment. In January 2023, EU satellite state Montenegro closed its citizenship through investment program.

And now it seems it's time for Ireland and Portugal, who both abruptly closed their golden visas within one week in February this year. Suddenly, Ireland canceled its program on February 15. A few days after Ireland's announcement, Portugal said,''that her program would also be shut down, and Parliament approved the decision on July 19. It still has to be signed by the president to take effect, probably in September, but already the coffin has sounded.

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Golden visas are residency permits offered by countries for a fee. During the post-war 2008 crisis, several European countries created these programs. The concept was simple: spend a certain amount of money in a country and you get the right to live and work there. This could be in the form of investing in real estate (usually $500,000 or more), starting a business in the country, or investing in an approved fund. The programs have been attractive to wealthy investors because of the provision of access to the entire Schengen zone - 27''Countries. Portugal was the first to create a golden visa program. Spain, Greece, Cyprus, Italy, Ireland, Italy and others followed suit. But now it seems this "golden era" of residency programs is coming to an end.

Why are these visas now under threat?

The European Commission, the executive committee of the European Union, hates them and is doing everything it can to discourage countries from creating such programs and shutting down existing ones.

Portugal decision

The Portuguese program is the biggest loss. With this program, you could have obtained EU residency for as little as €250,000, and you only needed to spend one week a year in Portugal to maintain your visa. After just five years you could have been eligible to''obtain an EU passport and live and work anywhere in the 27-country bloc without restrictions.

The new law will still give investors several options for obtaining Portuguese residency, including a €250,000 investment in Portuguese culture or heritage; €500,000 for scientific research; or €500,000 for a business that creates five permanent jobs. But buying real estate no longer makes you eligible.

This, of course, was the most popular part of the program - practically the only reason the program attracted so much attention from foreigners. My lawyer in Portugal, João Gil Figueira, told me a bit about the closing of the Golden Visa and told me the real story of the end''programs.

The official government version is that the Golden Visa real estate investment option was driving up house prices. But Golden Visa buyers make up a completely insignificant percentage of the total number of real estate buyers in Portugal - not even a small percentage of foreign buyers. There is no logic in them being the main reason for the large increase in real estate prices. João told me, "The problems related to the lack of affordable housing are constantly in the news. The government needs to do something about affordable housing." The Golden Visa is actually being used as a scapegoat for the big increase in housing prices in Portugal. The government needs to show it is taking some action.

'In the first proposal, the government said all existing Golden Visa holders would have to follow new rules - they would have to live in their properties permanently, or be forced to rent them out, or be required to stay in Portugal for more than 180 days a year, for example. "There has been a huge negative response. "It would have been a stain on Portugal's reputation as a destination for attracting foreign direct investment if you suddenly abandoned such a program without providing an opportunity for previous applicants. "So the government has backtracked on its words. "

The final version of the law, which was recently passed, allows Golden Visa real estate buyers to keep their''visas under the previous conditions, which is a big win. And there are still several options for obtaining residency through investment, but buying real estate is no longer one of them. There are still many good reasons to own real estate in Portugal, including the potential cash flow. And if you decide to own property there and actually live in it, you can get residency simply by spending time in Portugal. The same is true for renters. Portugal's popular D7 pension visa is still available, and the country has also just introduced a new 'digital nomad' visa for remote workers. Moreover, if the government's 'More Housing' law does indeed ensure that property prices fall, we will see an exciting new moment''for shopping in one of Europe's best markets. The Golden Visa may be coming to an end, but Portugal continues to shine as an overseas destination for many reasons.

The possibility of a Golden Visa

These visas are not necessarily a negative if you are interested in living and investing in Portugal or any other country in Europe. In fact, it can be a positive. The abolition of golden visas may cause a downturn in the real estate market, a great buying opportunity. You may no longer be able to get residency through buying real estate, but you can still buy it for investment or for your own lifestyle and get residency through the traditional route of spending time in the country. И''there are still opportunities to gain residency in Europe through investment. Greece made changes to its Golden Visa program this year, which came into effect on July 31. The price of entry doubled from €250,000 to €500,000, but no plans have been announced to close the program. Spain is also continuing its Golden Visa program, as is the sunny island country of Malta, as well as Italy (although there is no option to buy property in Italy). And Cyprus has a new Golden Visa program after its original program to gain citizenship through investment closed in 2020.

Time to act

If you have money to invest and want EU residency, several options have disappeared from the market already this year, but the borders''Europe is still open to North American residents. Now is the time to make your Golden Visa choice before it's too late. Get the best of Forbes in your inbox with the latest insights from experts around the world.