9
No longer accepting new applications
4
Still open but changed
Closed
Malta · from 29/04/2025 · Malta Individual Investor Programme
Why: The Court of Justice of the European Union ruled that Malta must close.
This is the LAST citizenship-by-investment program in the EU. After this ruling, no EU country sells passports anymore. Anyone offering you a Malta passport is selling something that no longer exists. Malta still has a PERMANENT RESIDENCY program — different from citizenship.
Source: Court of Justice of the European Union
Spain · from 03/04/2025 · Spain Golden Visa
Why: Government closed it due to foreign investment driving up housing prices and locals being priced out.
Once one of Europe's two most popular golden visas alongside Portugal. The closest alternatives now are Greece and Hungary.
Australia · from 31/07/2024 · Australia BIIP subclass 188
Why: The Department of Immigration concluded the program delivered poor economic results, backed by Treasury and Productivity Commission research.
Permanently closed, no new applications accepted, including the Significant Investor stream. Applications submitted before closure are still being processed. Replaced by National Innovation Visa 858 — invitation-only, no minimum investment requirement, demands international-level achievement. This is NO LONGER a money-for-residency program.
United Kingdom · from 17/02/2022 · UK Tier 1 (Investor) Visa
Why: The UK government abruptly closed it amid concerns about fund sources and money laundering risks.
The UK no longer has a path to permanent residency through investment. The remaining route is Innovator Founder — requires endorsement from a designated organization to validate your business idea, not just having money.
Ireland · from 15/02/2023 · Ireland IIP
Why: Ireland government closed following review of economic effectiveness and due diligence risks.
Once a popular route to an English-speaking EU country. No equivalent language option currently available in EU.
Netherlands · from 01/01/2024 · Netherlands Investor Visa
Why: Closed due to low effectiveness — very few actual applications over many years.
Few people know this program ever existed because almost no one used it.
Cyprus · from 01/11/2020 · Cyprus Investment Programme
Why: Closed following press investigation revealing applications approved for unqualified applicants.
Cyprus still has a RESIDENCY program, not citizenship. Don't confuse the two.
Bulgaria · from 01/04/2022 · Bulgaria Citizenship by Investment
Why: Bulgarian parliament voted to close under pressure from the European Union.
Bulgaria still has an investment-based permanent residency program, and it's the only program in Europe granting permanent residency from the start.
Montenegro · from 31/12/2022 · Montenegro Citizenship by Investment
Why: Expired according to the set deadline, government did not extend.
Montenegro is in the process of joining the European Union, so the likelihood of reopening is very low.
Closing soon
Latvia · expected from 01/01/2027 · Latvia Residence by Investment
Why: In month 6/2026 parliament voted to eliminate real estate, government bonds, and bank deposits routes.
The president returned the bill for a second reading, but the market views this as a countdown clock. Should not start new applications yet.
Open with changed terms
Portugal · from 01/10/2023 · Portugal Golden Visa real estate route
Why: Real estate route eliminated to cool down housing prices; the program remains open but only the investment fund route is available.
Portugal Golden Visa STILL OPEN — only lost the real estate route. The 2026 reform also extended naturalization timeline, so it's no longer the fastest path to EU citizenship as many old articles still claim. Processing backlog is around 39,6 months, the longest in Europe.
Greece · Greece Golden Visa short-term rental
Why: Short-term rental restrictions like Airbnb are prohibited on properties used to apply for golden visa.
Greece Golden Visa STILL OPEN. However, if you buy property planning to rent it on Airbnb to cover costs, that plan is no longer permitted — violations incur 50.000 EUR fines and residency permit revocation. Prices have also been divided by zone, ranging from around 250.000 EUR in heritage areas to 800.000 EUR in high-demand zones.
Portugal · from 19/05/2026 · Portugal 5-year citizenship route
Why: Cai cach luat quoc tich thang 5/2026 keo thoi gian cu tru tu 5 nam len 10 nam voi phan lon nguoi ngoai EU.
Portugal Golden Visa still open. But its biggest advantage — 5 years to get an EU passport with only 7 days of residency per year — NO LONGER EXISTS. Now it's 10 years. The NHR favorable tax regime also closed to newcomers from 2024. This is currently the most common talking point about Portugal in Vietnam, and it's wrong. If anyone gives you documents stating 5 years, ask them immediately for an update.
Source: Lei Organica n.o 1/2026, Diario da Republica 18/05/2026
Why this list matters
A closed program does not vanish from the internet. Old articles still rank on Google, sales decks still go out, and buyers still put down deposits on something that no longer exists.
In 2025 alone two major programs closed: Spain on 3 April and Maltese citizenship on 29 April, by ruling of the Court of Justice of the European Union. After that ruling, no country in the European Union sells passports any more.
We update this page whenever something changes. If you spot anything wrong or missing, tell us — we fix it quickly and we thank whoever reports it.
So what is still open?
Choose on your real goals and budget, not on an old article. For every program we also state the drawbacks.
See programs still open →Where does the Vietnamese passport rank → · How visa-free is counted → · Journalists looking for data →