The tightening of Europe’s “Golden Visa” programs—and what it means for Latin America

In April 2025, Spain became the latest European country to close its “golden visa” program. Before that, Ireland ended similar mechanisms in 2023, and the UK did so in 2022. In the same period, Portugal effectively removed real estate from its scheme.

On 1 April 2026, the Portuguese parliament passed a law that, for most non-EU citizens, extends the naturalization timeline from 5 to 10 years. Once the rule takes effect, the path to citizenship via a “golden visa” on average turns into an ожидание of around 13 years, factoring in procedural delays.

Greece, meanwhile, raised the threshold for premium locations to €800,000, and transactions involving foreigners under the program during the first nine months of 2025 fell by 24%. The €250,000 option is still available, but the overall direction is clearly toward tighter conditions.

Europe’s “window” for RCBI (capital-based investment migration) is gradually closing: on the continent, only eight programs remain. But the trend is obvious—higher entry thresholds, longer processing times, fewer real-estate options, and a political climate in which investment migration is increasingly viewed as part of the housing problem.

This article is a field report from the other side of the Atlantic. I’ve been here for more than a year, and I can see a growing stream of clients arriving after Europe’s programs were shut down.

What pushed clients out of Europe?

By early 2026, the queue for processing applications in Portugal reached 39.6 months—the longest figure in Europe. If an application was filed in 2023, a decision may not appear for at least 2026. The updated “fund” scheme that replaced real estate requires €500,000 and involves locking capital for 6–8 years.

In addition, the naturalization law doubled the waiting period: instead of 5 years, most candidates now face 10 years. Even after meeting the requirements, the applicant still enters a review process that currently takes two years or more.

Portugal remains a strong destination. It offers EU residence and a prestigious passport with comparatively moderate requirements for physical presence. But for clients who need the fastest possible route to citizenship, the model is no longer optimal.

Greece’s story differs in the details, but the logic is similar. Previously, the €250,000 threshold made Athens attractive. Today, in the capital and on popular islands, it has been raised to €800,000.

Rules for short-term rentals have also changed: properties purchased under the program can no longer be listed on short-term rental platforms. For an investor who considered the “golden visa” both as a residence tool and as a return-on-investment bet, the project economics have noticeably worsened.

Spain’s closure removed roughly 27,000 real-estate deals per year involving non-residents from the market. For consulting firms that built a pipeline around properties in Spain and across the Iberian Peninsula, this means losing a targeted flow of clients.

Where investor demand is shifting

I’ve held residency in six countries. After the US, then Portugal—and now Brazil—I evaluate destinations using five criteria: geopolitical risk, the immigration route, family infrastructure, value for money, and time zone alignment with the client’s business.

Based on these factors, three programs in Latin America stand out.

Brazil Investor Visa (Brazil Investor Visa)

Residency through real estate starts from 1 million reais (about $200,000). The program provides temporary residency, which can be converted into permanent status after 4 years. To maintain the status, you need 14 days of physical presence every two years.

Citizenship is available after 4 years of continuous residence. The Brazilian passport ranks 16th on the Henley Index (169 visa-free destinations, including the Schengen Area, the UK, and Japan). Over five years, fewer than 700 people have used the program—so demand hasn’t yet become “overheated.”

MERCOSUR membership also expands life and work opportunities across several South American countries.

Costa Rica Investor Visa (Costa Rica Investor Visa)

An investment of $150,000 in real estate or in a Costa Rican company grants temporary residency that can be turned into permanent residency after 3 years. Citizenship is available after 7 years.

A key point: Costa Rica applies territorial taxation, meaning income sourced abroad is usually not taxed. The country consistently ranks within the top 40 of the Global Peace Index, and more than 25% of its territory is under legal protection.

Uruguay: residency for “self-funded” applicants and investor visas (Uruguay)

Legal residency is available from roughly $116,000 in real estate. Tax residency is a separate option: it offers a 10-year exemption on foreign-source income, but the threshold is higher—around $2.2 million in assets, or approximately $514,000 if you meet a 60-day annual presence requirement.

Uruguay is often praised for low perceived corruption in the region, a stable banking sector, and MERCOSUR membership.

Why not the Caribbean?

The most obvious objection is that Caribbean CBI programs deliver a passport in 4–6 months. Donations begin around $100,000, and real estate is also included in some schemes (for example, Dominica from $200,000, Grenada from $270,000, Antigua from $300,000, Saint Kitts from $325,000). These are typically resort-style projects with government-approved structures and holding periods of 3–7 years.

But the difference is what the client gets in addition to the passport. As a rule, Caribbean CBI assets are shares in resort projects—not housing where the investor actually lives.

Holding periods “freeze” capital, resale liquidity is limited, and returns depend on the resort/hotel operator. Family infrastructure (schools, healthcare, and day-to-day familiarity) is usually absent or weak. The investor may come for due diligence, possibly again for a vacation—and then the passport is kept “until it’s needed.”

Latin America solves a different problem. The client buys a home they can actually live in, in a city with proper international schools and private medical centers. Property value grows in a real domestic market—not in a segment “inflated” by CBI demand. And the route leads to naturalization in the country where the client genuinely spends time.

These approaches don’t directly compete—they complement each other: a Caribbean passport creates fast travel options, while Latin American residency builds a long-term base.

Latin America—by the numbers

The case for the region is, in many ways, structural.

First: timelines to citizenship are often shorter. In Brazil, naturalization is possible after 4 years. If a child is born in a country with jus soli (citizenship by birth), the parent’s timeline can be reduced to 1 year. By comparison, Portugal is now targeting 5 years (and, under the law, could reach 10), while Greece is aiming at 7.

Second: the geopolitical “map” is different. In research on investment migration, analysts note that mobility portfolios without distribution across the Western Hemisphere create a risk of concentration. Brazil hasn’t been involved in external wars since 1870, and Costa Rica has had no army for 78 years. In a world where Goldman Sachs reports that 61% of family offices consider geopolitical conflict the top investment risk, distance from active conflict zones carries more weight.

Third: real estate can deliver genuine income. In Florianópolis—where I live, and one of Brazil’s fastest-growing premium real-estate markets—rent in currency terms often falls in the 5–8% annual range. One local developer reported that sales rose from R$30 million in 2023 to R$160 million in 2024. Income is generated regardless of how often the owner visits.

Fourth: physical-presence requirements are usually easier. Brazil asks for 14 days every two years to maintain status. Costa Rica requires one visit per year. In Uruguay, there are no strict presence requirements for legal residency. For clients who want a “base” in the Western Hemisphere without relocating permanently, these programs fit especially well.

What changes in practice

Migration data and investor behavior trends are indeed shifting. In 2024, the number of US citizenship renunciations approached 5,000—the highest level since 2020. In March 2026, the US State Department reduced the fee for renunciation from $2,350 to $450, expecting about 4,600 applications per year.

In Brazil’s market (particularly in the premium segment), in 2024–2025 Florianópolis became the top destination for absorption among 12 state capitals. High-end VGV grew by 170% year over year. The average price reached R$12,420 per square meter and increased by roughly 6.7% annually, outpacing São Paulo and Rio. In Santa Catarina’s construction sector, growth over five years was 94%.

In Costa Rica, property prices rose by 7.8% in 2024. Foreign investment in the sector increased by more than 18%, helped by digital nomads and retirees. In 2021, the government lowered the threshold for the investor visa from $200,000 to $150,000.

In Uruguay, the housing market reached $175.5 billion in 2024, and the number of transactions grew by 3.9%. In Punta del Este’s premium segment, the share of foreign buyers can be 30–66% of purchases. At the same time, foreigners typically don’t need permission to own property, and there is no capital gains tax on resale.

Important: the “tightening” of Europe’s programs didn’t create these markets—they were growing even before Spain closed, and even before Portugal doubled naturalization timelines. What really happened is that a new generation of investors had a reason to check the numbers. And the numbers already show that Latin America is becoming a more practical alternative.

If you’re considering investment residence/citizenship as a relocation route, note that Europe’s “golden visa” programs are tightening: processing times are increasing and requirements are becoming stricter. At Digital Nomad, we help you assess realistic options and select a strategy tailored to your case—so your decision is based on current regulations and real review practice, not guesswork.

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr