Global Residency and Citizenship Outlook 2025

The European RCBI landscape has been transformed by unprecedented regulatory intervention. In April 2025, the Court of Justice of the EU (CJEU) delivered a landmark judgement outlawing “golden passport” citizenship-by-investment schemes. In a case brought by the European Commission against Malta’s Individual Investor Programme, the EU’s top court held that granting nationality in exchange for payments or investments violates EU law. The court found that such schemes lack the “bond of solidarity and good faith” between a state and its citizens and “amount to the commercialisation” of EU citizenship rights.

This ruling compels Malta – the last EU country offering direct citizenship by investment – to shut down its passport-for-sale program, and effectively bars any EU member state from trading citizenship for cash going forward. EU officials hailed the decision, emphasising that “European citizenship is not for sale.” Malta, which had argued nationality was solely its sovereign domain, conceded it would respect the judgement and align its laws. With this court victory, the European Commission has achieved via judiciary what it had long pushed for in policy: an EU-wide ban on golden passports, ending a controversial era in which thousands of investors obtained EU citizenship through payments of €1 million+ with only minimal ties to the issuing country.

Golden residence (golden visa) programs – which offer residency rights (and a path to citizenship) against investment – are also facing headwinds across Europe, though not an outright ban. The European Commission and Parliament have warned that investor residence schemes pose security risks and should include strict conditions if not phased out. Notably, current EU law does not prohibit golden visas per se, leaving regulation to member states.

However, political sentiment has turned against these programs in several countries. Ireland abruptly closed its Immigrant Investor Programme in 2023, citing “public policy” concerns. Portugal followed suit, deciding to end new applications under its popular Golden Visa programme as part of a housing affordability package. Greece has doubled the minimum investment to €500,000 in prime areas and plans further hikes, while Spain faces domestic debate on curbing its programme. Cyprus and Bulgaria had already terminated their citizenship-by-investment schemes.

The EU has also introduced a new mechanism to enforce higher standards indirectly. In June 2025, reforms to the Schengen Visa Suspension Mechanism added “the operation of an investor citizenship scheme” as grounds to revoke visa-free access for third countries. The EU had already suspended Vanuatu’s visa waiver in 2022 over poor due diligence; the new law formalises this approach and directly targets investor citizenship.

AML and sanctions compliance are reshaping European golden visas. Since 2022, no EU scheme accepts Russian or Belarusian applicants. Banks are required to apply enhanced due diligence to all RCBI clients. A new EU AML Authority, due in 2024, will likely set further standards affecting agents and sponsors.

In short, Europe is moving towards a transparent, security-first model. Legitimate investors are still welcomed – particularly through Malta’s Permanent Residence Programme and Greece’s Golden Visa – but the era of commoditised EU citizenship is definitively over.

The Caribbean’s long-standing CBI programmes are under unprecedented international scrutiny. In 2023, the UK revoked visa-free access for Dominica and Vanuatu, citing “clear and evident abuse” of their programmes. Ireland followed in 2024.

Under pressure from the U.S. Treasury and EU partners, Eastern Caribbean governments adopted a collective framework known as the Six Principles. These reforms include mandatory interviews for applicants, enhanced due diligence using international intelligence resources, pooled denial lists, and collective enforcement of rejections. Caribbean leaders also committed to revoking or retrieving passports issued to problematic applicants.

In 2024, four OECS states agreed to raise the minimum investment threshold to US$200,000, a significant increase designed to deter low-quality applicants and reassure international partners. At the same time, new marketing rules ban the advertising of CBI passports primarily as visa-free travel tools, emphasising commitment to the issuing state instead.

These changes mark a philosophical shift: from transactional citizenship to a compliance-first model stressing integrity. Grenada remains unique with its E-2 treaty visa access to the U.S., but even it has joined the reforms.

For investors, the result is higher costs, stricter vetting, and slower processing. But the upside is that passports issued now carry greater credibility. For Caribbean governments, collective action aims to preserve the industry’s future, showing that investment citizenship can be run responsibly if aligned with international standards.

In contrast to Europe, Middle Eastern nations are expanding residency and citizenship options.

The UAE has become a global hub with its Golden Visa, offering 10-year renewable residency for investors, entrepreneurs, and skilled professionals. By lowering the real estate threshold to AED 2 million, Dubai and Abu Dhabi have attracted tens of thousands of wealthy migrants.

Saudi Arabia launched its Premium Residency scheme in 2019, granting most resident rights for SAR 800,000. Oman, Bahrain, and Qatar have followed with similar long-term investor visas.

Turkey’s Citizenship by Investment programme remains one of the few large-country options, requiring US$400,000 in real estate. It remains popular with applicants from the Middle East, Asia, and Russia, although concerns over sanctions evasion have brought heightened scrutiny.

Jordan overhauled its programme in July 2025, replacing passive investment routes with eight new pathways emphasising job creation and economic impact, capped at 500 approvals per year. Egypt has also streamlined its rules, offering citizenship for contributions as low as US$250,000 or real estate purchases of US$300,000.

The Middle East is positioning itself as an attractive alternative for HNW families: high-quality infrastructure, low or no income tax, and geopolitical neutrality. Risks remain – particularly FATF monitoring of AML standards – but these programs reflect a regional shift from exclusion to openness.

The Asia-Pacific region illustrates both opportunity and cautionary tales.

Vanuatu’s experience has become the industry’s warning sign: lax due diligence led to the EU and UK suspending visa-free access for its citizens. This collapse shows that the benefits of CBI depend on international trust.

In contrast, Singapore and Hong Kong have raised thresholds sharply, ensuring only ultra-HNWIs qualify. Singapore now requires S$10 million investment for permanent residency via its Global Investor Programme. Hong Kong relaunched its Capital Investment Entrant Scheme with a HK$30 million requirement, excluding property to avoid speculation.

Malaysia has successfully revived its Malaysia My Second Home (MM2H) programme with tiered entry levels, while Thailand’s Elite Residence and Long-Term Resident visas remain popular with remote workers and retirees. Indonesia has introduced a Second Home visa requiring US$130,000 in local deposits.

Cambodia’s low-cost citizenship scheme (~US$245,000 donation) continues but is tainted by associations with money laundering and organised crime, raising reputational risks.

The lesson across Asia-Pacific: credible, transparent programs with meaningful economic ties thrive, while cheap, opaque schemes risk collapse.