The End of Europe’s Golden Visa Era: 2023-2024 Policy Tightening, Hungary’s €250K Fund Scheme Emerges as Last ‘Final Opportunity’

[Europe’s Immigration Overhaul: From ‘Golden Visas’ to ‘Selective Screening’]

Since the 2013 European debt crisis, multiple EU countries introduced "Golden Visa" programs, attracting foreign capital through real estate purchases and investments to revive their economies. However, this era of lenient immigration policies took a sharp turn in 2023. As Ireland, Portugal, and Spain successively shut down their property-based residency routes, while Greece, Malta, and others significantly raised investment thresholds, European immigration policies have shifted from a "capital-driven" approach to a "quality-driven" one—prioritizing language proficiency, residency requirements, and social integration as new key criteria.

[2023-2024: A Seismic Shift in European Immigration Policies]

• February 2023: Ireland abruptly terminated its Immigrant Investor Programme (IIP) overnight, sending shockwaves through the market.

• April 2023: Cyprus tightened permanent residency rules, doubling the minimum annual income requirement to €50,000 and reducing family eligibility.

• August 2023: Greece raised the Golden Visa threshold in popular areas from €250,000 to €500,000—doubling the investment cost.

• October 2023: Portugal officially ended its real estate-based Golden Visa, closing the most popular pathway.

• September 2024: Greece hiked requirements again, pushing investment thresholds in prime zones to €800,000, while non-prime areas retained a €250,000 option with stricter conditions.

• November 2024: Malta announced a price increase for its permanent residency program, effective January 2025.

• December 2024: Within a single week, Spain and Hungary scrapped their €500,000 property investment schemes, marking the near-complete closure of Europe’s "Golden Visa" era.

[The New Logic: From ‘Buying Residency’ to ‘Selecting Talent’]Behind the policy tightening lies a demand for higher-quality immigrants. Reports from the European Parliament highlight that while Golden Visas brought capital over the past decade, they also fueled housing inflation and money laundering risks. Now, policies favor "genuine settlers," as seen in Germany’s Opportunity Card (a points-based system) and the Netherlands’ skilled migrant visas, where language, professional skills, and long-term contributions take center stage.

[Final Opportunity? Hungary’s €250K Fund Scheme May Be the Last Option]Currently, Hungary’s €250,000 investment fund program remains one of Europe’s few remaining "low-barrier, no language or residency requirement" options. However, industry experts warn that it could follow other countries’ lead at any moment. Immigration lawyer Anna Kovács stated, "The Hungarian government has already signaled adjustments—the window may close within months."

[Conclusion]Europe’s era of "easy immigration" is over. Yet, for those genuinely seeking to integrate, the new rational policies may offer a fairer pathway. For investors still hesitating, time may be the ultimate cost.