Jeremy Savory, founder/CEO of Savory & Partners and Millionaire Migrant, helps clients gain self-sovereignty via geographic diversification.
The landscape has fundamentally shifted. Here’s what serious investors need to know.
When regulatory changes swept through EU citizenship programs in recent years, I watched as uncertainty rippled through the wealth advisory community. Clients who had spent months navigating due diligence suddenly found traditional pathways becoming more complex. But contrary to popular belief, this wasn’t the end of EU citizenship opportunities—it was the beginning of a more sophisticated era.
In my work with governments across three continents and having processed over 11,000 second passports, I’ve witnessed how regulatory shifts create both crisis and opportunity. The current EU citizenship landscape exemplifies this perfectly. While headlines focus on program closures, the reality reveals a more nuanced evolution that sophisticated investors can still navigate successfully.
The New Reality: Quality Over Quantity
The popular narrative suggests EU citizenship by investment is dead. This fiction persists because most commentary focuses on what’s been lost rather than what’s evolved. Media coverage of program modifications creates the impression that Europe is shuttering its doors to investment migration entirely.
In fact, we’re witnessing a maturation from volume-based programs to value-based partnerships that prioritize genuine integration. Malta’s citizenship program, now operating as the “Malta Exceptional Investor Naturalization” program, continues to function but with enhanced due diligence and stricter requirements designed to ensure authentic connections to the country.
Portugal perfectly exemplifies this evolution. Rather than ending its Golden Visa program, Portugal is implementing strategic refinements that strengthen its position as Europe’s premier residency by investment program. The government is extending the naturalization period from 5 to 10 years for non-CPLP (Community of Portuguese Language Countries) nationals, demonstrating a commitment to ensuring genuine integration before citizenship is granted.
This evolution reflects broader geopolitical realities. As my database of more than 11,000 high-net-worth individuals reveals, today’s global citizens are building comprehensive sovereignty strategies that withstand regulatory scrutiny and provide lasting value.
Where previous programs prioritized speed and simplicity, today’s pathways reward strategic thinking and genuine engagement.
Fiction: All EU Programs Have Disappeared
Perhaps the most damaging fiction is the assumption that EU citizenship opportunities have vanished entirely. This narrative ignores the robust programs that continue to operate and the alternative pathways that have emerged.
Cyprus provides a cautionary tale—after facing EU pressure over insufficient due diligence, it permanently discontinued its citizenship program in 2020 and is highly unlikely to ever reintroduce it. However, Cyprus maintains an active residency by investment program that offers a pathway to eventual naturalization through traditional residency requirements.
Meanwhile, Malta’s refined program continues to accept applications, though with significantly enhanced vetting procedures. Having worked directly with government authorization processes, I can attest that the current due diligence frameworks often exceed traditional banking standards, including multi-jurisdictional background checks, comprehensive source of funds verification and ongoing compliance monitoring.
The key insight is recognizing which programs adapted successfully versus those that didn’t survive regulatory pressure. This distinction creates opportunities for investors who understand the new landscape.
Fact: Alternative Pathways Remain Robust And Strategic
While direct citizenship by investment programs have contracted, alternative pathways to EU citizenship remain not only viable but increasingly attractive. As I detailed in my recent Forbes analysis of navigating global options, the key is understanding that EU citizenship requires strategic residency planning.
Consider Spain’s entrepreneur visa program, which provides a pathway to permanent residency and eventual citizenship through business investment. Unlike the discontinued golden visa, this approach builds genuine economic ties while offering the same ultimate destination: EU citizenship and passport portability.
Portugal’s D2 visa for entrepreneurs and investors represents another intricate approach. This visa requires establishing a business or making an investment in Portugal, creating genuine economic activity while providing a pathway to citizenship.
These refined requirements ensure program sustainability while filtering out purely transactional participants, ultimately protecting the investment for serious applicants.
The Indirect Route: Latvia’s Golden Visa Model
Several EU member states maintain sophisticated residency-by-investment programs that serve as indirect pathways to citizenship. These programs represent the future of investment migration: longer-term commitments that build genuine ties to European economies and societies.
Latvia’s Golden Visa requires a minimum investment of €250,000 in real estate plus a 5% state fee or, alternatively, €50,000 in equity capital of a Latvian company plus a €10,000 donation to the state budget. After five years of continuous residency, investors become eligible for permanent residency, and after 10 years, they can apply for Latvian, and therefore EU, citizenship.
What makes Latvia’s program particularly strategic is its manageable residency requirements for global business owners. Unlike programs requiring constant physical presence, Latvia’s approach recognizes the realities of international business while maintaining program integrity.
Greece’s Golden Visa program follows a similar model. These programs demonstrate that EU access remains available for investors willing to make authentic, long-term commitments to European countries.
The Strategic Advantage Of EU Citizenship In 2025
Beyond the obvious benefits of visa-free travel, EU citizenship provides crucial advantages in an increasingly uncertain world.
As governments worldwide implement wealth taxes and digital surveillance systems, EU citizenship offers legitimate tax optimization opportunities through legal residency planning within the bloc. The ability to establish genuine residence in low-tax EU jurisdictions provides sophisticated wealth preservation strategies.
Second, EU citizenship enables unrestricted business operations across member states, creating opportunities for geographic diversification and operational resilience. For entrepreneurs building global enterprises, this represents a competitive advantage that purely domestic businesses cannot match.
Third, EU citizenship passes to children and grandchildren, creating lasting family security. Unlike temporary residence permits that require renewal, citizenship provides permanent rights that transcend political changes or program modifications.
The Tax Reality: Why EU Citizenship Matters More Than Ever
As governments worldwide implement new wealth taxes and digital surveillance systems, EU citizenship provides crucial financial flexibility.
The fiction that EU citizenship by investment has disappeared serves those who profit from confusion and complexity. The fact is that pathways remain for serious investors while excluding transactional participants who viewed citizenship as a commodity rather than a commitment.
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