Bitcoin News Today: Nine Countries End Golden Visa Programs as Scrutiny Over Abuse Intensifies

Governments globally are scaling back or tightening so-called "golden visa" programs, which enable wealthy individuals—including crypto investors—to secure residency or citizenship through significant financial investments. These programs, which typically require investments in real estate, funds, or local enterprises, were designed to stimulate economic growth and attract talent. However, increasing scrutiny over abuse risks, economic distortions, and corruption concerns has led to stricter regulations and outright program cancellations in several jurisdictions.

In May, the European Court of Justice ruled Malta’s Exceptional Investor Naturalisation (MEIN) program illegal, deeming it a commercialization of EU citizenship. Cyprus and Bulgaria also terminated their programs in 2021 and 2022, respectively. Spain canceled its golden visa in April 2024, citing exacerbation of housing affordability crises. Portugal, a key crypto hub, is implementing stricter residency and citizenship eligibility criteria, according to Alessandro Palombo, CEO of Bitizenship, a firm advising on its golden visa program. Since 2020, at least nine countries—including the UK, Ireland, and the Netherlands—have scrapped their programs [1].

Crypto investors, who often seek multiple passports for regulatory and tax advantages, are finding these pathways increasingly limited. The appeal of golden visas lies in minimal residency requirements and rapid access to citizenship. Some programs now directly incorporate crypto investments. Portugal’s Bitcoin Eco Golden Visa allows investors to gain residency by investing in a fund tied to Bitcoin and local companies. El Salvador, the first country to adopt Bitcoin as legal tender, granted citizenship in 2023 to those investing $1 million in Bitcoin or stablecoins. Italy is also exploring a golden visa route for investors funding Bitcoin startups [1].

Despite these innovations, regulatory scrutiny is intensifying. The Russia-Ukraine war and broader concerns over money laundering have accelerated crackdowns. In Spain, lawmakers linked golden visas to soaring housing costs, contributing to their cancellation. Bulgaria’s program was criticized for enabling corruption, with primary beneficiaries traced to China, Russia, and the Middle East [1].

A premature attempt to introduce a crypto-linked golden visa in the UAE sparked regulatory backlash. The TON Foundation, behind Telegram’s blockchain network, announced a $100,000 staking requirement for a 10-year golden visa in July. UAE authorities swiftly denied the claim, with TON later clarifying that the initiative was under development with a licensed partner but awaited final regulatory approval [1].

The trend toward stricter controls reflects a growing consensus that golden visas must balance economic benefits with security and ethical risks. Palombo noted that regulatory shifts are accelerating: “What’s possible today may become legally impossible within months or weeks.” While crypto-related investment routes persist in select jurisdictions, the overall landscape is narrowing, with at least nine countries having terminated programs since 2020 [1].

Source: [1] [Golden visas are shrinking for crypto investors] [https://cointelegraph.com/news/golden-visas-shrinking-crypto-investors?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound]