By Chris Dietz, President of Global Operations at Leading Real Estate Companies of the World

The promise of global mobility through real estate – once a relatively straightforward exchange of capital for residency or passports – is being rewritten across continents. Today, with housing affordability and geopolitics top of mind, governments around the world are tightening the terms. But this isn’t a door slamming shut – it’s a global recalibration.

A more considered era

From around the world real estate-linked visa schemes are being tightened, paused, or reinvented as global real estate enters a more considered era: less automatic, more strategic, and shaped by new rules.  

Spain has officially ended its property-linked golden visa scheme, with Prime Minister Pedro Sánchez declaring that homes should be for “living, not speculation”. Portugal, once the poster child of residency-by-investment, has reshaped its Golden Visa programme, removing real estate from eligibility in favour of innovation, job creation and cultural funding. Yet interest hasn’t disappeared – it’s simply evolved.

According to ORIA Advisors, a Leading Real Estate Companies of the World® member in Lisbon, high net worth investors are now exploring fund-based routes and diversifying into apartments or villas in new development projects with luxury amenities and high appreciation potential. Portugal’s newly introduced IFICI tax regime is also beginning to influence buyer strategy, particularly among clients planning partial relocation or long-term family presence.

In Greece, the Golden Visa remains active, but with more complexity and higher thresholds. Minimum property investment has increased to €800,000 ($933,316) in high demand areas such as Athens, Mykonos and Thessaloniki, with lower tiers applying to rural regions or historic property conversions. Despite the tighter terms, demand remains strong. According to JK Property & Yachting, a member in Athens, around 40% of their international buyers continue to leverage the programme – particularly clients from China, the Middle East, Turkey, the US, South Africa, and India. Many are seeking EU access for family and education, combining lifestyle aspirations with long-term planning. One recent buyer from the UAE purchased a villa on the Athens Riviera to secure residency while creating a summer base for their children studying in Europe – a dual-purpose investment that reflects the broader motivations behind many Golden Visa purchases.

The reasoning is clear – housing affordability. These governments are responding to a mounting political and social pressure to prioritise local residents who feel priced out of their own cities. Seen in that light, it’s difficult to argue against reforms that aim to make homes more accessible to those who live and work there.

The US has gone further by limiting or banning certain types of foreign property ownership. In the US, 2025’s ‘HOMES Act’ imposes a 25% federal surcharge on foreign purchases of residential properties over $2m, while raising the EB-5 visa minimum to $1.2m with stricter job-creation audits. These rules reflect the changing definition of national interest – often framed in the language of security and economic protectionism. But some decisions tap into something more emotive: identity, belonging, and the politics of place.

‘Hidden tax’ on global mobility?

Still, this shift creates ripple effects. Global investors, many of whom contribute significantly to local economies through construction, tourism, and services, may now hesitate. The result could be slower development timelines, fewer luxury residential projects, and, ironically, tighter housing supply in some markets. When international capital pulls back, momentum can follow.

This new reality may also feel like a “hidden tax” on global mobility. While wealthy individuals may still pursue fund-based or entrepreneurship visas, these routes are more complex than real estate-based options. What was once a straight path now winds through a more layered, often opaque, system.

Not all doors are closing. Singapore hasn’t banned foreign buying but levies a 60% stamp duty surcharge. The UK maintains property investment pathways despite 2025’s stricter regime: a 5% national security surcharge on purchases over £5m ($6.7m) and an indefinite pause of the Tier 1 Investor Visa. Malta’s revamped citizenship programme now requires €1.5 million in combined investments (real estate, bonds and donations), effectively doubling previous thresholds while adding philanthropic requirements.

So, what does this mean for the global mobile investor or homeowner?

It means planning smarter, leaning on sharper insights, and adjusting expectations. Real estate professionals must stay hyper-attuned to evolving regulations, and policymakers should remember that openness and oversight aren’t mutually exclusive.

The post-golden era isn’t an iron gate — it’s a revolving door. You can still enter, but you may be asked a few more questions. In this era of redrawn borders and recalibrated balances, those with a global lens and the right guide will find the way through.

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