How Global Residency Programs Are Moving Beyond Property

For years, a wealthy Brazilian seeking a second residency could simply buy an apartment in Lisbon or a villa in the Algarve. That route is closing fast. According to the 2026 Global Residence Program Index released by consultancy Global Citizen Solutions, the world’s top residency-by-investment schemes have undergone a structural shift: governments now prefer investments that create jobs, fund startups, or fuel innovation rather than passive real estate acquisitions.

Portugal—home to 574,000 Brazilians and the second-largest community of nationals abroad—removed real estate from its Golden Visa in 2023. Spain ended its program entirely in 2025, while Greece hiked minimum property thresholds. The trend is mirrored across Europe: Cyprus, Bulgaria and Montenegro have scrapped similar mechanisms. At the same time, the overall number of Brazilians living overseas reached a record 5.29 million, with the US and Portugal leading, according to the Brazilian Foreign Ministry.

The Swiss residence-by-lump-sum-tax model tops the ranking with a score of 91.9, followed by the UAE Golden Visa (91.5) and Portugal’s Golden Visa (91.3). The index evaluated 48 programs across 46 jurisdictions on quality of life, mobility, procedure ease, investment attractiveness and credibility. The UAE scored highest on the pure investment pillar—99.3—reflecting a streamlined, business-friendly framework.

The Shift from Brick-and-Mortar to Economic Impact

Why Governments Are Turning Against Property-Linked Visas

The main driver is political and economic pressure. Critics argued that foreign buyers inflated housing markets without generating lasting local benefits. Portugal’s decision in 2023 came after years of public debate over rising rents and property prices. By redirecting applicants toward regulated venture capital and private equity funds, Lisbon now channels capital directly into companies and job creation. Similarly, Greece’s higher thresholds aim to cool speculation while keeping the program open.

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Patricia Casaburi, CEO of Global Citizen Solutions, observed: “The best-evaluated programs in 2026 are those that demonstrate real economic contribution and meet increasingly rigorous due diligence and transparency standards.” Her colleague, research chief Laura Madrid, noted a “structural transition” where passive capital, which built the industry, is giving way to programs that tie investment to local development.

What the Shift Means for High-Net-Worth Brazilians

The move away from real estate changes the risk-return calculus. Previously, an investor could buy a tangible asset likely to appreciate while obtaining a visa. Now, the investment must go into funds or businesses—assets with higher uncertainty and illiquidity. This demands deeper due diligence, longer time horizons, and often larger capital commitments.

Competition among countries is also morphing. Until recently, a low minimum investment was the main draw. Now, governments compete on the quality of the ecosystem they offer: rule of law, fiscal stability, path to citizenship, and the credibility of their funds. For Brazilians, the practical consequence is that planning a move abroad has become a full-fledged wealth management exercise, requiring coordination with tax advisors, immigration lawyers and investment professionals.

What the New Rules Mean for Your Residence-Investment Strategy

  • If Portugal is still your target, understand the new Golden Visa rules. Since 2023, qualifying investments must go into regulated venture capital or private equity funds. The minimum remains €500,000, but the asset is no longer a property you can live in or rent—it’s a financial product with lock-up periods and performance risk. Assess fund managers carefully.
  • For tax efficiency seekers, Switzerland and the UAE are top-ranked. The Swiss lump-sum tax route suits those with substantial foreign-sourced income; the UAE Golden Visa requires a AED 2 million (approx. R$2.8 million) investment in a local fund and offers zero personal income tax. Both demand ongoing legal and compliance oversight.
  • Treat the residency timeline as part of the investment. Portugal offers citizenship after seven to ten years, while the UAE’s Golden Visa is renewable every ten years but does not lead to citizenship. Factor in physical stay requirements—some programs require as little as seven days a year, others demand extended presence.
  • Do not underestimate compliance and due diligence. The index’s “compliance and credibility” pillar now carries 10% of the overall score. Programs that overlook applicant backgrounds risk being shut down, which could leave investors stranded. Expect stringent checks on the source of funds.

Risk & Opportunity Assessment

Commercial RiskMediumInvestors who bought property expecting residency rights risk being left with a pure real estate asset and no immigration benefit if the program changes retroactively or the property isn't acquired under the old rules. For countries, a poorly managed shift could depress foreign investment inflows.
Competitive RiskHighAs Portugal, Spain and others tighten rules, rival jurisdictions like the UAE, Switzerland and Singapore—which already emphasize economic contribution—can attract the flow of high-net-worth Brazilians. The index shows the UAE’s investment attractiveness score far outpaces European peers, intensifying competition.
Regulatory RiskHighResidence-by-investment programs are under constant political scrutiny. Further tightening, additional compliance layers, or outright closures (as happened in Spain) can occur with little notice, making multi-year planning fragile. The article notes that terms change frequently and candidates must verify current requirements.
Reputation RiskLowFor investors, being associated with a program that later faces accusations of facilitating money laundering can be damaging, but the shift toward rigorous due diligence reduces this risk. For countries, a transparent, well-regulated program enhances rather than harms reputation.
Technology DisruptionLowNo direct technology threat; however, blockchain-based due diligence or equity crowdfunding platforms could streamline fund investments, but such disruption is not immediate.
Commercial OpportunityHighEntrepreneurial Brazilians can now use the residency process to co-invest in local startups or growth companies, potentially earning returns while qualifying for a visa. Portugal’s fund-based model and the Canadian provincial routes reward active investors, creating an alignment between immigration goals and wealth creation.