Golden Visas Used To Be A Pathway To The World’s Best Passports…But Not Anymore
Over the past decade, golden visas have served as a method for high-net-worth individuals (HNWIs) to relocate globally with the prospect of eventual citizenship. However, as of 2026, the connection between golden visas and citizenship is evolving.
Over the past decade, golden visas have served as a method for high-net-worth individuals (HNWIs) to relocate globally with the prospect of eventual citizenship. However, as of 2026, the connection between golden visas and citizenship is evolving.
New data indicates a shift in priorities for HNWIs, who are now opting for temporary residency rather than citizenship. This change is influenced by recent developments in passport rankings and golden visa programs.
Historically, the demand for golden visas was linked to passport rankings. Countries such as Portugal, Spain, and Malta offered residency with a path to citizenship, thus allowing access to other Schengen countries.
This made golden visas an attractive route to citizenship, particularly for non-European applicants, as it provided potential access to 29 countries.
According to the 2026 Henley Passport Index, the top-ranking passports based on visa-free or visa-on-arrival access are:
Singapore (1st) Japan (2nd) South Korea (2nd) Denmark, France, Germany, Italy, Ireland, Greece (joint 4th) Portugal and the UAE (joint 5th) New Zealand (6th) United Kingdom (7th) United States (10th)
However, as of 2026, the connection between golden visas and citizenship is evolving.
Recent changes in golden visa programs, such as Spain closing its program and Malta's scheme being deemed unlawful, have altered the landscape. Portugal has increased the residency requirement for citizenship from 5 to 10 years.
In 2026, the most popular golden visas are not directly related to the strongest passports. The leading golden visas are:
Portugal Greece Italy New Zealand Argentina
This list excludes countries like Singapore, Japan, and South Korea, which have top-ranked passports.
The traditional view of passports as gateways to long-term benefits is shifting. Golden visas allow HNWIs to reside and work in chosen countries without the need for citizenship, providing flexibility and protection against policy changes.
In the current geopolitical environment, temporary residency is increasingly valuable, offering more certainty than merely having a strong passport.
Governmental Approach to Residency and Citizenship
Governments are making golden visas more accessible while tightening citizenship criteria. As seen in Malta, citizenship by investment schemes can face legal challenges. Consequently, residency programs are appealing to both HNWIs seeking flexibility and governments interested in economic benefits without granting full citizenship.
By 2026, golden visas are primarily a means for HNWIs to diversify residency options without committing to citizenship. This trend reflects a preference for flexibility and stability in an uncertain global climate, where temporary residency offers significant advantages.
Based on reporting by techround.co.uk.