Malta's Golden Passport on Hold: What Now for Indian Investors and High Net-Worth Individuals?

 

Malta's once-celebrated "Golden Passport" scheme—the Citizenship by Investment (CBI) program—has officially hit a legal wall. On April 29, 2025, the European Court of Justice declared the scheme incompatible with EU law, citing its lack of genuine ties between investors and the country. For Indian high net-worth individuals who had hoped to secure EU citizenship through a direct financial contribution to Malta, the door has now closed. This decision has sent ripples through the investment migration world, underscoring a European-wide push to uphold the integrity of citizenship as more than just a transaction.

However, the end of Malta's CBI scheme doesn’t eliminate all prospects for Indian investors. The Malta Permanent Residence Programme (MPRP) remains a viable and respected alternative. Unlike the Golden Passport, the MPRP offers permanent residency rather than citizenship. It requires property investment (either a €375,000 purchase or €14,000 annual rent for five years), a government contribution of up to €110,000, a €2,000 donation to a local NGO, and proof of assets totaling at least €500,000. In return, investors and their families gain the right to live in Malta, travel visa-free across the Schengen Area for short stays, and include up to four generations under one application—all within the framework of EU-compliant regulation.

Indian investors looking beyond Malta can also explore other European residency programs. Portugal’s Golden Visa, despite recent reforms, remains accessible through investment funds, innovation, or cultural projects, with a pathway to citizenship in five years and minimal stay requirements. Greece continues to attract global investors through real estate purchases starting at €250,000, coupled with Schengen access and a seven-year naturalization track. Spain and Hungary have their own offerings through real estate and fund-based investment routes, combining long-term residency with family reunification features.

While the pathway to immediate EU citizenship by investment has narrowed, the broader landscape of European residency remains active and adaptable. For Indian high net-worth individuals, the shift now is toward building real ties, showing economic commitment, and thinking long-term. The passport may no longer come fast—but the opportunity to build a life in Europe certainly hasn’t disappeared.