If you’ve ever thought of moving abroad, you’ve probably heard of a golden visa. Over the past 10 years, golden visas have not only been a way for high-net-worth individuals (HNWIs) to move to new countries, but also a way for them to eventually gain citizenship.
With so many countries offering a path to citizenship as part of their golden visa processes, it’s no surprise that there was a correlation between the most popular golden visas and the world’s best passports.
But in 2026, that correlation is starting to break down.
Now, according to new data about both the world’s most valuable passports and the world’s most popular golden visas, it looks like HNWIs are no longer chasing citizenship, but are instead making temporary decisions about where they want to live now.
Golden Visas And Passport Power: How The Link Used To Work
Across the last 10 years or so, when golden visas gained in popularity, their demand could broadly be attached to passport rankings.
Countries like Portugal, Spain and Malta offered residency with a route to citizenship baked in, meaning golden visa holders could not only benefit from the country they were living in, but eventually, other Schengen countries too.
For any applicants, especially those outside of Europe, this not only made golden visas a great way to gain entry to one country, but provided potential access to 29.
Because of this, golden visas became a popular route to citizenship, instead of just a way to gain residency.
The Most Powerful Passports In The World In 2026
According to the 2026 Henley Passport Index, which ranks passports by the number of countries that their holders can access visa-free or with visa on arrival, the top-ranking passports in 2026 are:
- Singapore (1st)
- Japan (2nd)
- South Korea (2nd)
- Denmark, France, Germany, Italy, Ireland and Greece (joint 4th)
- Portugal and the UAE (joint 5th)
- New Zealand (6th)
- United Kingdom (7th)
- United States (10th)
But over the past few years, access to these passports through golden visas has changed massively.
Spain closed its visa programme entirely, Malta’s citizenship-by-investment scheme was labelled as unlawful by the European Court of Justice. Portugal raised the amount of years someone needs to be a resident before they get nationality from 5 to 10 years.
And whilst all of this uncertainty didn’t change demand for mobility, it did make people question whether a golden visa was a reliable route to citizenship.
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The Most Popular Golden Visas In 2026
According to a ranking on Forbes, the most popular golden visas in 2026 are not necessarily attached to the strongest passports.
Based on a number of surveys, the most popular golden visas were:
- Portugal
- Greece
- Italy
- New Zealand
- Argentina
Interestingly, Singapore, Japan and South Korea, who came up tops in terms of the most useful passports, were missing from the list.
Why Passport Power Might Matter Less Than It Used To
In years gone by, passports were a way to enter, stay and benefit from a thriving economy. They were a long term bet with great benefits.
However, with the rise of golden visas, HNWIs are now able to live in, work and benefit from a country of their choice, without needing to chase (or lock themselves into) citizenship.
For them, this not only keeps their options open, but it’s also a much easier process. Committing to a golden visa rather than a passport means they can stay nimble, move around in a way that suits them and protect themselves against any policy changes.
Within the current global geopolitical and economic climate, that choice is a huge bonus.
For that reason, temporary residency is arguably becoming more valuable than simply having access to more ‘visa-free’ travel.
Governments Are More Comfortable With Residency Than Citizenship
Another element at play is the fact that governments are making golden visas easier to obtain, whilst making citizenship harder.
This was most recently seen in Malta, where their ‘citizenship by investment’ scheme was ruled unlawful by the European Court of Justice. As part of this, they argued that citizenship shouldn’t be able to be ‘sold’.
Likewise, other countries have extended the years residents need to live in the country before applying for citizenship, constantly moving the goal posts.
As a result, golden visas now appeal not only to HNWIs looking for flexibility, but also to governments that want the economic benefits of wealth migration, without having to grant full citizenship.
Golden Visas In 2026
In 2026, golden visas are no longer a shortcut to a new passport. Instead, they are being used as a way for HNWIs to diversify their residency, without locking them into a long term commitment.
Through golden visas, HNWIs can decide where they live based on the now, with full freedom to continue moving around if the political climate changes.
But crucially, this doesn’t mean that passport power has become less important, it just means that in the current geopolitical climate, golden visas provide a little more certainty in an uncertain world. And you can’t put a price on that.
