Golden visas close, tourist licences tighten, purchase rules change. What actually protects an owner, and how to underwrite regulatory risk before buying.
Many buyers abroad are not afraid of the property itself. They are afraid that the rules will change after they have paid: the residence route closes, the holiday-let licence is no longer issued, a new tax or restriction appears. This guide separates what has really changed in recent years from what the law usually protects, and shows how to build the risk into your numbers.
What buyers fear
The typical fear has three forms. First, the reason for buying disappears (for example, a residence permit that was tied to the purchase). Second, the income model is cut (short-term rental banned or limited). Third, the cost of holding or selling rises (new taxes, fees, restrictions on who may buy). All three have happened in popular markets, so the fear is not irrational.
What the risk really is
Property already bought is usually treated differently from a programme you were hoping to use. Ownership of a registered property is generally protected as a property right, and many legal systems limit retroactive changes that take away rights already acquired. The details differ by country and by type of right, and we do not give a blanket promise: in some systems a new rule can still apply to existing owners from a future date, for example a new licensing regime for rentals or a new annual tax.
In practice the risk splits into two layers. The title (you own the property) is the stable layer. Everything that depends on the state's discretion is the unstable layer: residence permits, licences, tax regimes, quotas, rules on who may buy. Underwrite the second layer as something that can change.
How it works by country
Spain. The golden visa for real-estate investment ended for new applications in April 2025 under Organic Law 1/2025, as reported by several secondary sources; reported rules say holders who already had the permit keep their rights and applications filed earlier are handled under the old rules. For holiday rentals, a national digital single window began on 1 July 2025, but each autonomous region keeps its own tourist-licence regime, and one law-firm source reports that the Supreme Court annulled the national single register in May 2026. Check the region and the community of owners' statutes. See our Spain short-term rental rules and Spain golden visa.
Portugal. The real-estate route of the golden visa ended on 7 October 2023 with the Mais Habitação package, which also suspended new alojamento local licences in many urban areas. Later adjustments to those rules have been reported and they differ by municipality, so verify the situation in the exact parish. Transfer tax (IMT) tables are set in the state budget and change from year to year; check the current table before you sign. See Portugal short-term rental rules.
Greece. From 31 March 2024 the golden-visa thresholds were reported to be EUR 800,000 in the most sought-after areas and EUR 400,000 elsewhere, with a ban on short-term letting of golden-visa properties. A temporary freeze on new short-term rentals in parts of central Athens was reported from January 2025; check whether it still applies. See Greece golden visa and Greece short-term rental rules.
Cyprus. Our news item reports a plan to tighten golden-visa rules ahead of Schengen entry: Cyprus plans to tighten golden visa rules. Treat plans as plans until they are published in the official gazette.
Latvia. Under the new Immigration Law in force from 15 September 2026, buying property no longer by itself gives a basis for a new first-time residence permit application (reported by several sources, see our news item).
Finland and the Baltics. Finland has reported legislation restricting property purchases by Russian and Belarusian citizens, in force from July 2025, with exceptions for holders of permanent or long-term EU residence permits issued by Finland. Check your own citizenship and residence status with the authorities before you commit. See Finland property buying guide.
Dubai, Thailand and Bali. Fees, registration costs and permit categories are adjusted by the authorities from time to time. See the dated items Dubai property prices and buying costs, Thailand tightens enforcement against nominee land ownership and Bali closes new foreign investment permits in some categories.
What protects you, and what does not
Vested rights and non-retroactivity. Many legal systems, including EU member states, apply the idea that a new law normally governs the future and that rights already acquired should be respected, with exceptions for public-interest measures. Whether a given change applies to your existing situation is a question for a local lawyer who reads the transitional provisions of the new law. Transitional provisions are the first thing to read.
EU law. Free movement of capital protects the right of EU citizens to invest in property in other member states, but it does not fix tax rates, licence regimes or residence programmes.
Investment treaties. Bilateral investment treaties and some EU instruments offer protection against expropriation and discrimination in certain cases. Their coverage of an individual owner of a flat is not guaranteed, depends on the treaty and the nationality of the investor, and procedures are slow and costly. Do not rely on them as an insurance policy.
How to underwrite law-change risk
- Separate the title from the programme: would you still buy if the residence route or licence disappeared?
- Run the numbers without short-term rental income, or with a long-term rental scenario. See short-term vs long-term rental.
- Use conservative assumptions for taxes and fees and add the holding costs from total cost of ownership abroad.
- Prefer flexible properties that can be used in several ways (own use, long let, sale).
- Plan the exit: how liquid is the market, and who is the likely buyer if the rules change? See how to sell property abroad.
- Read contracts for clauses on changes of law and on who bears the cost of new obligations.
- Do not pay for a promised future status (licence or visa) that has not yet been issued.
When to involve a lawyer
Call an independent local lawyer when a deal depends on a licence, residence permit or tax regime, when a new law has just been passed or announced, and when the transitional provisions are unclear. For picking one, see notary or lawyer: who do you need abroad.
FAQ
Can a country take my property away because the law changed? Ownership of registered property is normally protected, and expropriation requires a legal basis and usually compensation. Changes much more often hit licences, taxes and residence, not title. Check local law.
Will my golden visa stay valid if the programme closes? Closures reported in Spain and Portugal affected new applications, and existing holders were reported to keep their status and renewals. This depends on the specific law, so read the transitional provisions.
Can I lose my holiday-rental licence? Licences can be limited, not renewed or tied to new conditions, depending on the region or municipality. Do not assume that an existing licence passes to a new owner without checking.
Do investment treaties protect a small buyer? Possibly in narrow cases, but you should not count on it. Treat them as a last resort.
Should I wait for the rules to settle? Rules rarely stop changing. A better approach is to buy only what still makes sense under a conservative scenario.
How we help
We are a trilingual platform that finds properties and coordinates independent local lawyers and tax advisers who check the current rules for your case. This text is informational and is not legal, tax or investment advice; rules change, so verify the current situation with official sources and your adviser. See also pre-purchase checklist abroad.