A new analysis published today by investment migration firm La Vida reveals that four European countries with investment migration programs grew their real GDP faster than the eurozone average between 2017 and 2025. The research draws on official Eurostat national accounts data to compare economic performance across the nations.
Malta recorded the strongest growth with real GDP increasing 53 percent over the eight-year period. Portugal followed with 17.7 percent growth, while Greece added 15.6 percent and Spain posted 15.0 percent. The eurozone aggregate grew 10.1 percent during the same timeframe.
When adjusted for population changes, the growth pattern remains consistent. On a real GDP-per-capita basis, Malta grew by 22.4 percent, Greece by 19.3 percent, Portugal by 12.9 percent and Spain by 8.8 percent, compared with a eurozone figure of 7.7 percent.
La Vida estimates that direct investment from qualifying programs under the four countries accounts for between 0.025 percent and 0.25 percent of national GDP per year. This represents an order of magnitude below the observed growth gaps.
The analysis identifies three potential explanations for the economic patterns. First, direct investment under the programs contributed to growth through real estate development, construction activity, government revenue and associated multiplier effects, though at a modest scale. A second factor involves entrepreneurial behavior among program beneficiaries, including investment beyond qualifying minimums, business formation, employment creation and tax contributions over time. A third factor reflects shared characteristics across the four economies that drove growth independently of investment migration policy, including post-pandemic tourism recoveries, EU recovery fund allocations, services exports and recovery from the post-2012 sovereign debt crisis.
The European investment migration landscape has shifted significantly since the analysis period. Spain closed its program in April 2025, while Portugal removed real estate as a qualifying route in October 2023, shifting to Private Equity investment. Malta’s citizenship-by-investment route was struck down by the European Court of Justice in April 2025, though its residence program continues. Greece’s program remains open.
The debate about whether underlying policies work in attracting wealth in exchange for residency or citizenship continues as governments consider similar approaches. The United Kingdom has signaled interest in reintroducing an investor route, the United States has proposed a Trump Card proposal, and Argentina has tendered for a new program.
