In the wake of the 2008 financial crisis, a number of European countries started to raise money by selling residency rights, and sometimes citizenship, to wealthy foreigners. That could cost as much as a million dollars, and between 2011 and 2019 Europe raked in an estimated $22 billion.

But now a number of governments are having second thoughts. Some are tackling affordable housing crises, which is harder if you allow people to qualify for a visa by buying expensive houses.

Other countries point to the security risks of selling residency permits to the highest bidder.

Spain, Portugal, Ireland, Bulgaria, Latvia, and Britain are among the nations that have tightened the rules governing “golden visas.”

But the days of the golden visa are not over yet. Investors in sectors that governments want to encourage – such as sustainable agriculture or scientific research – can still qualify for residence in a number of places. It’s just that buying a house is no longer enough.

Benjamin Trotter, an American hoping for Portuguese residency, got his application in under the wire, before the government cracked down.

It won’t be long, he says, until he can “put some roots down … but I need the legal right to do so.”

In his Tennessee high school valedictorian speech in 1998, Benjamin Trotter invoked Socrates: “I am neither Athenian nor Greek, but a citizen of the world.”

Fast-forward two decades, and Mr. Trotter began to feel less at home in his own country. Worn down by divisions in American society, he began to fantasize about living in a place where he wouldn’t have to worry about the erosion of his rights as a member of the LGBTQ+ community. His gaze turned to Europe.

Being a citizen of the world, though, comes with a steep price tag: €350,000 ($377,000).

That’s on the low end for what is known as a “golden visa,” a document that grants residence to investors who make a significant contribution to a country’s economy. In exchange for Mr. Trotter’s investment, Portugal would grant him residency, giving him access to the entire European Union and, eventually, one of the most accepted passports in the world.

Since he applied, though, the tide across Europe has begun to turn against residency-by-investment programs, set up in the aftermath of the 2008 financial crisis to attract foreign capital.

Last month, Spain became the latest country to announce the end of a golden visa program for real estate, following recent moves by Portugal, Ireland, Bulgaria, Latvia, and the United Kingdom. Some politicians say they are trying to tackle affordable housing crises worsened by recent influxes of wealthy foreigners. Others point to the security risks of selling residence permits to the highest bidders.