The European Union’s golden visa programs have gained significant popularity over the years, allowing non-EU nationals to gain residency through investment. However, as Spain recently announced its decision to close its golden visa program, demand for alternatives like Portugal and Greece is rapidly rising.
In this article, we’ll explore the growing trend of golden visa programs, with a specific focus on how Spain’s exit from the market is impacting Portugal and Greece’s programs.
What is a Golden Visa?
A Golden Visa is a type of residency-by-investment scheme that allows individuals from outside the EU to gain legal residency through financial investments in a country. Most golden visa programs require a real estate purchase or business investment, which provides residency for a certain number of years.
Typically, golden visa schemes do not grant citizenship immediately, but they do offer the benefit of free movement within the Schengen Area.
Spain’s Decision to Close Its Golden Visa Program
Spain has long been a popular destination for golden visa applicants, but its program will officially close on April 3, 2025. Spain’s golden visa required a minimum property investment of €500,000 (approximately $523,000), granting individuals residency for three years. However, the program’s impact on the housing market has been a significant concern.
A large proportion of the golden visas (94%) were issued in connection with real estate investments. In cities like Barcelona and Madrid, the influx of foreign investors drove up property prices, making it difficult for locals to afford housing.
Spain’s Real Estate Boom Linked to Golden Visas
The closure of Spain’s program has prompted many investors to look elsewhere, particularly at Greece and Portugal, where demand for golden visas is rising. Spain issued 14,576 golden visas from 2013 to 2023, with the majority going to nationals from China, Russia, the U.K., the U.S., and several other countries.
Spain’s Golden Visa Statistics
| Country | Golden Visa Applicants (2013-2023) | Main Investment Area |
|---|---|---|
| China | 3,452 | Real Estate |
| Russia | 2,832 | Real Estate |
| U.K. | 1,251 | Real Estate |
| U.S. | 1,107 | Real Estate |
| Ukraine | 827 | Real Estate |
Greece’s Golden Visa Program
As Spain’s golden visa program closes, Greece is seeing a surge in interest. Greece offers a relatively quick and straightforward path to residency through investment. Previously, the minimum investment for a golden visa in Greece was €250,000 ($262,000). However, in September 2023, the country raised the investment threshold in popular areas such as Athens and Santorini to €800,000 ($840,000).
Why Choose Greece for a Golden Visa?
- Fast Processing: Greece boasts one of the quickest golden visa processes in Europe, with residency granted in as little as 60 days.
- No Residency Requirement: Investors are not required to live in Greece to maintain their visa status.
- Affordability: While the cost in high-demand areas has risen, Greece remains one of the more affordable options in the EU for golden visa applicants.
Greece’s Golden Visa Popularity by Nationality
| Nationality | Number of Applicants (2024) | Investment Amount |
|---|---|---|
| U.S. | 383 | €800,000 |
| China | 250 | €250,000 |
| Russia | 200 | €250,000 |
Portugal’s Golden Visa Program: A New Era
Portugal has also seen significant demand for its golden visa program, which has raised more than €7 billion ($7.2 billion) since its inception in 2012. While the program previously allowed residency via real estate investments, Portugal has made some key changes. In 2023, Portugal removed real estate as an option for golden visa applications but still offers fast-track residency through various other investment opportunities.
One notable change is Portugal’s push to modernize and streamline the application process. To address long processing delays, the government introduced a digital system to handle the growing number of applications. This new system aims to process thousands of applications more efficiently, providing applicants with automatic scheduling of biometric appointments and faster approval times.
Portugal’s Golden Visa Benefits
- Quick Processing: With the new digital process, residency applications are expected to be processed much faster.
- Diverse Investment Options: Applicants can now invest in business, research, or technology sectors to qualify for a golden visa.
- Quality of Life: Portugal is known for its excellent healthcare, safety, and overall quality of life.
Portugal Golden Visa Investment Options
| Investment Type | Minimum Investment | Timeframe for Residency |
|---|---|---|
| Real Estate | €500,000 | 3–5 years |
| Technology | €500,000 | 2–3 years |
| Business Investment | €500,000 | 2–3 years |
Other EU Countries Offering Golden Visas
While Spain, Greece, and Portugal are the most well-known countries with active golden visa programs, other EU nations are also offering residency-by-investment schemes, though some are tightening regulations or limiting their scope.
- Hungary: Hungary reintroduced its golden visa scheme in 2024 after discontinuing it in 2017. It offers residency through property investment, education donations, or real estate funds.
- Italy: Since 2017, Italy has offered a golden visa requiring a €250,000 ($262,000) investment via an Italian company. It also provides visa holders with favorable tax treatment.
The Controversy Surrounding Golden Visas
Golden visa programs have long been a point of contention. Critics argue that they are an unfair way for the wealthy to bypass traditional residency requirements, while also contributing to corruption, money laundering, and tax evasion. Additionally, concerns have been raised about the potential for wealthy individuals to “buy” European citizenship without genuinely integrating into the country.
Despite these concerns, proponents argue that the influx of foreign capital through these programs boosts local economies, creates jobs, and improves infrastructure.
What’s Next for Golden Visa Applicants?
As Spain closes its golden visa program, Portugal and Greece are ramping up their initiatives to accommodate the growing number of applicants. Both countries offer relatively affordable residency options with fast processing times, making them attractive alternatives to Spain’s once-popular program.
For those seeking residency in the European Union, the golden visa programs in Portugal and Greece present an excellent opportunity to gain legal residency, but it’s important to consider the costs, requirements, and potential long-term benefits before making a decision.
