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Spain officially ended its Golden Visa program on 3 April 2025. The program previously allowed non-EU investors to obtain residency through investments such as real estate purchases of €500,000 or more.
Over its 12-year lifespan, the program brought in over 15,000 investors and injected billions of euros into Spain’s economy, particularly in the real estate sector.
Timeline of Spain Golden Visa Closure
| Event | Date |
|---|---|
| Program launched | 2013 |
| Government announced closure | 2024 |
| Law approved | January 2025 |
| Program officially ended | 3 April 2025 |
Why Spain Closed the Golden Visa
Spain decided to close its Golden Visa program largely due to concerns about the impact of foreign investment on the housing market. The government argued that the program, which allowed non-EU investors to obtain residency by purchasing property worth at least €500,000, contributed to rising housing prices in some of the country’s most popular cities.
One of the main concerns was housing affordability. Officials believed that increased demand from international investors was making it harder for local residents to find reasonably priced homes, particularly in urban areas.
Another issue was property speculation, where investors purchased real estate primarily for investment purposes rather than for living in the property. This trend was seen as adding pressure to the real estate market.
As a result, the Spanish government concluded that ending the Golden Visa program could help reduce pressure on housing prices and improve access to housing for residents in major cities such as Madrid and Barcelona.
What Happens to Existing Spain Golden Visa Holders?
Although Spain has ended its Golden Visa program, the change primarily affects new applicants. Investors who already obtained residency through the program are not immediately impacted by the closure.
Existing Golden Visa holders can continue to maintain their residency status, provided they still meet the program’s requirements, such as maintaining their qualifying investment.
In most cases, renewals are still possible, meaning current investors may continue extending their residence permits according to the rules that were in place when they originally applied.
However, the program is now closed to new applications, meaning foreign investors can no longer obtain Spanish residency through new Golden Visa investments.
Alternatives to the Spain Golden Visa
With Spain closing its Golden Visa program, several other European countries continue to offer residency-by-investment pathways for international investors. Below are some of the most popular alternatives.
Portugal
Portugal’s Golden Visa remains one of the most flexible and attractive programs in Europe, especially for investors seeking a long-term pathway to EU citizenship. While residential real estate is no longer eligible, investors can still qualify through:
- €500,000 investment in Portuguese venture capital or private equity funds
- €500,000 contribution to scientific research
- €250,000 donation to cultural heritage projects
- Creation of at least 10 jobs in Portugal
Key benefits
- 5-year path to Portuguese citizenship
- Minimal stay requirement (around 7 days per year)
- Family reunification included
- Visa-free travel across the Schengen Area
Greece
Greece offers one of the most accessible Golden Visa programs in Europe. Investors can qualify through real estate investments starting at €250,000 for specific redevelopment projects, or €400,000–€800,000 depending on location.
Other options include investments in government bonds, mutual funds, bank deposits, or capital contributions to Greek companies.
Key benefits
- No minimum stay requirement
- Fast processing times
- Full Schengen travel access
- Family members can be included in the application
Malta
Malta offers residency through a combination of property investment, government contributions, and charitable donations.
Requirements typically include:
- Purchasing property from €375,000 or renting from €14,000 per year
- Government contribution of €30,000–€60,000
- Donation of €2,000 to a registered NGO
Key benefits
- English-speaking environment
- High-quality healthcare and education
- Favorable tax regime
- Long-term EU residency in a stable jurisdiction
Cyprus
Cyprus provides permanent residency through an investment of €300,000 in new residential or commercial real estate, local companies, or approved investment funds.
Properties must be new developments, and business investments must contribute to the local economy.
Key benefits
- Fast-track permanent residency
- No mandatory physical stay
- English widely spoken
- Family-friendly residency program
Latvia
Latvia offers one of the most affordable residency-by-investment programs in the EU. Investors can qualify through several options, including:
- €50,000 investment in a Latvian company
- €250,000 real estate investment
- €250,000 government bonds
- €280,000 bank deposit
Key benefits
- Low investment threshold
- Access to the Schengen Area
- Relatively straightforward application process
Italy
Italy’s Investor Visa offers multiple investment routes, including:
- €250,000 investment in an innovative startup
- €500,000 investment in an Italian company
- €2 million investment in government bonds
- €1 million philanthropic donation
Key benefits
- Residency in one of Europe’s largest economies
- Access to the Schengen zone
- Path to Italian citizenship after 10 years
EU Golden Visa Comparison Table
Below is a simplified comparison of the main investment routes and benefits offered by several European residency-by-investment programs.
| Country | Minimum Investment | Main Investment Options | Key Benefits |
|---|---|---|---|
| Portugal | €250,000–€500,000 | Investment funds, scientific research, cultural donation, job creation | 5-year path to citizenship, minimal stay requirement, family inclusion, Schengen travel |
| Greece | €250,000–€800,000 | Real estate, government bonds, investment funds, company investment | No minimum stay, fast processing, Schengen access |
| Malta | ~€60,000 + property | Property purchase or rental, government contribution, charitable donation | English-speaking country, strong healthcare and education, stable EU residency |
| Cyprus | €300,000 | New real estate, company investment, investment funds | Fast-track permanent residency, no stay requirement |
| Latvia | €50,000–€280,000 | Business investment, real estate, government bonds, bank deposit | Low-cost entry to EU residency, Schengen mobility |
| Italy | €250,000–€2,000,000 | Startup investment, company investment, government bonds, donation | Residency in major EU economy, citizenship possible after 10 years |
The table below compares some of the most popular European residency-by-investment programs currently available to international investors.
Get In Touch With a Portugal Golden Visa Specialist
Portugal Residency Advisors® has assisted numerous international investors in securing residency in Portugal through the Golden Visa Program. Get in touch with a specialist today and discover how we can support you in starting your investment journey in Portugal.
Why Choose the Portugal Golden Visa?
1. Diverse Investment Options (Beyond Real Estate)
Portugal now encourages investment routes that contribute more sustainably to the country’s growth. Rather than focusing on real estate, the Golden Visa program highlights future-oriented opportunities such as venture capital funds, scientific research, and support for cultural or artistic projects.
2. Low Stay Requirements
One of the most attractive features of the Portugal Golden Visa is its minimal physical presence requirement. You only need to spend an average of 7 days per year in Portugal, which makes it perfect for international investors and frequent travelers who want EU residency without the need to relocate full-time.
3. Fast Path to Citizenship
Portugal offers one of the shortest pathways to EU citizenship, with eligibility after just 5 years of residency. The requirements are reasonable—basic language proficiency and ties to the country through your investment or presence. For those looking to secure a European passport, Portugal remains one of the most accessible options.
4. EU Travel & Family Benefits
Golden Visa holders can enjoy visa-free travel across the Schengen Zone, making movement within Europe seamless. Moreover, the program allows for family reunification, meaning your spouse, dependent children, and even parents can be included in your application and benefit from the same residency rights.
5. Lifestyle & Stability
Portugal is renowned for its high quality of life, with a mild climate, excellent healthcare system, top international schools, and a strong sense of safety. Politically and economically stable, it offers a peaceful and welcoming environment—ideal for both living and long-term investment. Whether you’re planning to relocate or just looking for a Plan B, Portugal remains a top choice in Europe.
How Can We Help
Applying for the Portugal Golden Visa is a complex process that requires careful navigation of legal, financial, and bureaucratic requirements. Portugal Residency Advisors® offers expert guidance to streamline the application, ensuring compliance with Portuguese immigration laws while maximizing investment potential.
With a team of experienced lawyers, financial advisors, and immigration specialists, we help clients choose the best investment route, whether through investment funds, business creation, or cultural and scientific contributions.
Our comprehensive support includes legal representation, document preparation, tax guidance, and banking assistance, making the process smooth and efficient.
Frequently Asked Questions
Is the Spain Golden Visa officially closed?
Yes. Spain officially ended its Golden Visa program in April 2025, meaning new applications through investment are no longer accepted.
Can existing Spain Golden Visa holders keep their residency?
Yes. Investors who already obtained residency through the program can generally keep their permits and renew them, provided they continue to meet the original requirements.
Why did Spain close the Golden Visa program?
The Spanish government decided to end the program mainly due to concerns about housing affordability and property speculation, particularly in cities such as Madrid and Barcelona.
Are there alternatives to the Spain Golden Visa in Europe?
Yes. Several EU countries still offer residency-by-investment programs, including Portugal, Greece, Malta, Cyprus, Latvia, and Italy.
Which EU Golden Visa program is the most popular now?
Many investors now consider Portugal and Greece among the most attractive options due to their residency benefits, Schengen travel access, and flexible investment routes.
Can I still obtain residency in Spain after the Golden Visa closure?
Yes. Although the investment program has ended, foreign nationals may still apply for residency in Spain through other visa types, such as work visas, entrepreneur visas, or non-lucrative visas.
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