On April 3rd, 2025, Spain officially closed the doors on its long-standing Golden Visa program. Launched in 2013, the initiative offered non-EU investors a pathway to Spanish residency through property investment, with a minimum threshold of €500,000.
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.
Why was the Spain Golden Visa closed?
The Spanish government decided to end the program mainly due to housing concerns. The Golden Visa was seen as contributing to rising real estate prices in major cities like Madrid and Barcelona, making it harder for locals to afford housing.
There were also broader political and social pressures around reducing speculative property investment and prioritizing affordable housing for residents.
This move aligns with a trend seen in other EU countries like Portugal and Ireland, which also scaled back or ended similar programs for similar reasons.
Spain Considers 100% Tax on Property Purchases by Non-EU Citizens
Spain has proposed a major tax measure targeting non-EU property buyers, with Prime Minister Pedro Sánchez announcing plans for a tax of up to 100% on real estate purchases by non-resident, non-EU citizens.
The move is part of a broader effort to tackle Spain’s growing housing affordability crisis, especially in cities like Madrid and Barcelona where prices have surged. The goal is to reduce speculative foreign investment that’s believed to be driving up housing costs.
In 2023 alone, around 27,000 properties were bought by non-EU citizens, many as investments rather than homes. The proposed tax, which still requires parliamentary approval, comes shortly after Spain officially ended its Golden Visa program.
Together, these actions signal a shift in policy aimed at prioritizing housing access for residents and curbing external pressures on the real estate market.
Top Golden Visa Alternatives for EU Residency
🇵🇹 Portugal
Portugal’s Golden Visa remains one of the most flexible and attractive in Europe, especially for those seeking eventual EU citizenship. Though real estate is no longer eligible, investors can contribute €500,000 to local venture capital funds, invest €500,000 in scientific research, donate €250,000 to cultural projects, or create at least 10 jobs in Portugal.
Key Benefits: 5-year path to citizenship, minimal stay requirement (7 days/year), family inclusion, and full Schengen travel access.
🇬🇷 Greece
Greece offers one of the most affordable Golden Visa options, starting at €250,000 for special property projects, or €400,000–€800,000 for standard real estate depending on location. Investors can also choose from government bonds, mutual funds, bank deposits, or direct capital contributions to Greek companies.
Key Benefits: No minimum stay required, fast processing, full Schengen access, and the ability to include family members.
🇲🇹 Malta
Malta’s residency-by-investment program combines real estate with government contributions and charitable donations. Investors must either purchase property (€375,000) or rent long-term (€14,000/year), contribute €30,000–€60,000 to the state, and donate €2,000 to a registered NGO.
Key Benefits: English-speaking environment, excellent healthcare and education, favorable tax regime, and long-term residency in a stable EU country.
🇨🇾 Cyprus
Cyprus offers permanent residency through a €300,000 investment in new residential or commercial real estate, local companies, or approved investment funds. The properties must be first-time sales, and business investments must support local employment.
Key Benefits: Fast-track to permanent residency, no physical stay required, English widely spoken, and a family-friendly program ideal for relocation or business expansion.
🇱🇻 Latvia
Latvia has one of the EU’s most budget-friendly Golden Visa programs. Investors can contribute as little as €50,000 to a local business, purchase real estate for €250,000, invest €250,000 in government bonds, or make a €280,000 bank deposit—all with applicable government fees.
Key Benefits: Low-cost entry to the EU, straightforward application, Schengen mobility, and quick processing.
🇮🇹 Italy
Italy’s Investor Visa offers several investment routes: €250,000 in an innovative startup, €500,000 in an Italian company, €2 million in government bonds, or a €1 million philanthropic donation. It’s ideal for entrepreneurs and those looking to base themselves in Italy.
Key Benefits: Full access to Italy and the Schengen zone, 10-year path to citizenship, and lifestyle appeal with world-class culture, cuisine, and healthcare.
EU Golden Visa Comparison Table
Here’s a summarized table comparing Golden Visa programs across Portugal, Greece, Malta, Cyprus, Latvia, and Italy, including key investment options and main benefits.
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.
Can Foreigners Buy Real Estate in Portugal?
Yes, foreigners can freely purchase property in Portugal without any restrictions on nationality or residency status. Whether you’re from the U.S., UK, or elsewhere, you can buy residential, commercial, or land properties throughout the country. The process is transparent and accessible, making Portugal an attractive destination for international buyers.
However, it’s important to note that as of October 2023, purchasing property in Portugal no longer qualifies for the Golden Visa program. The government removed real estate as an eligible investment option to address housing affordability concerns.
To buy property, you’ll need a Portuguese tax identification number (NIF), a local bank account, and legal assistance to navigate contracts and due diligence.
The process typically involves signing a promissory contract, paying a deposit, and finalizing the sale with a notary.
Additionally, buyers should be aware of associated costs like property transfer tax (IMT), stamp duty, and notary fees, which can add approximately 6–10% to the purchase price.
Why Choose Us for Your Golden Visa
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 About Spain Golden Visa Closed
When did Spain officially end its Golden Visa program?
Spain officially terminated its Golden Visa program on April 3, 2025. This program, initiated in 2013, allowed non-EU nationals to obtain residency by investing in Spanish real estate, typically with a minimum investment of €500,000.
Why did Spain decide to close the Golden Visa program?
The primary reason for ending the program was to address the housing affordability crisis in major cities like Madrid and Barcelona. The government believed that foreign investment in real estate was contributing to inflated property prices, making it difficult for local residents to access affordable housing.
What happens to existing Golden Visa holders and pending applications?
Individuals who had already obtained a Golden Visa or submitted their applications before the April 3, 2025 deadline will retain their residency rights. Their visas and authorizations will remain valid for the period initially granted, and renewals will be processed under the existing regulations.
Are there alternative residency options in Spain for non-EU nationals?
Yes, Spain offers several alternative residency pathways, including:
- Non-Lucrative Visa: For individuals who can financially support themsel
- Entrepreneur Visa: For those intending to launch innovative business ventures in Spain.
- Work Visa: For individuals who have secured employment with a Spanish company.
- Student Visa: For non-EU nationals wishing to pursue studies in Spain.
- Family Reunification: Allows family members of legal residents or citizens to join them in Spain.
Which other European countries offer Golden Visa programs?
Several European countries continue to offer Golden Visa programs, such as:
- Portugal: Offers residency through investments in venture capital funds, scientific research, or cultural contributions.
- Greece: Provides residency with real estate investments starting from €250,000.
- Malta: Combines residency rights with property investment, government contribution, and a philanthropic donation.
- Italy: Offers an Investor Visa for investments in innovative startups, local businesses, or government bonds.
- Latvia: Provides a budget-friendly Golden Visa with options starting from €50,000.
Does the closure affect all types of investment visas in Spain?
Yes, the closure affects residency by investment. Other visa types like entrepreneur, work, student, or non-lucrative visas are still available.
Can I still invest in Spanish property as a foreigner?
Yes, non-EU nationals can still buy property in Spain, but it no longer grants automatic residency rights through the Golden Visa route. You would need to explore other visa options if you wish to reside in Spain.
How does Spain’s move compare to other EU countries?
Spain follows a broader trend in the EU. Countries like Portugal and Ireland have also restricted or ended similar Golden Visa programs in recent years, citing concerns over housing markets, social equity, and money laundering risks.
What should I do if I was planning to apply for Spain’s Golden Visa?
If you hadn’t submitted your application before the closure date (April 3, 2025), you’ll need to explore other countries’ Golden Visa programs or look into Spain’s alternative visa options. Countries like Portugal, Greece, or Italy still offer strong investment-based residency paths.
