Spain has officially announced the closure of its golden visa scheme, which grants residency to non-EU nationals in exchange for financial investment. The scheme will end on 3 April 2025. The decision follows concerns about rising property prices and housing shortages in major cities such as Madrid and Barcelona.
Between 2013 and 2023, Spain issued 14,576 golden visas, with 94% linked to real estate investment. The majority of applicants were from China, Russia, the United Kingdom, the United States, Ukraine, Iran, Venezuela, and Mexico. In Barcelona, purchases under the scheme accounted for more than 5% of annual residential sales.
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Prime Minister Pedro Sánchez stated that the scheme contributed to rising property prices, limiting access to affordable housing for local residents.
Increase in demand for golden visas in Greece and Portugal
Following Spain’s decision, interest in alternative golden visa schemes has increased, particularly in Greece and Portugal.
Greece has seen a rise in applications, with monthly figures increasing from 302 to 383 by November 2024. The Greek scheme offers one of the fastest processing times, granting residency within 60 days. Previously, the minimum investment was €250,000, but in September 2023, it increased to €800,000 in high-demand areas such as Athens and Santorini and €400,000 in other regions. Residency holders are not required to live in Greece to maintain their status.
Portugal has also seen increased demand. Its golden visa scheme, introduced in 2012, has raised over €7 billion. While Portugal removed real estate investment as a qualification in 2023, non-EU applicants can still obtain residency by investing a minimum of €500,000 in eligible funds.
Portugal is working to reduce a backlog of 45,000 to 50,000 applications. The Agency for Integration, Migration, and Asylum (AIMA) has introduced a digital system to accelerate processing. Investors can now transfer applications online, and biometric appointments will be scheduled automatically within 30 to 90 days. Documents will be accepted in English, Spanish, and French without translation.
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Other European golden visa schemes
Hungary reintroduced its golden visa scheme in July 2024, having discontinued it in 2017. The Guest Investor Program offers residency through three options: investing in real estate funds, purchasing property, or donating €1 million to education. Visa holders can include family members and travel freely within the EU.
Italy has had a golden visa scheme since 2017. It offers a two-year residence permit to non-EU nationals investing at least €250,000 in an Italian limited company. The scheme allows visa holders to include family members and benefit from a favourable tax regime.
Read also: 10 countries offering golden visas and attracting wealthy investors
Concerns over golden visa schemes
Golden visa programmes allow non-nationals to obtain residency or citizenship through financial investment, bypassing standard requirements such as language proficiency or residency duration.
Critics argue that these schemes primarily benefit wealthy individuals while contributing to rising property prices and enabling financial misconduct. Concerns about money laundering and tax evasion have led to increased scrutiny. The European Parliament has called for stricter regulations, including proof of genuine ties to the country and transparency in publishing lists of new citizens.
EU officials have also raised concerns about the impact on freedom of movement. They argue that granting residency or citizenship through investment weakens the concept of European citizenship.
While many EU countries have closed or tightened their golden visa schemes, demand remains strong in countries still offering investor residency. The future of these programmes will depend on further regulatory changes and political decisions at both national and EU levels.
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