The Spain Golden Visa program officially closed its doors to new real estate investment applications on April 3, 2025, marking the end of one of Europe’s most popular investor residency programs. This termination affects thousands of prospective investors who were considering Spain as their gateway to European residency and visa-free travel throughout the Schengen Area. The Spanish government decided to eliminate the Golden Visa to address housing affordability issues.
For over a decade, the Spanish Golden Visa program served as a premier investment immigration program, attracting nearly 15,000 foreign investors seeking European Union access through real estate investments. The program’s end represents a significant shift in Spain’s immigration policy, prioritizing affordable housing over foreign investment in the real estate sector. The Spain Golden Visa also offered a path to Spanish citizenship after maintaining residency for ten years.
Whether you’re a current golden visa holder, had pending applications, or are exploring alternative european countries for residency by investment, this comprehensive guide covers everything you need to know about the program’s termination and your available options moving forward.
Spain Golden Visa Program Termination Notice
Spain officially ended its Golden Visa program on April 3, 2025, following a government announcement made in January 2024. The spanish government’s decision specifically targets new real estate investment applications, which comprised the vast majority of golden visa applications since the program’s inception in 2013.
No new applications are accepted after the April 3, 2025 deadline for real estate investment routes. However, the termination comes with important protections for existing participants. Current golden visa holders retain all benefits and renewal rights under the original program terms, ensuring their legal residence status remains secure. Investors and family members who submitted applications before the April deadline will remain unaffected by the program’s end.
Spain Golden Visa Applications submitted before the April 3, 2025 cutoff date continue processing under the original program rules and requirements. This grandfather clause protects investors who began their Spain Golden Visa application process before the deadline, allowing them to complete their journey to obtaining a Spanish residence permit. The initial residency permit is valid for three years and renewable for five-year periods, provided the investment is maintained.
The termination specifically affects real estate investment options, while other investment categories including venture capital funds, spanish public debt securities, and significant capital investment in spanish companies remain under government review. These alternative routes have not been officially abolished but face potential policy changes as spanish authorities reassess the entire golden visa framework.
Existing residence permit holders can visit spain indefinitely and maintain their status through standard renewal procedures. Family members included in original applications also retain their rights, ensuring spouse and dependent children can continue benefiting from the program’s advantages.
What Was the Spain Golden Visa Program
Launched in 2013, the Spain Golden Visa allowed non-EU citizens to obtain Spanish residency through qualifying investments. The program emerged during Spain’s economic recovery following the eurozone financial crisis, designed to attract foreign investment and revitalize the Spanish economy. Residency in Spain can provide access to the national healthcare system and other social benefits.
The spanish golden visa program required minimum investment amounts starting at €500,000 in real estate or higher thresholds for other investment categories. This relatively accessible entry point made Spain one of the most attractive golden visa schemes in Europe, competing directly with programs in Portugal, Greece, and Italy.
Spain Golden visa holders received a temporary residence permit valid for one year initially, renewable for longer periods thereafter. The program provided comprehensive benefits including visa free travel throughout the 26-country Schengen Area, making it highly valuable for global mobility and business activities.
Family reunification represented a key advantage, allowing immediate family members including spouses, children under 18, and financially dependent adult children to be included in the same application. This feature made the program particularly attractive to high-net-worth families seeking european residency for multiple generations.
Between 2013 and 2025, theSpain Golden Visa program issued nearly 15,000 golden visas, with the majority of recipients coming from China, Russia, the UK, and the USA. Chinese investors alone accounted for a significant portion of applications, particularly in major spanish cities like Madrid, Barcelona, and coastal regions popular with international buyers.
The Spain Golden Visa program’s success stemmed from its combination of relatively low minimum investment required compared to other european union options, generous family inclusion policies, and the absence of physical residency requirements that plagued other investor visa programs across Europe.
Investment Requirements for Spain Golden Visa
To qualify for the golden visa, applicants had to meet several baseline requirements beyond the financial investment. Prospective investors needed to be over 18 years of age, maintain a clean criminal record, and secure private health insurance contracted in Spain. Additionally, they had to demonstrate sufficient financial proof to support themselves and any family member included in the application.
Real Estate Investment
The real estate route required acquisition of spanish property with a minimum value of €500,000, free of liens or encumbrances for the qualifying amount. Investors could purchase real estate through multiple properties whose combined value met or exceeded this threshold, providing flexibility in investment strategy.
Financing could be used for amounts above the initial €500,000, but the minimum investment amount had to come from the applicant’s own funds. This requirement ensured substantial investment from foreign nationals while preventing excessive leverage that might destabilize Spain’s real estate market. A Spanish identification number (NIE) is required for engaging in legal and official activities in Spain.
Capital Investment
The capital investment option required €1 million in shares of Spanish companies, investment funds, or bank deposits in Spanish financial institutions. This route attracted investors interested in the Spanish economy beyond real estate, supporting business development and financial sector growth. Italy offers residency through its Golden Visa program via investments in innovative startups, although it does not include direct real estate investments.
Qualifying investments included venture capital funds focused on spanish businesses, direct equity stakes in spanish companies, or substantial bank deposits that supported domestic lending. The national securities market commission oversaw compliance for securities-related investments.
Government Bonds
A minimum €2 million investment in spanish public debt securities represented the highest threshold option. This route appealed to conservative investors seeking stable returns while obtaining residency, contributing directly to spain’s public finances.
Government bonds investments required purchase through authorized spanish financial institutions and holding periods aligned with residence permit renewal cycles. This option provided predictable returns while supporting spain’s sovereign debt market.
Business Investment
Investment in business projects of “general interest” required significant capital investment in initiatives creating jobs, generating socioeconomic impact, or offering scientific and technological innovation. Unlike other routes, this category lacked specific minimum investment thresholds, evaluated case-by-case based on projected economic benefits.
Successful business project applications typically involved substantial investment in spanish businesses, particularly those demonstrating job creation potential or technological advancement. The spanish authorities evaluated each proposal based on its contribution to regional economic development and innovation capacity.
Why Spain Ended the Golden Visa Program
The primary catalyst behind the program’s termination was Spain’s escalating housing affordability crisis. By 2025, affordable housing had become a critical social and political issue, with local residents increasingly priced out of major urban centers where foreign investment concentrated most heavily. The decision to end the Golden Visa program was motivated by its impact on local housing markets.
Research revealed that 90% of golden visa real estate purchases concentrated in just six spanish locations: Madrid, Barcelona, Málaga, Alicante, Valencia, and the Balearic Islands. These cities already faced severe housing shortages, and foreign investment through the golden visa program exacerbated price pressures on local residents seeking homeownership or rental accommodation.
Critics argued that the program disproportionately benefited wealthy foreign investors while contributing to speculative real estate bubbles that displaced spanish citizens. Spain’s social housing stock represented only 2.5% of total housing, compared to 14% in France, compounding the affordability crisis and limiting options for middle-class families.
The spanish government, led by Prime Minister Pedro Sánchez, launched a comprehensive 12-point housing plan addressing the crisis through multiple policy interventions. This plan included exploring punitive tax measures up to 100% on non eu property purchases and explicitly prioritizing housing as a “fundamental right, not a speculative instrument.”
Political pressure mounted as housing costs consumed increasing portions of household income, particularly affecting young adults and middle-class families in major cities. The government faced criticism that golden visa programs served wealthy foreign nationals while spanish citizens struggled with housing accessibility and affordability.
The broader European political climate also influenced Spain’s decision, with increasing scrutiny of investor visa programs across the European Union. Portugal had already eliminated its real estate route, and other countries were reassessing their programs amid similar housing affordability concerns and changing immigration policy priorities. Other countries like Portugal and Greece still offer Golden Visa programs.
Alternative European Golden Visa Programs rather than Spain Golden Visa
As Spain golden visa program ends, several other european union residency-by-investment schemes remain active, each offering distinct advantages and requirements for non eu investors seeking european residency.
Italy Golden Visa (known as Investor Visa for Italy)
Italy maintains several investor visa programs including startup investments, innovative business development, and government bonds routes. The italian program emphasizes business development and innovation, appealing to entrepreneurs seeking active investment opportunities rather than passive real estate holdings.
Italian Golden Visa Advantages
Italy offers a dynamic Golden Visa program designed to attract foreign investors through a variety of investment options beyond just real estate. Known officially as the Investor Visa for Italy, this program emphasizes business development, innovation, and cultural projects, making it an appealing choice for entrepreneurs and investors seeking active involvement in the Italian economy.
The program requires a minimum significant investment in one of the following categories:
- €2 million in Italian government bonds for a stable and secure investment option.
- €500,000 in shares of an Italian company or €250,000 in innovative startups, supporting the growth of new enterprises and technological advancement.
- €1 million donation to a philanthropic project, including cultural, social, or scientific initiatives recognized by the Italian government.
Applicants must hold a valid passport and demonstrate a clean criminal record. The initial residence permit granted under the Italy Golden Visa is valid for two years and can be renewed for an additional three years, provided the investment is maintained. Unlike some other European programs, the Italy Golden Visa requires applicants to visit Italy at least once during the visa validity period to confirm their intent to reside.
Family members, including spouses and dependent children, can be included in the application, allowing them to enjoy residency rights and access to Italy’s healthcare and education systems. After ten years of legal residence, investors and their families may apply for Italian citizenship through investment, subject to meeting residency and other legal requirements.
The Italy Golden Visa program stands out for its focus on innovation and philanthropy, providing a flexible and socially impactful investment immigration pathway. It offers visa-free travel within the Schengen Area and the opportunity to integrate into one of Europe’s most culturally rich and economically diverse countries.
Contact us
Check with us if you can qualify for Italian Golden Visa, and how we can assist you on the entire process.
Portugal Golden Visa
Portugal offers golden visa opportunities through qualifying fund investments, having eliminated its real estate investment route. The program requires minimum investments in approved venture capital funds or research and development projects, with a five-year pathway to citizenship. Portuguese golden visas provide schengen area access and maintain family reunification benefits similar to spain’s former program.
Disadvantages of the Portugal Golden Visa
While the Portugal Golden Visa program offers many attractive benefits for investors seeking European residency, there are several disadvantages to consider:
- Increasing Residency Requirements for Citizenship
Recent legislative proposals suggest extending the residency requirement for citizenship eligibility from 5 to 10 years (7 years for CPLP nationals). This change could delay the pathway to obtaining Portuguese citizenship for Golden Visa holders. - High Investment Thresholds
Although the program offers various investment routes, some options require substantial capital commitments, such as investing at least €250,000 in real estate or higher amounts in other investment types, which may be prohibitive for some investors. - Physical Presence Obligations
To maintain the Golden Visa status and qualify for citizenship, applicants must meet minimum stay requirements, including spending a certain number of days per year in Portugal. This can be restrictive for investors who prefer a more flexible travel or residency schedule. - Potential Program Changes and Uncertainty
The Portuguese government has been reviewing and modifying the Golden Visa program, including restrictions on real estate investments in certain urban areas. This ongoing regulatory evolution may create uncertainty for investors planning long-term commitments. - Costs Beyond Investment
Applicants should be aware of additional costs such as legal fees, taxes, and administrative expenses, which can significantly increase the overall financial burden of obtaining and maintaining the Golden Visa. - Limited Immediate Citizenship Benefits
Unlike some programs that offer direct citizenship or faster naturalization processes, Portugal’s Golden Visa primarily provides residency, with citizenship only attainable after fulfilling long-term residency and legal requirements.
Considering these factors is essential for prospective investors to determine if the Portugal Golden Visa aligns with their personal circumstances and investment goals.
Why the Italian Golden Visa is Better than the Portugal Golden Visa
When comparing the Italian Golden Visa to the Portugal Golden Visa, several factors make Italy’s program more attractive for many investors seeking European residency.
Diverse Investment Options
Italy offers a wider range of investment opportunities beyond real estate, including government bonds, shares in innovative startups, and donations to philanthropic projects. This diversity allows investors to tailor their investments according to personal interests and financial goals. In contrast, Portugal’s program has largely shifted away from real estate investments and focuses primarily on fund investments, which may not appeal to all investors.
Clear Pathway to Citizenship
The Italian Golden Visa provides a straightforward route to citizenship after ten years of legal residence, with well-defined requirements. Portugal, on the other hand, is proposing to increase the residency requirement for citizenship from five to ten years, potentially delaying investors’ ability to gain Portuguese nationality.
Flexible Residency Requirements
Italy requires applicants to visit the country at least once during the visa validity period, which is less restrictive compared to Portugal’s minimum physical presence obligations needed to maintain residency and qualify for citizenship. This flexibility benefits investors who prefer to maintain their primary residence outside Europe while still securing residency rights.
Strong Economic and Social Infrastructure
Italy boasts a robust economy, a stable real estate market, and renowned healthcare and education systems. These factors contribute to a high quality of life for investors and their families. Portugal also offers quality services but faces ongoing regulatory changes and uncertainties related to its Golden Visa program.
Emphasis on Innovation and Business Development
Italy’s program encourages investments in startups and innovative enterprises, promoting economic growth and technological advancement. This focus appeals to investors interested in supporting dynamic sectors and engaging actively with the Italian economy, whereas Portugal’s program is more passive, centered on capital investment funds.
Overall, the Italian Golden Visa program offers greater flexibility, a broader range of investment options, and a clearer, more accessible path to citizenship, making it a superior choice for investors seeking long-term European residency and citizenship benefits.
Contact us
Check with us if you can qualify for Italian Golden Visa, and how we can assist you on the entire process.
Greece Golden Visa
The greek golden visa continues operating with a €250,000 minimum real estate investment threshold, recently increased from €250,000 in certain high-demand areas. Greece offers visa free travel throughout the schengen area and allows family member inclusion. The program lacks a direct citizenship pathway but provides renewable residence permits for qualifying investors.
Disadvantages of the Greece Golden Visa
While the Greece Golden Visa program is popular due to its relatively low minimum investment threshold of €250,000 in real estate and visa-free travel within the Schengen Area, it has several drawbacks. First, the program does not provide a direct pathway to citizenship; investors can only renew their residence permits indefinitely but must meet additional requirements and wait longer to apply for Greek citizenship. Second, the program primarily focuses on real estate investment, limiting diversification options for investors interested in other asset classes or business ventures. Third, Greece’s residency permits require periodic renewal and maintaining the property investment, which can involve ongoing costs and administrative procedures. Lastly, the real estate market in Greece can be less stable and less liquid compared to other European countries, potentially posing risks to investors.
Why the Italy Golden Visa is a Better Option
In contrast, the Italy Golden Visa program offers several advantages that make it a more attractive investment immigration option. Italy provides diverse investment routes beyond real estate, including government bonds, shares in Italian companies, and donations to philanthropic projects, allowing investors greater flexibility to align their investments with personal and financial goals. The Italy Golden Visa also offers a clear path to citizenship after ten years of legal residence, with the possibility of renewing residence permits in multi-year increments, reducing administrative burdens. Additionally, Italy’s robust economy, stable real estate market, and high-quality healthcare and education systems enhance the overall living experience for investors and their families. The program’s emphasis on innovation and business development appeals to investors seeking active engagement in the Italian economy, making it a superior choice for those looking to gain European residency with broader opportunities and benefits.
Malta Individual Investor Program
Malta’s program grants citizenship rather than just residency, combining donation requirements with qualifying investments. The program confers full European Union passport benefits, representing the most comprehensive option among European countries. Malta has a Golden Visa program that allows residency through investment of €375,000 in real estate or renting property for €14,000 per year.
Hungary Guest Investor Program
Hungary’s program provides residence permits for qualifying investments meeting specific thresholds. The program offers schengen access and family inclusion benefits while maintaining relatively accessible investment requirements compared to other european countries.
These alternative programs vary significantly in required investment amounts, processing times, and the scope of rights and benefits provided. Prospective investors should evaluate each option based on their specific objectives, risk tolerance, and long-term residency or citizenship goals within the european union.
Why the Italian Golden Visa is Better than the Hungary Golden Visa
When comparing the Italian Golden Visa to Hungary’s Golden Visa program, several factors make Italy’s offering more attractive for investors seeking European residency and citizenship.
Diverse Investment Options
Italy provides a broader range of investment opportunities, including government bonds, shares in innovative startups, and donations to philanthropic projects. This diversity allows investors to tailor their investments to their personal interests and financial goals. In contrast, Hungary’s Guest Investor Program primarily focuses on more limited investment categories, which may not appeal to all investors.
Flexible Residency Requirements
Italy requires a minimal residency commitment, typically a single visit during the visa validity period to confirm intent to reside, offering flexibility for investors who prefer to maintain their primary residence outside Europe. Hungary’s program may impose stricter physical presence or residency conditions, which can be less convenient for some applicants.
Strong Economic and Social Infrastructure
Italy boasts a robust economy, a stable real estate market, and high-quality healthcare and education systems, enhancing the living experience for investors and their families. Hungary, while developing, may not yet offer the same level of infrastructure and social services as Italy.
Beware also of actual social situation in Hungary, which is marked by controversies regarding discrimination and human rights concerns. Various reports and organizations have highlighted issues related to minority rights, freedom of expression, and the treatment of vulnerable groups. These social challenges have sparked debates domestically and internationally, affecting Hungary’s reputation in terms of human rights protections and inclusivity. Investors and prospective residents should be aware of these factors when considering Hungary as a destination for residency or investment.
Contact us
Check with us if you can qualify for Italian Golden Visa, and how we can assist you on the entire process.
Latvia Golden Visa Program
Latvia’s Golden Visa program offers non-EU investors residency through qualifying investments, primarily focusing on real estate and capital investments. The minimum investment typically starts at around €250,000 in real estate or other approved financial assets. This program provides a pathway to permanent residency and, eventually, Latvian citizenship after fulfilling legal residency requirements. Investors benefit from visa-free travel within the Schengen Area and can include immediate family members in their application. Latvia’s Golden Visa is known for its relatively straightforward application process and competitive investment thresholds compared to other European programs.
Why the Italian Golden Visa is Better than the Latvia Golden Visa
When comparing the Italian Golden Visa to Latvia’s Golden Visa program, several factors make Italy’s offering more attractive for investors seeking European residency and citizenship.
Broader Investment Options
Italy provides a wider range of investment opportunities beyond just real estate, including government bonds, shares in innovative startups, and donations to philanthropic projects. This diversity allows investors to tailor their investments according to personal interests and financial goals. In contrast, Latvia’s Golden Visa mainly focuses on real estate and capital investments, offering fewer alternatives.
Clearer Pathway to Citizenship
Italy offers a well-defined route to citizenship after ten years of legal residence, with clear requirements and opportunities for renewal of residence permits in multi-year increments. Latvia’s citizenship process can be more restrictive and may involve longer waiting periods or stricter residency conditions, making Italy a more straightforward option for those aiming to gain European citizenship.
Flexible Residency Requirements
Italy requires applicants to visit the country at least once during the visa validity period to confirm their intent to reside, offering flexibility for investors who prefer to maintain their primary residence outside Europe. Latvia, on the other hand, may impose more stringent physical presence requirements, which can be less convenient for some applicants.
Stronger Economic and Social Infrastructure
Italy boasts a robust economy, a stable real estate market, and high-quality healthcare and education systems, enhancing the living experience for investors and their families. Latvia, while developing, may not yet offer the same level of infrastructure and social services as Italy.
Overall, Italy’s Golden Visa program offers greater flexibility, a broader range of investment options, and a clearer, more accessible path to citizenship, making it a superior choice for investors seeking long-term European residency and citizenship benefits.
