Spain Officially Closes the Golden Visa Program on April 3, 2025

In July 2024, the Spanish government submitted a bill to Congress to abolish the Golden Visa program. Opponents argued that the program failed to deliver the expected economic benefits and instead contributed to rising property prices and inflation.

Initially, the plan was to eliminate the real estate investment option, as Portugal did in 2023. However, the final bill mandates the complete termination of the Golden Visa program.

The bill was approved on December 20, 2024, and officially published on January 3, 2025, setting April 3, 2025, as the effective date.

All applications submitted before April 3 will be processed. Investors who already hold Spain Golden Visas will be able to renew their residency even after the law takes effect.

Wealthy foreigners seeking European residency can still apply for several Golden Visa programs offered by other EU countries.

Portugal Golden Visa. The country grants residency for investments of at least €250,000. Eligible options include purchasing investment fund units, making charitable donations, and investing in business. To maintain residency, applicants must stay in Portugal for just 7 days per year. After 5 years, they can apply for citizenship.

Malta permanent residence. Investors can obtain lifelong permanent residency in Malta for their entire family by fulfilling several mandatory conditions:

• renting a Maltese property for at least €14,000 per year or purchasing one for at least €375,000;

• paying government fees;

• donating to charity;

• demonstrating assets of at least €500,000.

The minimum investment required for the Malta Golden Visa starts at €182,000 for renting and €457,000 for purchasing property. Investors must continue meeting the program’s conditions for five years to maintain their status.

Greece Golden Visa. Greek residency by investment can be obtained in as little as 4 months. Applicants can choose from various investment options, including real estate, securities, and business investments. The minimum investment threshold is €250,000.

The Greece Golden Visa is granted for 5 years. To maintain and extend residency, the applicant must keep the investment. After 7 years of holding residency, one can apply for citizenship.

Hungary Golden Visa. Foreigners obtain 10-year residence permits in Hungary for investments of at least €500,000. Eligible investments include purchasing units in an approved real estate investment fund or making a donation to higher education. The status can be extended once for an additional 10 years, provided the investment is maintained.