- Spain has ended new Golden Visa applications tied to €500,000 real estate, shutting a major EU residency-by-investment route as of April 3, 2025.
- Portugal removed property and pure capital transfers from its Golden Visa; investors must pivot to approved funds and new social-impact channels, including a "solidarity visa" direction.
- Greece repriced its real-estate Golden Visa to €800,000 in prime areas and €400,000 elsewhere (effective September 2024), reshaping budgets and timelines.
- Across the EU, housing pressures and political scrutiny are driving a decisive reset in residency-by-investment programs.
- Law firms should re-qualify all prospects, rebuild eligibility matrices, and update public materials to reflect the new EU competitive landscape.
Europe's Golden Visa reset is here. Spain's program has closed to new property-linked applications, Portugal has removed real estate and capital transfers from eligibility, and Greece has raised entry thresholds. For investors and advisors, this forces rapid repricing, re-qualification, and new client roadmaps across EU residency by investment.
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- Spain abolishes real‑estate Golden Visas — scope, scale and immediate consequences
- Portugal's Golden Visa overhaul: property excluded; fund‑based routes and the new "solidarity visa" explained
- Greece raises entry thresholds to €800k/€400k — regional price bands and investor impact
- EU drivers behind the reset: housing shortages, political backlash and regulatory scrutiny of investor visas
- Quantifying the shock: how many permits and how much capital are affected
- Action checklist for firms: rebuild eligibility, reprice, and pivot
Spain abolishes real‑estate Golden Visas — scope, scale and immediate consequences
Spain has ended new Golden Visa residence permits linked to real estate investments. As of April 3, 2025, the government halted residence-by-investment tied to the long-standing €500,000 property route. Earlier official signals framed the move as part of a response to housing affordability pressures, particularly in major cities.
Immediate consequences for investors and advisors:
- No new residence permits for the Spain Golden Visa via property investment, removing a key EU gateway.
- Law firms should remove Spain's property route from all matrices, website content, and client materials, and reassess pending client strategies.
Portugal's Golden Visa overhaul: property excluded; fund‑based routes and the new "solidarity visa" explained
Portugal has recast its Golden Visa regime to exclude both direct real estate purchases and capital transfers; qualifying routes now center on approved investment funds and other non-property channels. The shift redirects demand away from property—historically the dominant pathway—and into regulated financial instruments and targeted projects.
In parallel, the government outlined a "solidarity" direction to channel Golden Visa-linked capital into affordable housing and migrant accommodation, emphasizing social outcomes over speculative real estate.
Implications:
- Investors must pivot from property into qualifying funds and impact-linked vehicles, altering risk profiles, due diligence requirements, and exit strategies.
- Advisors should update fee quotes and timelines to reflect fund onboarding, KYC/AML, and subscription cycles (distinct from property conveyancing).
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Read Our In-Depth Comparative AnalysisGreece raises entry thresholds to €800k/€400k — regional price bands and investor impact
Greece has sharply increased its Golden Visa real estate minimums: €800,000 in prime locations such as Athens and major islands, and €400,000 in other regions, effective September 2024. This materially raises entry budgets and compresses the pool of eligible properties—especially in urban cores and high-demand islands.
Investor impact:
- Reprice budgets immediately to reflect the new regional bands.
- Expect longer search and acquisition timelines in €800k zones; consider €400k regions if objectives allow.
EU drivers behind the reset: housing shortages, political backlash and regulatory scrutiny of investor visas
Three forces underpin the EU's shift:
- Housing affordability pressures: Spain's move explicitly linked investor visas and property pressures, reflecting broader European concerns about constrained housing supply in high-demand cities.
- Policy reorientation in Portugal: Legislators aim to steer capital toward social priorities like affordable housing and migrant accommodation, changing the narrative of residency by investment.
- Growing scrutiny of investor visas: Analysts and policymakers question the economic efficacy and social impact of "golden visa" models, intensifying pressure for reform.
Quantifying the shock: how many permits and how much capital are affected
Spain: 22,430 Golden Visas issued between 2013 and 2023, now superseded by the program's halt to property-linked permits.
Portugal: €7.3 billion invested via the Golden Visa from 2012–2023, with approximately 90% historically directed into real estate—exposure that is directly impacted by the removal of the property route.
Current status snapshot: Spain, Portugal, Greece
| Jurisdiction | Status | Eligible routes now | Minimums (where disclosed) | Source |
|---|---|---|---|---|
| Spain | New Golden Visa applications tied to real estate halted | Property route ended | — | — |
| Portugal | Overhauled; property and pure capital transfers excluded | Approved funds and other non-property channels; emerging social-impact focus | Varies by instrument | — |
| Greece | Repriced (effective Sept 2024) | Real estate (with higher thresholds) | €800k in prime zones; €400k elsewhere | — |
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Access Our Comprehensive GuideAction checklist for firms: rebuild eligibility, reprice, and pivot
With Spain closed to new real-estate Golden Visas, Portugal reoriented to funds and social channels, and Greece repriced, law firms and advisors should:
- Rebuild eligibility matrices: remove discontinued routes, add fund-based criteria for Portugal, and reflect Greece's €800k/€400k regional thresholds.
- Re-qualify prospects: validate client objectives (mobility, lifestyle, diversification), budgets, and risk tolerance under the new rules.
- Revise fee quotes and timelines: reflect fund subscription cycles in Portugal and higher-ticket searches in Greece.
- Update all public-facing materials: ensure websites, brochures, and pitch decks avoid legacy claims tied to discontinued or repriced routes.
- Pivot client roadmaps: consider non-EU or alternative EU pathways aligned with client goals, including structured business and residential options in Armenia for residency, tax planning, and investment diversification.
Practical steps to re-qualify clients this quarter
- Screen for geography sensitivity: Determine whether EU residency is essential or whether non-EU options meet mobility and lifestyle goals.
- Reassess budget bands: Apply Greece's €800k/€400k bands and Portugal's fund-based structures to confirm affordability and appetite.
- Reframe risk and liquidity: Compare property exposure (reduced routes) vs. fund strategies (manager risk, lock-ups) in Portugal.
- Timeline recalibration: Adjust for fund due diligence (Portugal) and higher-ticket property searches (Greece).
- Tax and structuring: Integrate personal and business planning early; where relevant, evaluate Armenia's residence, company setup, and investment options for diversification.
Conclusion
The Spain Golden Visa shutdown, Portugal Golden Visa changes, and Greece Golden Visa pricing reset mark a decisive reordering of EU residency by investment. This is a moment to retire legacy assumptions, re-qualify clients, and pivot toward structures and jurisdictions that align with updated rules and client risk profiles. For tailored advice and compliant execution, contact our team.
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