Greece & Portugal Cashing In On Spain's Golden Visa Withdrawal

Spain is bidding farewell to its golden visa program in April, while Greece and Portugal are benefiting financially. This program, which allows non-EU foreigners to settle with minimal hassle in exchange for significant investment in property or funds, has been particularly popular among Britons affected by Brexit.

However, Spain is discontinuing the visa as Portugal simplifies the settlement process for foreigners through investment. They have replaced the old paper system with a new digital platform to expedite application processing. Greece is following a similar approach.

Both Greece and Portugal report a significant rise in demand, especially from Britons and U.S. citizens. Both countries have made changes to their systems; Greece has increased the investment threshold, while Portugal has removed the real estate option but still allows investment in funds for residency.

Once again, Greece and Portugal are capitalizing on what some might consider a strategic error by the Spanish government. Spain's plans to impose a 100 percent tax on property purchases by non-EU/non-resident foreigners have also driven buyers to seek alternatives.

Thousands of foreigners, including many Britons, have settled in Spain thanks to the golden visa system. Its end will be perceived as a setback.