Greece & Portugal See Huge Uplift In Golden Visa Applications.

As Spain officially ends its program, interest in Greece and Portugal has surged, with Portugal implementing a digital system to expedite applications.

EU golden visa programs enable non-EU citizens to obtain legal residency through financial investments, mainly in real estate (without using mortgages). These programs typically offer permanent residency rather than citizenship, allowing Americans and others to travel freely within Europe's Schengen Area once obtained.

However, many EU countries have shut down their programs. Spain recently legally terminated its residency-by-investment program, announcing its official closure on April 3, 2025.

Spain's investor visa required a minimum property investment of 500k EUR, providing residency for 5 years. However, there were growing concerns about its effect on housing availability, especially in major cities like Madrid and Barcelona.

Spanish Prime Minister Pedro Sánchez noted that 94% of these visas were issued in connection to real estate investments in already strained housing markets.

Between 2013 and 2023, Spain issued 14,576 golden visas, primarily to nationals from China, Russia, the U.K., the U.S., Ukraine, Iran, Venezuela, and Mexico. In Barcelona, purchases related to the program accounted for over 5% of annual residential property sales. Experts argue that foreign buyers have driven up prices, pushing residents out of city neighborhoods.

Following Spain's announcement, interest in other European golden visa programs has increased.

Greece, in particular, has experienced a significant rise in American applicants, with monthly government figures rising from 302 to 383 by November 2024. Greece has one of the fastest golden visa processes, offering residency within 60 days.

Previously, the investment threshold was about €250,000, but in September 2023, it increased to €800,000 in high-demand areas like Athens and Santorini, and €400,000 elsewhere. Residency holders aren't required to live in Greece to maintain their visa status.

Portugal's golden visa program has generated over €7 billion since its inception in 2012, with most participants being Chinese, Brazilian, and U.S. nationals.

While Portugal removed the real estate purchase option from the program in 2023, non-Europeans can still apply for fast-track residency through various means, including a minimum €500,000 investment in eligible funds.

This policy has altered the demographics of the population. Since 2018, Portugal's foreign population has more than doubled to one million, representing one-tenth of the total population.

There has been a significant delay in processing applications, but Portugal is speeding up its golden visa processing. The Agency for Integration, Migration, and Asylum (AIMA) is replacing its paper-based system with a digital one to address a backlog of 45,000–50,000 applications. Investors can now submit their applications online, aiming to expedite approvals. This change follows legal action from applicants who have waited years for mandatory biometric appointments. Under the new system, AIMA will automatically schedule these appointments within 30 to 90 days and accept documents in English, Spanish, and French without translation.

Hungary defied the trend by reintroducing its golden visa program in July 2024 after discontinuing 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. The visa includes family members and allows visa-free EU travel.

Italy launched its golden visa in 2017, offering non-EU nationals a two-year residence permit for a minimum investment of €250,000 through an Italian limited company. The program allows visa holders to include family and benefit from a favorable tax regime.