Spain's Loss Is Greece's Gain

As more EU nations move to eliminate Golden Visa programs, Greece's initiative is gaining renewed traction, partly due to Spain's decision to end its own scheme.

In 2020, only four EU countries maintained active Golden Visa programs. By 2017, nearly half of the EU member states had adopted them to stimulate economic growth. Recently, however, rising concerns—especially regarding housing market distortions—have led several countries, including Spain, to discontinue these programs.

Spain's program, initiated in 2013, was very popular. It issued over 15,000 visas, primarily to Americans, Britons, Chinese, Russians, and Middle Eastern nationals, generating approximately $10 billion in property-related investment from 2016 to 2023.

Analysts believe that the termination of Spain's Golden Visa may steer EU residency-seeking investors toward the remaining programs in countries like Greece, Portugal, Italy, and Hungary. This trend is already visible in Greece's flourishing real estate market.

According to Greece's Ministry of Migration, the majority of Golden Visas issued up to March 2025 were granted to Chinese nationals (6,772 permits) and Turkish citizens (1,635).

Greece's strategic position as a gateway to Europe, along with legal stability, makes it an especially appealing destination for Chinese investors looking to diversify their portfolios and gain EU access.

Turkish investors, dealing with ongoing political and economic instability at home, have also shown significant interest in Greek real estate as a way to secure their wealth and explore new opportunities. They are followed by Lebanese nationals (812 permits), Britons (608), and Iranians (589), completing the top five.

As of 2024, Greece increased the minimum property investment for a Golden Visa to €800,000 in high-demand areas (Attica, Thessaloniki, Mykonos, Santorini). In other regions, the threshold is €400,000. This increase has prompted investors to consider alternative assets like warehouses, office spaces, and industrial buildings, which can be converted into residential units, qualifying under the original €250,000 minimum and offering a more affordable entry into the program.