Greece vs Spain Property Residency: €400K Buys One, Not the Other

Spain's Door Closes as Greece's Remains Open

If you've been comparing property residency programs in Southern Europe, the landscape just shifted dramatically. Spain officially closed its Golden Visa program in April 2025, while Greece continues to offer residency through property investment—though with updated thresholds depending on location.

The same €400,000 that once qualified you for Spanish residency now buys you nothing there, while it remains a viable pathway in much of Greece. Let's examine what this means for anyone seeking European residency through real estate.

What Happened in Spain

Spain's Golden Visa program, which granted residency permits to non-EU nationals who invested at least €500,000 in Spanish property, has been discontinued. The Spanish government cited housing affordability concerns and pressure on local real estate markets as primary reasons for the closure.

This means that property purchases in Spain, regardless of amount, no longer provide a pathway to Spanish residency for non-EU citizens. Existing Golden Visa holders can still renew their permits under the old framework, but new applications are no longer accepted.

Greece's Property Residency Program: Still Open

Greece's residency by investment program remains active, though it has undergone its own changes. As of 2024, the investment thresholds vary by location:

• €400,000 in most areas of Greece
• €800,000 in high-demand areas including central Athens, Thessaloniki, Mykonos, and Santorini

The program grants a five-year renewable residence permit to the main applicant, their spouse, children under 21, and dependent parents from both sides. Unlike some programs, Greece's version doesn't require you to actually live in Greece to maintain your residency status—there's no minimum stay requirement.

Comparing What Your Investment Gets You

In Spain (Closed)

The former program required €500,000 minimum and offered residency with minimal stay requirements. That option no longer exists for new applicants.

In Greece (Open)

For €400,000 in eligible areas, you receive:

• Five-year residence permit, renewable
• Freedom of movement within the Schengen Area
• No minimum stay requirement
• Ability to include family members
• Potential pathway to citizenship after seven years of tax residency (though citizenship requires actual residence and other criteria)

The key difference is simple: one program exists, and the other doesn't.

Why the Different Approaches?

Both Spain and Greece faced criticism that investor programs were contributing to housing affordability issues for local residents. Spain chose to close its program entirely. Greece opted to maintain the program while doubling the threshold in its most pressured markets.

This creates a clear divergence: Spain has prioritized housing availability over foreign investment attraction, while Greece has chosen to balance both concerns through geographic pricing rather than program closure.

What This Means for Your Planning

If you were considering both countries, your decision matrix has simplified. Spain is no longer an option for property-based residency. Greece remains available, but requires careful attention to location-based thresholds.

A few practical considerations:

• Timeline matters: Residency by investment programs can change. Greece's program is open today, but policy environments evolve.

• Location flexibility: If you're set on central Athens, Mykonos, or Santorini, you're looking at €800,000. If you're open to other Greek locations—including many beautiful islands and coastal areas—€400,000 remains the threshold.

• This isn't just about price: Consider where you actually want to spend time, what languages you're comfortable with, and how each location fits your lifestyle and business needs.

• Residency isn't citizenship: Greece's program offers residency rights and Schenzen mobility. It doesn't fast-track citizenship, which requires separate criteria including sustained physical presence.

The Application Process

Greece's program involves working with licensed legal professionals who can guide you through:

• Identifying qualifying properties
• Ensuring proper due diligence
• Preparing and submitting your residency application
• Coordinating with Greek immigration authorities

At citizenships.legal, we coordinate licensed partner lawyers in Greece who handle the legal aspects of these applications. The government makes all final decisions on residency permits—our role is ensuring your application is properly prepared and submitted.

Looking Beyond Southern Europe

With Spain now closed and Greece having raised thresholds in prime locations, some applicants are also exploring Portugal (though its program has also seen recent restrictions), Italy's investor visa options, or looking beyond Southern Europe entirely.

Each program has distinct requirements, benefits, and constraints. What works best depends on your specific circumstances, mobility needs, and long-term plans.

Ready to Explore Your Options?

The closure of Spain's program and the continuation of Greece's creates a clear opportunity for those who've been waiting to move forward. If European residency through property investment aligns with your goals, Greece represents one of the remaining accessible pathways.

Explore Greece's residency program and other European options on our programs page.