Where Spain Golden Visa Applicants Went After April 2025

Spain's Golden Visa Closure: What Happened

In April 2025, Spain officially closed its golden visa program, ending a pathway that had attracted thousands of investors since 2013. The program, which granted residency rights to non-EU nationals who purchased real estate valued at €500,000 or more, was discontinued as part of Spain's response to housing affordability concerns.

The closure left many prospective applicants searching for alternatives, particularly those who had been drawn to Spain's lifestyle, climate, and access to the Schengen Area. While governments make the final decisions on all applications, understanding where this demand shifted can help you evaluate your own options.

Where the Demand Moved

Portugal's Restructured Program

Despite Portugal making changes to its own golden visa program in 2023—eliminating coastal real estate options—the country remained a top destination for former Spain-focused applicants. Portugal's program still offers several investment routes, including:

• Investment funds (€500,000 minimum)
• Capital transfer (€1.5 million)
• Business investment with job creation (€500,000)
• Real estate in lower-density interior regions and autonomous islands

Portugal appeals to many of the same applicants who considered Spain: similar climate, coastal lifestyle, relatively lower cost of living compared to northern Europe, and a pathway to EU citizenship after five years of residency.

Greece's Real Estate Route

Greece saw increased interest after Spain's closure, particularly from applicants specifically interested in real estate investment. Greece's program requires a €250,000 investment in most areas, though certain regions now require €400,000 or €800,000 depending on location.

The Greek program offers:

• Lower minimum investment than most European alternatives
• No minimum stay requirement for maintaining residency
• Family inclusion (spouse, children under 21, parents)
• Access to the Schengen Area

However, Greece's program does not lead directly to citizenship through the investment route—applicants must meet separate naturalization requirements, including extended physical presence.

Italy's Investor Visa

Italy attracted applicants looking for alternatives beyond real estate. Italy's investor visa program offers multiple pathways:

• €2 million in Italian government bonds
• €500,000 in an Italian company
• €250,000 in an innovative startup
• €1 million philanthropic donation

Italy's program requires more substantial investment than Spain's did, but it offers eventual access to Italian citizenship after ten years of legal residency (or less under certain circumstances). Our partner lawyers work with applicants to structure compliant investments and manage the application process through Italian authorities.

Malta's Exceptional Investor Naturalization

For applicants with higher budgets and interest in direct citizenship rather than just residency, Malta became more relevant after Spain's closure. Malta's program is not a direct equivalent—it offers citizenship rather than residency, and it requires significantly higher investment—but it represents the fastest route to EU citizenship available.

Malta requires a combination of:

• Government contribution (€600,000 to €750,000 depending on timing)
• Real estate purchase or rental commitment
• Philanthropic donation (€10,000)

The Maltese government makes all final decisions on citizenship applications, but approved applicants gain full EU citizenship rights, including the right to live, work, and travel throughout the European Union.

What Changed in Application Patterns

After April 2025, residency and citizenship advisors observed several shifts:

Budget recalibration: Applicants who had planned for Spain's €500,000 threshold had to either increase their budget or pivot to programs like Greece with lower minimums.

Program structure preferences: Some applicants specifically wanted real estate investment, while others became more open to fund investments or business creation routes when their first-choice destination became unavailable.

Timeline expectations: Different programs have different processing times. Portugal and Greece typically process applications within several months, while Italy and Malta can take longer. Applicants adjusted their planning accordingly.

Tax and residency planning: Each country has different tax implications and physical presence requirements. Former Spain-focused applicants worked with advisors to understand how alternatives fit their broader financial and lifestyle plans.

How We Help Navigate the Alternatives

At citizenships.legal, we manage a network of licensed partner lawyers across Europe who handle the legal work for residency and citizenship applications. We don't guarantee outcomes—governments make those decisions—but we help you understand your options and connect you with qualified legal professionals who can manage your application.

Our partner lawyers assist with:

• Evaluating which programs match your budget, timeline, and goals
• Structuring compliant investments
• Preparing and submitting applications
• Liaising with government authorities throughout the process
• Advising on residency obligations and renewal requirements

Your Next Steps

If you were considering Spain's golden visa before it closed, or if you're simply looking for European residency options, multiple pathways remain available. Each program has distinct requirements, advantages, and limitations.

Ready to explore your alternatives? Browse our detailed program comparisons and connect with our team to discuss which option fits your situation: /programs