As of April 2025, Spain has officially terminated its Golden Visa program, effectively ending a residency by investment (RBI) program that has attracted thousands of foreign investors since its inception in 2013. The program, which offered residency to non-EU nationals in return for a minimum investment of €500,000 in Spanish real estate or €1 million in capital investments, such as bank deposits or shares in a Spanish company, has become the latest European scheme to undergo reform, suspension, or complete discontinuation. This change stems from escalating internal political pressures and heightened scrutiny across the European Union (EU).
Spain’s decision reflects evolving public sentiment, mounting concerns over housing affordability, and a broader EU-wide drive for stricter oversight and regulation of golden visa programs and total elimination of so-called ‘Golden Passport’ schemes. Nevertheless, while Spain steps away from this arena, several other European nations continue to offer compelling options for investors pursuing residency within the EU.
Portugal: The Best Golden Visa in the EU
Portugal’s Golden Visa program has long been one of Europe’s most popular, owing to its lenient residency requirement of just 7 days per year and a pathway to citizenship in 5 years. However, recent reforms have eliminated the real estate investment option, redirecting the focus toward job creation, cultural patronage, and investments in venture capital or private equity funds.
Despite this shift, Portugal continues to attract investors worldwide through its Golden Visa program. Available investment options include creating at least 10 jobs through a business venture; investing €500,000 in research and development, a qualifying fund supporting Portuguese companies, or a commercial venture that generates at least five permanent jobs or sustains 10 jobs for three years; or contributing a minimum of €250,000—the most affordable option—to artistic production or Portugal’s cultural heritage, including film productions. Additionally, a 20% discount applies to all thresholds for investments in low-population-density areas.
Greece: Still Open for Property Investors
While Spain has walked away from its property-linked Golden Visa, Greece significantly increased real estate investment thresholds for its RBI program in 2023. As property markets continue to attract foreign capital, Greece remains a favored destination for those prioritizing Mediterranean living and long-term real estate value.
Greece’s Golden Visa program is one of the easiest and straightforward ways to gain EU residency. With investments starting at €250,000, investors and their families can secure a permanent residence permit in Greece, a Schengen Zone country, enjoying visa-free travel across Europe. The program has no minimum stay requirement, making it ideal for those who want flexibility, and offers a path to Greek citizenship.
Investment options include buying real estate worth at least €400,000 outside high-demand areas like Attica, Mykonos, Santorini, or Thessaloniki, or €800,000 in those regions. Alternatively, €250,000 can be invested in converting commercial properties to homes or restoring historic buildings anywhere in Greece. Other routes include a €400,000 bank deposit, buying government bonds, or investing in Greek companies or funds, with some options requiring €800,000 for shares or bonds. These choices make Greece a top pick for investors seeking a reliable entry to the EU.
Malta: EU’s Residency and Citizenship Hub
Malta offers two attractive RBI programs for non-EU nationals: the Start-Up Residency Programme (MSRP) and the Permanent Residence Programme (MPRP). Both provide a path to permanent residency and, after five years, the chance to apply for Maltese citizenship with basic knowledge of English or Maltese. With no strict stay requirements and the option to include family members like children, parents, and grandparents, Malta’s programs appeal to investors seeking a residency in the EU and Schengen Zone access.
The MSRP is perfect for entrepreneurs starting a new business in Malta with at least €25,000 in investment or share capital. Founders or core employees of a startup (less than seven years old) can qualify, needing only a solid business plan and health insurance. The permit lasts three years, renewable for five more if the business thrives. For up to six co-founders, an extra €10,000 per person applies, and core employees need a €30,000 yearly salary. This option suits those wanting to grow a company while living in Malta.
The MPRP targets wealthier investors with at least €500,000 in total assets (including €150,000 in financial assets) or €650,000 (with €75,000 in financial assets). Applicants must rent a property for €14,000 per year or buy one for €375,000, keeping it for five years. They also pay a government contribution of €30,000 (if buying) or €60,000 (if renting), plus a €2,000 donation to a Maltese NGO and a €50,000 administrative fee. The MPRP grants lifelong residency, with ID cards renewed every five years, making it a stable choice for families seeking a long-term EU base.
Hungary: The Newcomer Rejoins the Market
Hungary relaunched its Golden Visa program in 2024, re-entering the residency-by-investment landscape after years of dormancy. The rebranded Hungarian Guest Investor Program offers a direct route to residency through either a minimum investment of €250,000 in a Hungarian property fund or a charitable donation of at least €1 million to Hungarian Public Trusts.
Initially, successful applicants are granted a two-year Guest Investor visa, permitting multiple entries into Hungary. Within three months of their first entry, investors must finalize their chosen investment. Upon completion, this visa is annulled, and the investor receives a Hungarian residence permit valid for ten years, with the possibility of a further ten-year renewal.
Hungary’s offer is competitively priced and appeals to investors seeking a relatively low-cost entry into the EU. Budapest’s thriving tech and real estate sectors, along with Hungary’s central location in Europe, are significant draws.
Hungary’s competitively priced offering is attractive to investors seeking a relatively low-cost entry into the EU. Budapest’s dynamic tech and real estate sectors, coupled with Hungary’s central European location, serve as significant advantages. Notably, holders of this “Golden Visa” are not required to reside physically in Hungary to maintain their residency, provided they maintain their qualifying investment and a registered address in the country. The application process involves thorough Due Diligence checks, and applicants must demonstrate sufficient funds for the investment and ongoing income for residency. The program welcomes all non-EU citizens, without any nationality restrictions.
Bulgaria: Securing EU Permanent Residency
Bulgaria’s Investor Program for Permanent Residence offers a direct route to European residency for non-EU/EEA citizens. By making a minimum investment of €520,000 into a licensed Bulgarian investment fund for at least five years, applicants can gain permanent resident status. This program leverages Bulgaria’s EU, NATO, and Schengen Area membership, providing a strong base within Europe. Once permanent residency is approved, immediate family members can also join through family reunification, and dependent parents may be eligible for temporary residence.
To qualify, applicants need to demonstrate a net worth exceeding €520,000 and must prove the legal origin of their investment funds. A clean criminal record and preliminary approval from the Invest Bulgaria Agency are also required, along with the payment of application fees and making minimum statutory trips to Bulgaria.
A key benefit of this program is that physical residence in Bulgaria is not mandatory to maintain permanent resident status, and there are no language requirements. Bulgarian permanent residency provides a valuable gateway to the European economy and lifestyle, offering a strategically located base for travel and business.
Cyprus: EU Residency with Flexible Options
Cyprus offers its Residency by Investment program, often called the Golden Visa, providing non-EU nationals with three routes to obtain residency in this EU-member state in exchange for a minimum investment of €300,000 (excluding VAT and other fees). These investment options include purchasing new residential or commercial properties (like offices, shops, or hotels) directly from the developer, investing in a Cypriot company, or placing funds into approved investment funds. Renting out purchased property is permitted.
To qualify, main applicants must demonstrate an annual income and must confirm they will not seek employment in Cyprus, except for key roles within their own investment company. Successful applicants initially receive a one-year residence permit. During this time, they need to travel to Cyprus to provide their biometrics and secure their permanent residence status. The permanent residence ID cards are valid for five years, and to maintain this status, investors must keep their investments and visit Cyprus at least once every two years. Each investment option has a mandatory holding period of five years. For the company investment route, the investor must physically reside in Cyprus and actively participate in the company’s operations, and the company must create at least five new jobs.
The Cypriot residency program grants a permanent residence permit with minimal physical presence obligations. While it does not lead directly to citizenship, it provides a long-term foothold in Europe, access to quality healthcare and education, and a favorable tax regime. Cyprus’s strategic location between Europe, the Middle East, and Africa adds another layer of attractiveness for global investors.
What Spain’s Exit Signals to the Market?
Spain’s termination of its Golden Visa program highlights growing concerns around housing shortages, gentrification, and national security risks associated with RBI programs. As urban housing markets across Europe face increasing pressure, governments are under mounting scrutiny to ensure that such programs serve the broader public interest.
EU institutions have also amplified calls for greater oversight, particularly following controversies around money laundering and misuse of investment-based migration schemes. Spain’s departure may encourage other countries to tighten eligibility or increase scrutiny, but it is unlikely to mark the end of Golden Visas altogether.
Instead, the European investment migration market is shifting toward more transparent, diversified, and sustainable models—with an emphasis on economic impact, compliance, and alignment with EU regulations.
For global investors, the key to navigating Europe’s evolving Golden Visa landscape is adaptability. Real estate alone may no longer suffice; structured fund investments, job creation, and philanthropic contributions are gaining prominence.
Professional advice is more important than ever. With regulatory trends in flux, choosing the right program requires a deep understanding of legal frameworks, tax implications, and long-term goals. Investors must also weigh the benefits of temporary residency versus eventual citizenship and consider factors such as language requirements, physical presence obligations, and dual nationality rules.
While Spain’s departure marks the end of an era, it does not close the European door. From Portugal’s innovation focus to Greece’s enduring property appeal and Maltese lifestyle incentives, the continent continues to offer pathways for those seeking a European foothold—just under new terms and expectations.