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Spain formally eliminated the real estate investment option from its Golden Visa program on April 3, 2025. High-net-worth individuals who want to invest their way into a European country in order to obtain residency or perhaps citizenship have been prompted by this decision to look into other options around Europe. Italy’s Golden Visa scheme has emerged as a strong contender to replace these new choices.
The April 3 reform by the Spanish government does away with the ability to get residency by merely buying expensive real estate. Some investors were concerned that this would mean that Spain’s Golden Visa program would end entirely, but this is untrue. Spain’s Golden Visa program is still in effect, but only the real estate investment route has been suspended.
Changing Winds in Spain’s Investment Landscape
According to the earlier regulations, investors who finished their real estate acquisitions and filed their applications before the new deadline will still be able to use their residency privileges. However, Spain has closed one of the most well-traveled paths to EU residence with this reform, leaving many investors wondering what comes next.
What’s more, the Spanish government has introduced a proposed policy to raise property purchase taxes for non-EU nationals, reportedly up to 100% of the property’s value. In 2023, non-EU passport holders -mainly British, American, and South American nationals- purchased 27,000 properties in Spain. According to Prime Minister Pedro Sánchez, these properties were “not bought to live in, but to make money.” These actions, combined with the end of the real estate route, signal a broader shift in Spain’s approach to foreign investment and expat residency.
This change has raised concerns among the foreign expat community, particularly UK nationals, who accounted for 17.5 million visitors to Spain in 2024 and contributed over €1.1 billion in spending in November 2024 alone.
Get Golden Visa’s Managing Partner Murat Coşkun commented: “Spain’s recent introduction of a 100% real estate tax on non-EU residents, coupled with the suspension of the Golden Visa program through real estate, marks a significant shift in the country’s stance on foreign investments. This dual action sends a clear message regarding Spain’s efforts to address its housing affordability crisis and regulate its immigration policies.”
With these new developments, many investors are now questioning where they should redirect their attention and capital.
Perspective: Italy Is the Focus of the Golden Visa Sector
Get Golden Visa has released a thorough industry analysis examining the best Golden Visa options for international investors in reaction to this significant shift. One important finding jumps out: Italy’s Investor Visa program is quickly taking the lead as the new entry point to Europe.
Italy: A Rising Star With Fast Track Options
A significant market change has resulted from Spain’s decision, drawing investors’ focus to nations with more adaptable and durable residence laws. A popular choice is Italy, a full EU member with no minimum stay requirements.
Italy’s Investor Visa program, which was introduced in 2017, provides non-EU candidates with a variety of investment options:
- €2 million in government bonds
- €500,000 in shares of an Italian company
- €250,000 in an innovative Italian startup
- €1 million donation to a public interest project
Italy is increasingly seen as a fast-track option for obtaining EU residency. While the program has been in place since 2017, it only began actively processing applications more recently, resulting in a relatively low backlog compared to other destinations. Combined with its geographic proximity to Spain and the availability of startup and company fund investments, Italy stands out as a streamlined and strategic alternative.
The program has invested about €44 million in total as of 2024, primarily due to an increase in startup-related applications. These figures show that Italy is rapidly rising to the top of the investment migration rankings.
Italy is also gaining popularity among American expats, with 54,011 Americans already living in the country, right behind Spain.
Additionally, Italy is drawing attention with its attractive tax regime for high-net-worth individuals: newcomers can opt to pay a €100,000 flat tax on foreign income for up to 15 years, with dependents taxed an additional €25,000 per year.
Italy’s Golden Visa Gains Momentum
In contrast to Spain’s approach, which placed a strong emphasis on real estate, Italy’s program places an emphasis on innovation, entrepreneurship, and long-term benefits to the local economy. Italy presents a chance to foster growth and pave the path to EU residence for investors seeking more than just short-term real estate returns.
Emerging Alternatives: Greece and Portugal
For many international investors, Spain’s reform has changed their approach. Search volume increased by more than 50% in recent months, indicating a surge in interest from American investors in Greece, according to Get Golden Visa’s industry data. Greece is a desirable alternative due to its low investment requirement of €250,000.
Greece: Growing Demand Driven by Low Investment Threshold
Greece received 9,289 applications for its Golden Visa program from major investors in 2024, a 10% increase from the previous year. The country stands out as one of the most accessible Golden Visa options in Europe due to its low minimum investment requirement of €250,000. While other EU countries have either removed or limited real estate options, Greece continues to offer traditional property investment, making it especially attractive for those who favor tangible assets. The country is also popular among British citizens, with over 17,000 Britons residing in Greece and 4.5 million visiting in 2023.
Portugal: Modifying Regulations, Constant Interest
Portugal’s Golden Visa program has drawn more than €7.3 billion in investment since it began in 2012. Family applications increased by 83% in 2023, confirming its widespread use. Residency through fund investment or research financing is still possible even if Portugal has eliminated the real estate option in large cities. Additionally, a recent rule change has accelerated the process by allowing the five-year citizenship clock to begin on the application date.
Portugal remains a favorite for British nationals as well, as 234 UK citizens received Golden Visas in 2023, making the UK the third-largest nationality group in the program.
Hungary Returns to the Discussion
Through its Guest Investor Program, which offers residence through €250,000 real estate investment funds, €500,000 property purchases, or €1 million educational gifts, Hungary is likewise establishing itself as a new challenger.
A New Era in Migration for Investment
Not only does Spain’s decision affect its local real estate market, but it also marks a significant change in the worldwide investor migration sector. As one of the most well-liked real estate-based initiatives comes to an end, investors are reconsidering their approaches.
With more varied, open, and future-ready models, Italy, Greece, and Portugal are spearheading the effort to close the gap. The next generation of Golden Visa programs will be characterized by long-term value and sustainable investments in this new era.
As Spain closes its doors, Italy isn’t just welcoming investors but is offering them tax-friendly, flexible, and future-focused pathways to life in Europe.
To know more about EU Golden Visas, visit Get Golden Visa’s website and contact us today.
