Greece vs Spain Golden Visa 2026: Spain Has Closed — Where Do Investors Go?
- M. Sami Akbeniz
- 1 day ago
- 3 min read
AVLA REAL ESTATE · GOLDEN VISA COMPARISON · GREECE vs SPAIN 2026
Greece vs Spain Golden Visa 2026: Spain Has Closed — Where Do Investors Go?
Quick answer: Spain's Golden Visa programme closed completely on 3 April 2025 (Ley Orgánica 1/2025) — no new applications are accepted; only existing holders renew under the old rules. For investors seeking EU residency through real estate, the main door is now Greece: the three-tier threshold structure, including the €250,000 conversion exception, remains in force, with no stay requirement.
The numbers confirm the shift: Greece issued 8,879 Golden Visa approvals in 2025 — nearly double 2024's 4,535 (Ministry of Migration and Asylum). Turkish investors climbed to second place behind China with permits up 153% year-on-year, and US interest jumped after Spain's announcement.
Author: M. Sami Akbeniz — Founder, Avla Real Estate, Istanbul.
Why and how Spain closed
With Ley Orgánica 1/2025, Spain abolished its investor residence permit in full as of 3 April 2025 — not just the €500,000 real estate route, but the government bond, shares/fund and business project options too. The stated reason was the housing crisis: roughly 94% of permits had been based on property purchases, concentrated in the most pressured city markets. Existing holders keep their acquired rights: renewals continue under the old legislation as long as the investment is maintained.
Europe's closing doors (2023–2025)
Ireland (February 2023): the Immigrant Investor Programme closed entirely.
Portugal (October 2023): the real estate route closed; the €500,000 fund route remains. Citizenship now requires 10 years' residence (in force in 2026), up from 5.
Netherlands (January 2024): the €1.25M investor visa was abolished.
Spain (April 2025): the programme closed across all routes.
Malta (April 2025): the EU Court of Justice ruled citizenship-by-investment incompatible with EU law; the programme was terminated.
The result: among Europe's major programmes, Greece is effectively the last one standing that grants residency through real estate investment.
Greece's current rules (July 2026)
€800,000: Attica (all of Athens), Thessaloniki, Mykonos, Santorini and islands with over 3,100 residents; single property of at least 120 m².
€400,000: the rest of the country; single property of at least 120 m².
€250,000 exception: commercial-to-residential conversions or restorations of listed buildings — nationwide, Athens included, with no size requirement.
Conditions: no stay requirement; family coverage includes spouse, children under 21 and dependent parents; 5-year renewable permit; short-term letting banned (€50,000 fine).
2026 update: Law 5275/2026 left thresholds untouched (it clarified the 5-year term starts from card issuance); an April 2026 circular tightened fraud checks. There is no official proposal to raise the thresholds.
The demand shift, in numbers
Approvals nearly doubled: 8,879 in 2025 vs 4,535 in 2024 (+96%), helped by faster processing of the backlog.
US interest rose: monthly US applications climbed from 302 to 383 after Spain's announcement (November 2024); industry forecasts put 2025 demand growth at 20–25%.
Turkish investors in second place: permits rose from 1,067 to 2,698 in a year (+153%); by February 2026, 3,578 first permits and a 16.3% share (China leads at 48.1%).
Programme scale: 23,221 investors since inception and over €8.5 billion in property investment.
Balance note: new applications eased to 6,978 in 2025 after 2024's record 9,391 — the surge is concentrated in approvals and in the Turkish and US segments.
What it means for investors
The Spanish option is off the table; Portugal no longer accepts real estate and its citizenship horizon has stretched to 10 years. Greece remains the only major programme combining three things at once: residency through property, an entry threshold from €250,000, and zero stay requirement. With rising demand affecting processing queues, moving early on conversion projects is an advantage. Start here: Complete 2026 Guide → · Documents checklist → · Processing time →
Frequently asked questions
Can I still apply for Spain's Golden Visa? No. The programme closed across all investment routes on 3 April 2025; only existing holders can renew under the old legislation.
Will Greece raise its thresholds? As of July 2026 there is no official proposal; the 2026 legislative updates (Law 5275/2026, Circular 1/2026) left the thresholds untouched.
Is Portugal still an alternative? Its real estate route closed in 2023; what remains is the €500,000 fund route, and citizenship now takes 10 years. For property-focused investors the comparison clearly favours Greece.
Do I have to live in Greece? No. The Greek Golden Visa has no stay requirement; the permit renews every 5 years even if you never reside in the country.
Sources: Ley Orgánica 1/2025 (BOE, January 2025); Greek Ministry of Migration and Asylum statistics (2025–2026); Laws 5100/2024 and 5275/2026; Irish Department of Justice (February 2023); EU Court of Justice ruling on Malta (April 2025).
Avla Real Estate works as an independent buyer's advisor across every segment, from €250,000 conversion projects to the Athens Riviera. realestate@avla.com.tr · +90 532 282 2657
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