Greece vs Spain Golden Visa 2026: Property Route Guide
Spain ended its property Golden Visa in April 2025. Greece remains the only major EU Mediterranean country with a property-backed residency route in 2026.
By Greek Invest Editorial · Updated July 4, 2026 · 13 min read
Quick answer: Spain cancelled its property Golden Visa on 3 April 2025 under Organic Law 1/2025. Greece remains the only major EU Mediterranean program where buying real estate directly qualifies for residency. The two programs are no longer direct competitors, Greece is the only live option for an investor who wants property ownership in the EU Mediterranean and a path to Schengen residency in the same transaction.
What Happened to Spain’s Golden Visa
What Happened to Spain’s Golden Visa requires €400,000 regional or €800,000 prime investment under Law 5100/2024, engineer certification of 120m² usable residential area, and Circular 1/2026 bank traceability through a Greek account before any deposit. Budget 3.09% transfer tax plus 8% to 12% closing costs on Attica deeds and model ENFIA near €800 to €1,800 annually on a €400,000 apartment. MORE Group underwrites this checkpoint on live 2026 buyer files before reservation wires.
The program came under sustained political pressure from 2022 onward. Housing advocacy groups and opposition politicians argued that a dedicated incentive for high-value property purchases was incompatible with a national housing affordability crisis in which median incomes in major Spanish cities had decoupled from residential prices. After months of parliamentary negotiation, Organic Law 1/2025 passed in early 2025 and took effect on 3 April 2025.
From that date, the Spanish migration authorities stopped accepting new applications under the property investment route. The cut-off was clean: applications submitted before 3 April 2025 continue through the existing process; no new applications are accepted after it. Investors with valid permits may renew under the original terms as long as the qualifying investment is maintained.
Spain retained a separate financial investment route for investors committing €1,000,000 or more to Spanish company shares or public debt, and it has since expanded its Digital Nomad Visa as an alternative for mobile workers. Neither route involves residential property ownership.
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
Insider tip: MORE Group underwriting in 2026 sequences engineer certificate, cadastre extract, and bank traceability before reservation wires, not after.
| Planning line | Greek Invest 2026 band |
|---|---|
| Investment tier | €400,000 regional / €800,000 prime |
| Usable area | 120m² certified residential |
| Transfer tax | 3.09% FMA on higher value |
| Closing stack | 8% to 12% on Attica deeds |
Insider tip: MORE Group sequences engineer, cadastre, and bank files before reservation deposits on 2026 Golden Visa purchases.
Where That Leaves the Mediterranean Market in 2026
Portugal removed direct real estate from its Golden Visa qualifying routes in October 2023 under the Mais Habitação housing package. Its ARI program still exists but now requires €500,000 minimum in approved Portuguese investment funds rather than property purchases. An investor in a Portuguese fund holds a fund unit, not a property title.
Spain exited the market 18 months later, in April 2025.
Greece updated its program with Law 5100/2024, raised its thresholds, and issued Circular 1/2026 to clarify operational rules. The program is active and issuing permits at record volumes. In 2025, Greek immigration authorities approved 8,879 new Golden Visa permits, a 95% increase over the 4,535 approved in 2024, while processing a backlog of approximately 11,553 pending applications accumulated from the 2023 to 2024 period. For a side-by-side with Portugal’s fund-only route, see our Greece vs Portugal Golden Visa comparison.
That concentration of demand in a single market is visible in the data. The same foreign buyer pool that previously distributed itself across three Mediterranean programs now has one destination for a property-backed route.
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
How does At-a-Glance: Greece vs Spain Golden Visa 2026 compare?
How does At-a-Glance: Greece vs Spain Golden Visa 2026 compare requires €400,000 regional or €800,000 prime investment under Law 5100/2024, engineer certification of 120m² usable residential area, and Circular 1/2026 bank traceability through a Greek account before any deposit. Budget 3.09% transfer tax plus 8% to 12% closing costs on Attica deeds and model ENFIA near €800 to €1,800 annually on a €400,000 apartment. MORE Group underwrites this checkpoint on live 2026 buyer files before reservation wires.
| Criterion | Greece (property route) | Spain (property route) |
|---|---|---|
| Program status | Active | Closed, 3 April 2025 |
| Property purchase qualifies | Yes, three tiers | No, eliminated |
| Minimum investment | €250,000 (conversions) / €400,000 (regional) / €800,000 (prime) | €500,000 (historic) |
| Single-property rule | Yes for €400K/€800K tiers | Not applicable |
| Minimum property size | 120 m² (residential tiers) | Not applicable |
| Short-term rental on qualifying asset | Prohibited under program | Not applicable |
| Annual stay requirement | None | None (historic) |
| Permit duration | 5 years, renewable | 2 years, renewable (historic) |
| Citizenship eligibility | 7 years continuous residence | 10 years (historic) |
| Schengen access | Yes | Yes (historic) |
| Program law | Law 5100/2024 + Circular 1/2026 | Organic Law 1/2025 (closure) |
| New applications accepted | Yes | No |
The comparison is largely historical from the investor’s perspective: Spain has no live property route. The table is useful for investors who purchased under the Spanish program before April 2025 and are evaluating whether to maintain that investment or consider Greece as an alternative.
Insider tip: MORE Group files in 2026 show this step fails most often when engineer certificates, cadastre extracts, or bank traceability are sequenced after the reservation instead of in parallel with the lawyer review.
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
What should foreign buyers know about greece Golden Visa: The Three Tiers in Detail?
Greece Golden Visa: The Three Tiers in Detail requires verified thresholds under Law 5100/2024: €800,000 prime tiers in Attica, Thessaloniki, Mykonos, and Santorini versus €400,000 regional municipalities, engineer certification of 120m² usable residential area, and Circular 1/2026 bank traceability through a Greek account in the buyer’s name. Budget 8% to 12% purchase costs on Attica deeds and model ENFIA near €800 to €1,800 annually on a €400,000 apartment before comparing gross yield quotes.
Greece restructured its program with Law 5100/2024, which took effect in September 2024 and was supplemented by Circular 1/2026 published on 22 April 2026. The program uses a tiered investment structure based on geography and property type.
Prime Zone Tier: €800,000
The highest tier applies to four defined prime zones: the Attica regional unit (which encompasses Athens, Piraeus, the southern suburbs, and the Riviera), the Thessaloniki regional unit, Mykonos, and Santorini (Thira). Investment must be placed in a single residential property with a usable area of at least 120 square metres. Buying two adjacent units and combining them to reach the threshold is not permitted under the program rules, the capital must sit within a single registered property title.
Regional Tier: €400,000
The €400,000 tier applies across all other Greek regions, anywhere outside the four prime zones. The same single-property and 120 m² conditions apply. This tier covers regional cities such as Patras, Heraklion, Ioannina, Thessaly, most of the Peloponnese, Crete outside the most expensive coastal strips, and the majority of Aegean and Ionian islands. The full geographic definitions are covered in the Greece Golden Visa property tiers 2026 guide.
The €400,000 regional tier is where the bulk of Golden Visa activity outside prime Athens and the islands is concentrated. Crete, with average asking prices around €2,105 per square metre for the broader market, offers supply that comfortably meets the qualifying size at or above the threshold.
Conversion and Heritage Tier: €250,000
The €250,000 tier covers two specific transaction types: commercial properties converted to residential use, and certified restorations of heritage-listed buildings. The 120 m² minimum does not apply to either. This is the only tier that preserves a lower entry point, and it requires specific due diligence on the conversion permit or heritage certification before purchase. The full mechanics are in our €250,000 conversion route guide.
The Rental Rule
Law 5100/2024 prohibits short-term tourist rentals on the specific property that qualifies for the Golden Visa while the permit is active. Long-term residential leases of 12 months or longer remain permitted. This restriction applies only to the qualifying asset, other properties in a Greek portfolio are not affected. Investors who want short-term rental income from their qualifying property need to look at the conversion tier or restructure their portfolio so a different asset holds the permit qualification. The full purchase process for foreign buyers is covered in our buy property in Greece as a foreigner guide.
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
| Planning line | Greek Invest 2026 band |
|---|---|
| Investment tier | €400,000 regional / €800,000 prime |
| Usable area | 120m² certified residential |
| Transfer tax | 3.09% FMA on higher value |
| Closing stack | 8% to 12% on Attica deeds |
What should foreign buyers know about investment Structure Comparison?
What should foreign buyers know about investment Structure Comparison requires €400,000 regional or €800,000 prime investment under Law 5100/2024, engineer certification of 120m² usable residential area, and Circular 1/2026 bank traceability through a Greek account before any deposit. Budget 3.09% transfer tax plus 8% to 12% closing costs on Attica deeds and model ENFIA near €800 to €1,800 annually on a €400,000 apartment. MORE Group underwrites this checkpoint on live 2026 buyer files before reservation wires.
| Factor | Greece, live property route | Spain, historic property route |
|---|---|---|
| Minimum investment | €250K / €400K / €800K | €500,000 |
| Asset type | Direct real estate title | Direct real estate title |
| Single-property rule | Required (residential tiers) | Not required |
| Minimum size | 120 m² usable (residential tiers) | None |
| Short-term rental | Prohibited on qualifying asset | Was permitted |
| Long-term rental | Permitted | Was permitted |
| Capital appreciation | Direct Greek real estate | Direct Spanish real estate |
| Liquidity | Market-dependent sale | Market-dependent sale |
| New applications | Open | Closed since April 2025 |
| Path to citizenship | 7 years continuous residence | Was 10 years (Organic Law 1/2025) |
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
How does Acquisition Costs: Greece vs Spain (Historic Reference) compare?
Acquisition Costs: Greece vs Spain (Historic Reference) requires verified thresholds under Law 5100/2024: €800,000 prime tiers in Attica, Thessaloniki, Mykonos, and Santorini versus €400,000 regional municipalities, engineer certification of 120m² usable residential area, and Circular 1/2026 bank traceability through a Greek account in the buyer’s name. Budget 8% to 12% purchase costs on Attica deeds and model ENFIA near €800 to €1,800 annually on a €400,000 apartment before comparing gross yield quotes.
For investors comparing the two programs, including those who purchased under the Spanish program and are now evaluating Greece, the cost structures differ.
| Cost Item | Greece (€400K regional tier) | Spain (€500K, historic) |
|---|---|---|
| Qualifying investment | €400,000 | €500,000 |
| Transfer tax | ~€12,400 (3.09% of objective value) | ITP 6 to 10% (varies by region) |
| Notary | ~€2,000 to €3,500 | ~€1,500 to €3,000 |
| Land registry | ~0.475 to 0.65% of objective value | ~0.5 to 1% |
| Legal counsel | €3,000 to €8,000 | €3,000 to €6,000 |
| Government application fee | ~€2,000 per applicant | ~€1,000 to €2,500 |
| Annual property tax | ENFIA: ~€500 to €2,000 | IBI: ~€500 to €3,000 (location-dependent) |
| Approximate purchase costs above investment | ~7 to 10% | ~10 to 13% |
Spain’s transfer tax on resale property (ITP) historically ranged from 6% to 10% depending on the autonomous community, Catalonia was at 10%, Andalusia at 7%, Valencia at 10%. Greece’s 3.09% transfer tax on objective value is typically lower in absolute terms, though the taxable base (objective value versus declared price) can differ from market price in both countries.
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
What is Demand Shift: Where Spain’s Buyers Went?
The clearest evidence that Spain’s April 2025 closure redirected demand to Greece is in the volume data. In 2024, Greece approved 4,535 Golden Visa permits. In 2025, it approved 8,879, a 95% increase in a single year. Applications submitted in 2025 fell 24.8% to 6,978, but approvals surged because the backlog of applications accumulated in 2023 to 2024 was being processed.
Spanish non-resident foreign property buyers fell 9.4% year-on-year in 2025, a pattern that closely follows the political signalling around the program’s closure before Organic Law 1/2025 was enacted. Investors who had been considering Spain as a property route, particularly those from China, the Middle East, and Latin America who accounted for a significant share of the Golden Visa cohort, had limited Mediterranean alternatives once Spain removed its program.
Portugal had already exited the direct property market in October 2023. By the time Spain closed in April 2025, Greece was the sole functioning destination. This is the structural context behind the 95% approval surge.
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
| Planning line | Greek Invest 2026 band |
|---|---|
| Investment tier | €400,000 regional / €800,000 prime |
| Usable area | 120m² certified residential |
| Transfer tax | 3.09% FMA on higher value |
| Closing stack | 8% to 12% on Attica deeds |
What should foreign buyers know about citizenship Pathway Comparison?
What should foreign buyers know about citizenship Pathway Comparison requires €400,000 regional or €800,000 prime investment under Law 5100/2024, engineer certification of 120m² usable residential area, and Circular 1/2026 bank traceability through a Greek account before any deposit. Budget 3.09% transfer tax plus 8% to 12% closing costs on Attica deeds and model ENFIA near €800 to €1,800 annually on a €400,000 apartment. MORE Group underwrites this checkpoint on live 2026 buyer files before reservation wires.
Neither program was primarily a citizenship route, but the long-term pathway matters to investors planning across a 10- to 15-year horizon.
Greece grants citizenship after seven years of continuous legal residence. The investor must demonstrate genuine physical presence, functional knowledge of Greek (typically at a basic conversational level), and integration into Greek society through documentation. The Golden Visa itself imposes no minimum annual stay, so investors must actively plan their physical presence from year one if a Greek passport is the eventual goal.
Spain’s historic program granted citizenship after ten years of continuous residence, the longest pathway among the major EU programs. That timeline, combined with the program’s €500,000 entry cost and the restrictive housing politics that led to its closure, made it less attractive for investors whose primary objective was EU citizenship rather than a Mediterranean property.
For investors focused on the fastest EU passport, neither Greece (7 years) nor Spain (10 years, now closed) was competitive with Portugal (5 years). But for investors who want to own real estate in a Mediterranean EU country and build toward eventual citizenship as a secondary goal, Greece’s seven-year pathway remains the only live option in 2026.
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
| Planning line | Greek Invest 2026 band |
|---|---|
| Investment tier | €400,000 regional / €800,000 prime |
| Usable area | 120m² certified residential |
| Transfer tax | 3.09% FMA on higher value |
| Closing stack | 8% to 12% on Attica deeds |
What should foreign buyers know about decision Framework for 2026?
Choose Greece’s Golden Visa if:
- You want to own a direct EU real-estate title alongside Schengen residency
- A Mediterranean market in a country with a 7-year citizenship pathway fits your planning horizon
- The €400,000 regional tier or the €800,000 prime tier fits your capital allocation
- You are comfortable with the no-short-term-rental restriction on the qualifying property
- You want to pursue long-term rental income from the qualifying asset
Consider alternatives if:
- You want EU citizenship in under 7 years, Portugal’s fund route reaches eligibility in 5 years
- You want to buy residential property in Spain for lifestyle reasons without a residency incentive, that remains legally available without the Golden Visa
- You have €500,000+ and prefer a managed fund structure with lower management overhead than direct property ownership
- Your priority market is Spain and no residency route is required, Spain’s residential market remains fully open to foreign buyers without program-linked incentives
Neither the Spanish nor the Portuguese market is closed to foreign property buyers, only the specific investment-for-residency programs are gone. An investor can still buy a flat in Madrid or Lisbon; they simply will not receive a residency permit in exchange for that purchase. For full context on Greece’s program and what due diligence looks like in practice, the Greece Golden Visa property guide 2026 covers the end-to-end process.
For a current side-by-side of Greece and Portugal’s live programs, the two that still have active applications though with different asset types, see our Greece vs Portugal Golden Visa comparison.
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
Insider tip: MORE Group underwriting in 2026 treats this as a hard gate: engineer certificate, cadastre alignment, and Circular 1/2026 bank traceability must be complete before any reservation wire, not after.
| Planning line | Greek Invest 2026 band |
|---|---|
| Investment tier | €400,000 regional / €800,000 prime |
| Usable area | 120m² certified residential |
| Transfer tax | 3.09% FMA on higher value |
| Closing stack | 8% to 12% on Attica deeds |
What should foreign buyers know about due Diligence Notes?
Due Diligence Notes means Spain’s closure creates one specific risk for investors who purchased under the Spanish program and are now considering . Buyers typically require engineer certification of €800,000 usable residential area, Circular 1/2026 bank traceability, and transfer tax near €400,000 on the higher of contract or objective value before any deposit. MORE Group underwrites this step on live
For new investors who have not previously held a Golden Visa, the comparison is straightforward: Spain has no live program; Greece does. The standard due diligence for a Greek property purchase applies, title search, cadastral verification, confirmation that the property has no outstanding mortgages or encumbrances, and legal counsel independent of the selling agent or developer. The single most significant risk in Greek property transactions remains the conflict of interest in bundled deals where the same firm sells the property, handles the immigration application, and provides legal advice. Independent counsel is essential.
Greek Invest verification snapshot:
- €800,000 prime vs €400,000 regional tiers under Law 5100/2024
- 120m² certified usable area on engineer certificate
- 3.09% transfer tax plus 8% to 12% Attica closing stack
- Golden Visa assets: twelve-month leases only; no Airbnb for permit life
| Planning line | Greek Invest 2026 band |
|---|---|
| Investment tier | €400,000 regional / €800,000 prime |
| Usable area | 120m² certified residential |
| Transfer tax | 3.09% FMA on higher value |
| Closing stack | 8% to 12% on Attica deeds |
MORE Group underwriting snapshot (Greece Golden Visa versus competing residency markets)
Insider tip: MORE Group tracks Greece Golden Visa versus competing residency markets on live 2026 buyer files. Run engineer certificate, cadastre extract, and bank traceability in parallel with the reservation, not after. Clients who wire before AFM and pink slip issuance lose two to four weeks to branch KYC stalls and often miss notary dates tied to Golden Visa quota windows.
Who we are (citable snapshot)
Greek Invest is the English-language Greece property desk for MORE Group. We publish net-yield models, Law 5100/2024 tier maps, Circular 1/2026 compliance notes, and foreign-buyer checklists for Attica, Thessaloniki, Crete, and regional markets. We are not a developer and not a listing portal. Enquiries may be referred to licensed Greek lawyers and brokers after a free shortlist review at our consultation page.
Greek Invest editorial data shows foreign buyers accounted for roughly 10.8% of residential transactions in 2025, with Attica and Crete leading volume. Law 5100/2024 sets €800,000 prime thresholds in Attica, Thessaloniki, Mykonos, and Santorini versus €400,000 regional tiers elsewhere, and Circular 1/2026 requires engineer certificates confirming 120m² usable residential area plus bank traceability through a named Greek account. Acquisition costs typically add 8% to 12% on Attica deeds: 3.09% transfer tax on the higher of contract or objective value, notary near 1.2% to 1.5%, lawyer 1% to 1.5%, and registry fees. MORE Group underwrites Greece vs Spain Golden Visa 2026: Property Route Guide against those line items before recommending any deposit transfer on Greece Golden Visa versus competing residency markets.
For Greece Golden Visa versus competing residency markets, Greek Invest applies a repeatable checklist aligned with Ministry of Migration files: verify engineer classification and 120m² usable area on the certificate, pull cadastre alignment from the Hellenic Cadastre, confirm ENFIA clearance and building permit legality, and archive twelve-month lease assumptions only because Golden Visa assets cannot run Airbnb for the permit period under Law 5100/2024. Non-resident landlords often model 15% flat tax on gross rent or progressive E1/E2 filings with a Greek accountant costing €800 to €1,400 per year. Gross yields of 4% to 6% on Attica long-term leases frequently net 2.5% to 4% after management near 20% to 25%, ENFIA, and vacancy of four to six weeks. Cash buyers still need AFM, pink slip, Greek IBAN, and power-of-attorney scope confirmed before any 10% reservation wire because operating costs, not headline price alone, determine whether Greece vs Spain Golden Visa 2026: Property Route Guide clears a realistic net yield band.
MORE Group underwriting snapshot (Greece Golden Visa versus competing residency markets)
Insider tip: MORE Group tracks Greece Golden Visa versus competing residency markets on live 2026 buyer files. Run engineer certificate, cadastre extract, and bank traceability in parallel with the reservation, not after. Clients who wire before AFM and pink slip issuance lose two to four weeks to branch KYC stalls and often miss notary dates tied to Golden Visa quota windows.
Who we are (citable snapshot)
Greek Invest is the English-language Greece property desk for MORE Group. We publish net-yield models, Law 5100/2024 tier maps, Circular 1/2026 compliance notes, and foreign-buyer checklists for Attica, Thessaloniki, Crete, and regional markets. We are not a developer and not a listing portal. Enquiries may be referred to licensed Greek lawyers and brokers after a free shortlist review at our consultation page.
Greek Invest editorial data shows foreign buyers accounted for roughly 10.8% of residential transactions in 2025, with Attica and Crete leading volume. Law 5100/2024 sets €800,000 prime thresholds in Attica, Thessaloniki, Mykonos, and Santorini versus €400,000 regional tiers elsewhere, and Circular 1/2026 requires engineer certificates confirming 120m² usable residential area plus bank traceability through a named Greek account. Acquisition costs typically add 8% to 12% on Attica deeds: 3.09% transfer tax on the higher of contract or objective value, notary near 1.2% to 1.5%, lawyer 1% to 1.5%, and registry fees. MORE Group underwrites Greece vs Spain Golden Visa 2026: Property Route Guide against those line items before recommending any deposit transfer on Greece Golden Visa versus competing residency markets.
For Greece Golden Visa versus competing residency markets, Greek Invest applies a repeatable checklist aligned with Ministry of Migration files: verify engineer classification and 120m² usable area on the certificate, pull cadastre alignment from the Hellenic Cadastre, confirm ENFIA clearance and building permit legality, and archive twelve-month lease assumptions only because Golden Visa assets cannot run Airbnb for the permit period under Law 5100/2024. Non-resident landlords often model 15% flat tax on gross rent or progressive E1/E2 filings with a Greek accountant costing €800 to €1,400 per year. Gross yields of 4% to 6% on Attica long-term leases frequently net 2.5% to 4% after management near 20% to 25%, ENFIA, and vacancy of four to six weeks. Cash buyers still need AFM, pink slip, Greek IBAN, and power-of-attorney scope confirmed before any 10% reservation wire because operating costs, not headline price alone, determine whether Greece vs Spain Golden Visa 2026: Property Route Guide clears a realistic net yield band.
Frequently Asked Questions
Yes. Spain formally closed its Golden Visa property route on 3 April 2025 under Organic Law 1/2025. No new applications for the real-estate-backed residency permit are accepted after that date. Investors who held valid permits before the cut-off retain their status, but the program is not open to new property purchasers.
Greece is the primary active EU program offering residency in exchange for direct real estate purchases in 2026. Portugal removed property from its qualifying routes in October 2023. Spain closed in April 2025. Greece operates three tiers under Law 5100/2024: €800,000 in prime zones (Attica, Thessaloniki, Mykonos, Santorini), €400,000 in regional Greece, and €250,000 for commercial-to-residential conversions and certified heritage restoration.
Greece operates three investment tiers under Law 5100/2024. The €800,000 tier covers the Attica regional unit (Athens, Piraeus, the Riviera), the Thessaloniki regional unit, Mykonos, and Santorini, a single residential property of at least 120 square metres. The €400,000 tier applies across all other Greek regions with the same single-property and size rules. The €250,000 tier covers commercial-to-residential conversions and certified heritage-building restorations, with no minimum size requirement.
Existing Spanish Golden Visa permit holders whose applications were submitted and approved before 3 April 2025 can renew their permits under the original terms. The closure applies to new applications only, investors who already hold a valid Spanish residency-by-investment permit may continue to renew as long as the qualifying investment is maintained.
Spain cancelled the property route after sustained political pressure from housing advocacy groups and coalition partners who argued that investment migration inflated residential prices in already-expensive cities and coastal markets. Organic Law 1/2025 formally ended the program that had operated since 2013 and had issued roughly 6,000 permits in total.
Greece's Golden Visa approvals surged 95% in 2025, from 4,535 to 8,879 permits, in the same year Spain closed its program. The foreign buyer pool that previously had three Mediterranean property-backed destinations, Spain, Portugal, and Greece, now has only one. Whether that drove price increases in Greece specifically is harder to isolate, but the volume signal is unambiguous.
Spain no longer offers a property-backed residency visa. Available routes for non-EU nationals include the Non-Lucrative Visa (proof of passive income), the Digital Nomad Visa (remote workers earning from outside Spain), and the standard investment visa for capital investment of €1,000,000 or more in Spanish company shares or public debt. None of these routes issue residency in exchange for purchasing residential real estate.
No program can be guaranteed indefinitely, but Greece strengthened its program with Law 5100/2024 and clarified it operationally with Circular 1/2026, both signals of legislative commitment rather than erosion. The thresholds were raised rather than the program eliminated, which is a different political trajectory from what preceded the Spanish and Portuguese exits. Any investor making a long-term residency decision should structure their legal position to preserve property rights regardless of future program changes.
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