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“Golden Visa” Program in Spain Officially Ended: What Are the Alternatives in 2025?
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Spain has officially announced the termination of its Golden Visa program, closing all investment pathways. In December 2024, the Spanish Congress of Deputies approved the cancellation of this long-standing program, which had been highly popular among international investors. The official notification of the program’s termination was published on January 3, 2025, in Spain’s Official State Gazette (BOE), establishing a transition period.
Foreign nationals can submit applications for Spain’s Golden Visa program until April 3, 2025.
This provides investors with a limited opportunity to obtain a residence permit under the current program, whether through real estate investments of €500,000 or alternative options such as investments in bonds or commercial enterprises.
Additionally, it has been reported that Spain plans to introduce a 100% tax on real estate purchases by foreign investors. This decision makes investing in Spanish real estate highly unprofitable for foreigners, inevitably shifting investor interest toward other European countries.
In this new landscape, Cyprus, Greece, and Malta are emerging as leading alternatives, offering transparent and legal investment programs. These countries continue to attract investors with stable conditions, high living standards, and well-structured residency-by-investment options. For many investors, they present an ideal choice for real estate investments and obtaining residency permits.
Alternatives to Spain’s “Golden Visa”: Cyprus, Greece, and Malta
Let’s take a closer look at alternative destinations such as Cyprus, Greece, and Malta, as well as their key features.
Cyprus
Cyprus presents an attractive alternative to Spain’s residency-by-investment program. Currently, the country offers one of the most accessible options for obtaining European Union residency, with a minimum investment threshold of just €300,000 in residential or commercial real estate, Cypriot companies, or investment funds.
The program allows investors and their families to obtain permanent residency (PR) with a 10-year resident card. The application process is straightforward, enabling applicants to submit documents through an authorized representative without requiring personal attendance.
Additionally, Cyprus is one of Europe’s leading financial hubs, offering a favorable tax regime, making it an excellent destination for business operations and tax optimization. The country also provides a unique opportunity to minimize taxation through its Non-Dom status, which significantly reduces tax obligations.
Greece
Greece offers one of the most flexible residency-by-investment programs, providing a wide range of options for different types of real estate investments.
The minimum investment amount starts at €250,000 if it involves the purchase and full restoration of properties with historical or cultural significance. The same investment threshold applies to the conversion of commercial or industrial properties into residential units, provided that all construction work is completed before submitting the application.
For popular tourist and urban areas such as Athens, Thessaloniki, Mykonos, Santorini, and major islands with a population of more than 3,100 residents, the minimum investment requirement is €800,000. In less in-demand regions, the minimum threshold is reduced to €400,000.
After seven years of residence in Greece, investors become eligible to apply for Greek citizenship, granting access to all the benefits of a European passport. Additionally, Greece offers strong investment prospects in the real estate market, driven by its tourism appeal and growing rental demand.
The primary requirement is a real estate investment of at least €375,000, which grants residency for five years with the option for renewal. This makes the program attractive in terms of stability and long-term prospects.
Additionally, the program grants permanent residency to four generations of a family, including parents, children, as well as grandparents, setting it apart from other similar programs in Europe.
Malta does not require mandatory residence, allowing investors to maintain their freedom of movement while remaining Maltese residents. Moreover, the country provides access to high-quality education and healthcare, making it an appealing choice for families.
Europe offers numerous attractive options for investment and residency acquisition. Each program—whether in Cyprus, Greece, or Malta—presents unique advantages, ranging from low investment thresholds to flexible processing conditions and family inclusion options.
The choice of the right program depends on your goals and priorities, whether it’s long-term investment, tax optimization, or relocation for the entire family.
Contact us for a professional consultation and take advantage of our expertise in investment residency programs!
Tetyana Lementaryova is the Managing Director of Feod Group, with over 20 years of experience in international business, education, and immigration. In 2004, she graduated from Nottingham Trent University (London, UK) with a Bachelor’s degree in International Business (BA Hons). In 2006, she ea...
Tetyana Lementaryova is the Managing Director of Feod Group, with over 20 years of experience in international business, education, and immigration. In 2004, she graduated from Nottingham Trent University (London, UK) with a Bachelor’s degree in International Business (BA Hons). In 2006, she earned an MBA in Marketing Management from the European School of Economics (Rome, Italy). Between 2005 and 2009, she co-founded the Italian tour operator New Lands (Rome, Italy).
Areas of Expertise:
✔ Academic Career Planning Abroad: Comprehensive support at every stage of education in the EU, UK, and USA, from choosing institutions to enrollment and document preparation. ✔ Immigration Programs: Consulting and assistance in obtaining student visas and other residency permits. ✔ Investment Projects: Selection and analysis of investment opportunities, including real estate. Tetyana actively participates in industry conferences and seminars, staying up to date with the latest trends and regulatory changes. She also shares her expertise through Feod Group publications, covering a wide range of topics, including education strategies and immigration program insights. Fluent in Ukrainian, English, Russian, Italian, and French.