Earlier this year, in April, the Spanish government announced that purchasing property worth €500,000 would no longer be considered a pathway to obtaining residency in Spain through the “Golden Visa” program.
The government, led by Prime Minister Pedro Sánchez’s Socialist Party, has initiated the process of canceling the “Golden Visa” program for foreign real estate investors. Spanish authorities believe that merely removing the real estate investment option from the “Golden Visa” program is insufficient; thus, they plan to terminate the program entirely.
This decision follows a study revealing that most “Golden Visas” were granted through real estate investments. Currently, the proposal is in the legislative amendment stage, with the process expected to continue until September 4, 2024.
Real estate investment has been one of the most popular routes for obtaining residency in Spain. Since the launch of the “Golden Visa” program, over 15,000 foreigners have obtained residency in Spain, with most acquiring properties worth at least €500,000.
The Closure of Spain’s “Golden Visa” Program Forces Many Investors to Seek Alternative Paths for European Residency. Let’s Explore Some Popular Programs in Other Countries
Below are some of the most sought-after programs and countries that offer foreign investors the opportunity to obtain residency and citizenship in Europe through investment, providing favorable conditions for business and a high quality of life.
In Greece, the minimum investment starts at €400,000. Investment options include purchasing real estate, investing in Greek companies, bank deposits, and purchasing government bonds. Permanent residency is granted for five years, and citizenship becomes available after seven years.
In Italy, the minimum investment starts at €250,000 in innovative startups. Other investment options include Italian companies and charitable projects. The residence permit is issued for two years with the possibility of renewal. After ten years of residence, fulfilling all conditions, including language proficiency and integration into the local community, one can apply for citizenship.
In Cyprus, the minimum investment is €300,000. Options include purchasing residential or commercial real estate, investing in Cypriot companies and funds. Permanent residency (PR) is granted immediately, with a resident card valid for 10 years. Cypriot citizenship becomes available after just five years.
In Portugal, the minimum amount starts at €250,000 for the preservation of national heritage. Other options include investing in business and creating jobs, investment funds, and financial deposits. The residence permit is issued for two years with the possibility of renewal, and citizenship can be obtained after five years.
To choose the most suitable program, consult with the experts at the international law firm Feod Group! We also offer a range of ancillary services, including support in business, taxation, investments, and real estate purchases.
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