Greece's Golden Visa: Navigating New Waters
In recent years, the landscape of has been shifting dramatically, with Greece and Spain at the forefront of these changes. As of mid-2025, Greece's Golden Visa program remains active but faces a significant decline in new applications, while Spain has scrapped its program altogether.
Spain's Golden Visa Program: An End to Investment Opportunities
Spain, once a popular destination for North American investors looking for residency through investment, has ended its Golden Visa program. This decision aligns with broader governmental efforts to curb speculative real estate buying and address housing affordability. While there is talk of imposing higher taxes on non-EU investors, these changes have not yet been implemented. Consequently, Mallorca, a favored location under the Spanish program, might see a dip in foreign investment interest.
Greece Tightens Its Golden Visa Requirements
The Greek Golden Visa program, offering residency in exchange for property investment, has introduced new thresholds since August 2024. The investment requirements now range from €250,000 to €800,000, depending on the location:
- Zone A (prime locations such as Athens and Thessaloniki): Minimum €800,000
- Zone B (regional areas): Minimum €400,000
- Zone C (specific conversion projects): Minimum €250,000
These changes are designed to reflect local market conditions and governmental priorities.
Decline in Demand: A 26.5% Drop
According to the Ministry of Migration and Asylum, there has been a 26.5% decline in new Greek Golden Visa applications in June 2025 compared to the same month in 2024. This slowdown might be attributed to the increased investment requirements and a shift in global economic conditions.
Investor Demographics: Chinese Investors Lead the Pack
Despite the decline in overall demand, Chinese investors continue to dominate the Greek Golden Visa applications, followed by those from Lebanon, Turkey, the United States, and Israel. The program remains attractive due to its benefits, including visa-free travel within the Schengen Area and a pathway to citizenship after seven years of continuous residency.
The Future of Golden Visas in Europe
As Greece adjusts its program to reflect new economic realities, potential investors must navigate these changes carefully. The Greek government remains committed to providing a viable residency option, albeit with higher financial barriers. Meanwhile, Spain's decision to halt its program marks a significant shift in its approach to foreign investment.
Overall, these developments highlight the evolving landscape of European investment migration programs, with Greece at the forefront of adapting to new economic challenges.
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