May 29, 2026

Portugal and Spain shut their real estate Golden Visa — Why Greece is the remaining top pick

The European residency-by-investment map has shifted dramatically over the last 24 months. The two largest destinations for property-based investment — Portugal and Spain — have either removed real estate as an option or closed it entirely. That leaves Greece as the principal remaining option for an investor focused on a property route.

Portugal: no more real estate from October 2023

Portugal removed all real estate investment routes from the Golden Visa in October 2023, alongside the €1.5M capital transfer option. The only qualifying investments since are:

Investment funds (venture capital / private equity ≥ €500,000, no real estate exposure).
Business investment creating 10 full-time jobs or investing €500,000 in an existing company.
Cultural donations and research.

Separately, Portugal's Constitutional Court upheld moving the citizenship clock from 5 to 10 years for most residents — permanent residency still vests at 5 years.

Spain: full closure of real estate Golden Visa on 3 April 2025

Spain closed the real estate option of its Golden Visa programme on 3 April 2025. Prime Minister Pedro Sánchez framed the move as reversing the "speculative use of housing", aiming to restore housing as a fundamental right.

There is no transitional period for new applications. Existing real estate Golden Visa holders keep their permits but must comply with the new renewal rules.

Where Greece stands now

Greece keeps real estate Golden Visa fully open, with refreshed thresholds (in effect from September 2024):

| Zone | Investment threshold | | ------------------------------------------------------------- | -------------------- | | Attica, Thessaloniki, Mykonos, Santorini, islands >3,100 pop. | €800,000 | | Rest of Greece | €400,000 | | Commercial-to-residential conversion / heritage restoration | €250,000 |

Other active EU options

Programmes still operating:

Portugal (funds / business only, no real estate).
Greece (real estate active).
Italy (corporate capital / government bonds).
Hungary (new 2024 programme).
Latvia, Malta, Cyprus (constrained options, tighter due diligence).

Why Greece is the top pick for a property investor

The only large-market real estate route still working. Portugal and Spain have shut this door.
Relatively accessible prices (Athens South Q3 2025: ~€4,000/m²) compared with Lisbon or Madrid.
Property is operable as a long-term rental — long-term letting is permitted (only short-term / Airbnb is prohibited for Golden Visa property).
Surging American interest: US approvals up +49% YoY through late 2025 — Greece has emerged as the first choice for American investors after the Portugal/Spain closures.

What to watch before you invest

Zone thresholds matter. Attica and major islands need €800k, not €400k.
Airbnb ban applies to Golden Visa property — long-term letting only.
Approval timelines: realistically 4-12 months today (see the backlog analysis article).
Political risk of further changes: the European direction of travel is tighter rules. If you're considering, don't postpone without a reason.

Bottom line

Greece is currently the only major European market where the Golden Visa remains achievable through real estate. That has made it the top choice for investors who want residency combined with property ownership — particularly from the US, the Middle East and the UK.

Sources:

Information current as of May 2026. Programme rules shift frequently — consult a qualified legal advisor before making a decision.