Spain’s Golden Visa Termination Expected to Increase Demand for Greece’s Program

Spain’s Golden Visa Termination Expected to Increase Demand for Greece’s Program

Key Insights

  1. Interest in Greece’s Golden Visa Program is projected to rise further in 2025.
  2. Investment threshold adjustments, increased demand from U.S. investors, and Spain’s termination of its Golden Visa Program are key factors driving this growth, according to Astons.
  3. In 2024, Greece recorded 9,289 Golden Visa applications.

Rising Demand for Greece’s Golden Visa

Greece’s Golden Visa Program is expected to see a continued increase in applications from high-net-worth individuals.

According to the Global Investment Immigration Firm, Astons, this growth is fueled by several factors, including changes in investment requirements, growing interest from U.S. investors, and Spain’s decision to discontinue its Residency-by-Investment Program.

Astons analyzed application trends from 2019 to November 2024. Their data shows that by November, the number of applications had reached an estimated 8,059, with 995 applications in October, 914 in November, and a projected 778 in December.

Impact of Investment Threshold Adjustments

Despite an increase in minimum investment requirements implemented in September 2024, demand for Greece’s Golden Visa remained strong. Key changes included:

  • A €800,000 minimum investment in high-demand areas such as Thessaloniki, the Athenian Riviera, and major islands.

Residency Through Real Estate Investment

Greece’s Golden Visa allows non-EU nationals to obtain residency through various investment options, with real estate being the most popular.

Unlike other countries that have phased out real estate investment from their golden visa schemes, Greece continues to offer this option, making it an attractive destination for international investors.

For example, in less popular regions, the minimum real estate investment remains at €250,000, making Greece one of the most accessible programs in Europe.

Spain’s Golden Visa Termination and Its Impact

Spain recently announced it will terminate its Golden Visa Program on April 3, 2025, as part of an effort to address its housing crisis.

Similarly, Portugal eliminated the real estate investment route under its Golden Visa Program following the approval of the “More Housing” bill.

With these changes, Greece remains one of the few European countries offering real estate-based residency under favorable conditions, positioning itself as a prime destination for foreign investors.

Growth in Golden Visa Applications

In 2024, Greece saw a 10% increase in Golden Visa applications compared to 2023, with a total of 9,289 applications, according to IMI Daily.

Between 2018 and 2024, the program maintained an annual growth rate of 25%, demonstrating its increasing popularity.

In December 2024, Greek authorities announced that new changes would take effect from 2025, further shaping the program's future.

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