In November 2024, Spain officially announced the end of its Golden Visa program, which will cease to operate in 2025. The program, which granted residency permits to non-EU investors who made qualifying investments, had been a popular route for high-net-worth individuals since its introduction in 2013. This significant policy change is expected to reshape investment trends, directing attention to alternative opportunities in other European countries.

What Was the Golden Visa, and Why Is It Ending?

Spain launched the Golden Visa program during the 2013 economic crisis as a way to attract foreign capital. The program offered residency permits to non-EU nationals who:

• Invested a minimum of €500,000 in real estate,

• Acquired €2 million in government bonds, or

• Committed €1 million in Spanish companies.

While the program successfully brought in foreign investment, it also faced criticism for driving up real estate prices and reducing housing accessibility for locals. In April 2024, Prime Minister Pedro Sánchez announced the decision to end the program, emphasizing that housing is a fundamental right, not a speculative asset.

What Will Change in 2025?

With the passing of the Justice Services Efficiency Law in November 2024, the Golden Visa program will be officially phased out in January 2025. After this date, no new applications will be accepted. However, transitional provisions will allow existing Golden Visa holders and applicants who submit their applications before the deadline to retain their benefits.

Insights from NotteGlobal CEO Yusuf Boz

Speaking about the implications of this decision, NotteGlobal CEO Yusuf Boz shared his thoughts:

“Spain’s decision to end the Golden Visa program presents both a challenge and an opportunity for investors. It pushes them to explore alternative investment destinations with competitive residency programs. Countries like Latvia, Greece, and Portugal offer attractive options for those seeking both financial returns and residency benefits.”

Exploring New Investment Destinations: Latvia and Greece

The end of Spain’s Golden Visa program opens the door for other European countries to attract global investors. Among these, Latvia and Greece stand out as viable alternatives:

Latvia Golden Visa Program

Latvia offers residency permits for a minimum investment of €75,000 in qualifying companies. This program also extends benefits to family members, making it an appealing option for investors seeking long-term opportunities in the Eurozone. Latvia’s stable economy and its focus on innovation further enhance its attractiveness.

Greece Golden Visa Program

Greece continues to thrive with its Golden Visa program, which starts at €250,000 for real estate investments. With opportunities for rental income and residency benefits, Greece has become a hotspot for foreign investors. Its strategic location in Europe and natural beauty make it a compelling destination for those looking for both lifestyle and financial gains.

Strategies for Investors Post-Golden Visa Era

As Spain closes the chapter on its Golden Visa program, investors should consider the following strategies:

1. Explore Alternative Countries: Countries like Latvia, Greece, and Portugal offer competitive Golden Visa programs that align with diverse investment goals.

2. Diversify Investments: Beyond real estate, opportunities in technology, innovation, and other high-growth sectors should be explored.

3. Plan Long-Term: Investors aiming for European residency should evaluate the sustainability and long-term benefits of their chosen programs.

New Horizons for Global Investors

While Spain’s decision to terminate the Golden Visa program marks the end of an era, it also creates new opportunities for investors to diversify their portfolios and explore emerging markets in Europe. At NotteGlobal, we guide investors through this transition by providing insights into alternative programs in Latvia, Greece, and Portugal. Our team is committed to helping clients identify the best options for their financial and residency goals.

If you’re considering new investment opportunities, contact us to learn more about how you can make the most of this changing landscape.