Spain Ends Golden Visa Program, Demand for Greek Residency Soars

Georgia Emerges as an Attractive Alternative for Investors

In 2025, demand for Greece’s Golden Visa program is expected to continue rising, driven by Spain’s decision to end its residency-by-investment scheme and Portugal’s recent tightening of regulations.

According to investment firm Astons, applications for Greece’s residency-by-investment program have already seen a sharp increase. In 2024, Greek authorities registered 9,289 applications, a 10% rise from 2023. From 2018 to 2024, the program maintained an annual growth rate of 25%.

Spain to End Golden Visa Program in April 2025

The Spanish government will officially terminate its Golden Visa program on April 3, 2025, aiming to combat the housing crisis by restricting foreign real estate investments.

Earlier, Portugal removed real estate investment from its residency program to control rising property prices. These changes have redirected investor interest toward Greece, where real estate remains a viable pathway to residency.

Greece Maintains Strong Investor Appeal

In September 2024, Greece raised the minimum investment threshold for its Golden Visa program:
✔ Athens Riviera, Thessaloniki, and major islands – now require a €800,000 investment
✔ Less popular areas – remain at the €250,000 minimum

Despite these changes, Greece remains one of the most accessible and attractive destinations for investors, offering diverse property options and economic stability.

Georgia Gains Popularity as a Residency Option

Georgia is also emerging as a hotspot for residency-by-investment, providing one of the most affordable pathways to residency in Europe.

✔ Minimum investment requirement – $100,000 USD
✔ Simplified application process
✔ No strict residency requirements

With recent changes in Europe’s investment immigration market, interest in Georgia’s residency program is growing, particularly among investors from Russia, CIS countries, and the Middle East.

Outlook for 2025

Experts anticipate continued growth in Golden Visa applications in Greece throughout 2025, driven by:
✔ Spain’s decision to end its program
✔ Portugal eliminating real estate investment as an option
✔ Rising demand from US investors
✔ A shift toward Georgia as a competitive investment market

Greek authorities are already preparing further adjustments to the residency program starting in 2025. More details on these updates are expected in the coming months, potentially reshaping the landscape of investment-based residency in Europe.