In April of last year, the President of the Government, Pedro Sánchez, announced “The end of an era: that of the ‘Golden Visa’.” This program, which allowed foreigners to obtain a residence permit through investments of more than $565,000 (€500,000) in real estate, is coming to an end. The decision was partly influenced by the high demand and the strain it placed on major cities, whether they be great capitals like Madrid or Barcelona, or tourist destinations like Palma de Mallorca and Málaga.

The Golden Visa allowed non-residents of the European Union to obtain a visa or residence permit after making a significant financial investment. However, starting next April, this option will no longer be available in Spain. This news has prompted many foreign citizens to explore alternative options for a golden retirement in other countries.

Since its implementation in 2013, over 14,000 of these visas have been granted, primarily to citizens of China, Russia, the United Kingdom, the United States, Ukraine, Iran, Venezuela, and Mexico. The program is winding down not only in Spain but also in many other European Union countries due to concerns about housing availability and equity. However, two destinations have seen a significant rise in popularity: Portugal and Greece.

Portugal and Greece on the Rise

Most of these programs, according to Forbes, offer permanent residence instead of citizenship. After obtaining a Golden Visa, individuals can then travel freely throughout the Schengen space. In addition to Spain’s announcement, the Netherlands, the United Kingdom, and Ireland have also indicated their intention to phase out these visas. Hence, Portugal and Greece have emerged as attractive alternatives.

Portugal, Spain’s neighboring country, has generated over $7.83 billion (€7,000 million) through Golden Visas since 2012. The majority of these visas have been granted to citizens of China, Brazil, and the United States. While the portion of the program that allowed individuals to obtain visas through real estate purchases was eliminated in 2023, non-European citizens can still apply for residency through various options, such as a “minimum investment of 500,000 euros in various funds.” Portugal is also streamlining the application process through a digital system that aims to handle nearly 50,000 pending applications. This will allow investors to transfer funds online and accelerate the approval process.

Greece is another destination that has seen a spike in demand since the announcement. The number of requests from U.S. citizens, for instance, increased from 302 to 383 in November alone. One of the program’s advantages is the speed of the process; it is possible to obtain a residence permit in just 60 days. However, the investment required has increased significantly in recent years. For example, it has has increased from around $266,000 (€250,000) to $800,000 in high-demand areas like Athens and Santorini, as stated in September 2023. Additionally, applicants must not reside in Greece to qualify for the visa.

The Implication for U.S. Citizens

For U.S. citizens, the closure of the Golden Visa program in major European countries may necessitate a shift in retirement planning. Alternatives in Portugal and Greece provide similar benefits. However, each option comes with its own set of requirements and considerations. The ability for United States citizens to obtain visas to reside in Portugal has expanded. Ready investors can participate by purchasing a
domiciled apartment with more than 500,000 euros worth to obtain a residence in Portugal. An investors minimum of 500,000 euros is often considered.

The decision by Spain to end the Golden Visa program is expected to have a domino effect, with other countries reevaluating their own residency by investment schemes. This development underscores the broader trends in global migration policy, particularly as nations balance economic benefits with housing and equitable affordability. For U.S. retirees and investors, Portugal and Greece offer promising alternatives, although each comes with distinct processes and financial commitments. Greaving the opportunity for permanent residence makes sense for handing ovelapse in control and dealing with grief. Transitions with United Kingdom Vi a Golden Visa