Review of Changes in Spain’s Golden Visa Program and Alternative Residency Options

As of April 3, 2025, Spain has officially ended its Golden Visa program — a major turning point in the country’s immigration and investment policies. This program allowed non-EU citizens to obtain residency by investing in Spain’s economy, particularly in real estate. The decision to end the program is primarily aimed at tackling rising housing prices and curbing speculative practices in the property market.

In this article, we’ll examine the key reasons behind the cancellation of the Golden Visa, its economic impact, and the alternative pathways to Spanish residency, as well as comparable options in other countries such as Greece and Cyprus.

The main reason for shutting down the program was the sharp increase in housing prices across Spain. Over the past five years, the average cost per square meter has risen by 31%. Many experts linked this trend to the Golden Visa program, which, while generating foreign investment, made housing less accessible for local residents. Statistics show that in 2023 only 0.53% of all property transactions were related to Golden Visas, proving the program’s minimal impact yet raising strong concerns about affordability.

The Spanish government sought to curb speculative investment in real estate. The Golden Visa had become a target of criticism as locals faced growing challenges in securing housing, leading to public pressure for reform.

Ending the program will also impact tax revenues, as the number of foreign real estate transactions is expected to decline. This highlights the government’s need to balance housing market stability with sustainable economic growth.

Although the Golden Visa has been discontinued, Spain offers several alternative residency options that remain attractive for foreign nationals.

Spain has introduced a special program targeting digital nomads and remote workers. This initiative provides long-term residency for those employed by foreign companies, without requiring large-scale investments in property. The program allows applicants to enjoy Spain’s cultural diversity while continuing remote work.

Another path is the residency program for financially independent individuals. Applicants must prove sufficient income to live in Spain without needing local employment. This option is particularly appealing for retirees and those with steady passive income who wish to spend extended time in Spain.

For those seeking different residency opportunities, nearby countries also provide appealing options.

Greece continues to operate its Golden Visa program. However, starting September 1, 2024, the minimum investment threshold in popular regions will increase to €800,000. Until then, investors can still qualify with a minimum €250,000 investment, making the program attractive for those ready to act quickly.

Cyprus offers Permanent Residency (PR) through real estate investment starting at €300,000. A key benefit is that PR holders are only required to spend two days in the country every two years to maintain their status, making it one of the most flexible residency programs in Europe.

History of the Program:

• Spain launched the Golden Visa in 2013 as a response to the post-financial crisis, aiming to attract foreign investment. More than 22,400 visas were issued during its existence.

Real Estate Market Dynamics:

• In 2023, most Golden Visa-related property purchases were concentrated in Madrid, Barcelona, Málaga, and Alicante — Spain’s most popular cultural and tourist hubs.

Foreign Investor Interest:

• Despite the program’s cancellation, Spain’s property market remains highly attractive for international buyers, thanks to its quality of life and business opportunities.

The cancellation of Spain’s Golden Visa marks a significant shift in the country’s immigration strategy. While aimed at addressing housing affordability for locals, this decision does not close the door to foreign residents. Alternative programs — from digital nomad visas to financial independence permits — ensure that Spain remains open to new residents, alongside similar opportunities in Greece and Cyprus.

We strongly recommend working with professional consultants to navigate these changes effectively and choose the most suitable pathway for residency. With the right strategy, relocation to Spain or another European country can remain a smooth and successful process.

If you want to understand which option is best for your situation, reach out to us — the Visa Dan team will design a personalized plan and guide you through every step of the process.