Spain Golden Visa Suspension: What It Means for Greece Applicants

Spain's Congress has voted to suspend its Golden Visa program, a move that reshapes the landscape for non-EU investors seeking residency in Europe. The decision, reported by industry press, follows years of debate over housing affordability and foreign investment. While the final legislative steps remain, the signal is clear: Spain is closing its door to residency-by-investment.

For foreigners already considering Greece, this shift matters. Greece's Golden Visa program remains active, with real estate and fund investment routes still open. The Spanish suspension may redirect demand toward Greece, particularly from Chinese and Turkish nationals who have historically favored Spain. We are already seeing increased inquiries from clients who had been weighing both options.

What does this mean in practical terms? First, competition for Greek properties in popular areas like Athens, Thessaloniki, and the islands may intensify. Second, the fund investment route, which requires a €400,000 contribution to a Greek investment fund, becomes more attractive for those seeking a less crowded path. Third, the Greek government has shown no signs of following Spain's lead, though it has raised minimum investment thresholds in recent years.

For those who had started the Spanish process, switching to Greece requires careful planning. You will need a new AFM (Greek Tax Number) and a Greek Bank Account, both of which we can arrange remotely. The property purchase process in Greece is straightforward for foreigners, with no restrictions on nationality for most areas.

One common approach we see is clients choosing the fund route to avoid property market volatility. Funds typically invest in Greek government bonds, real estate, or infrastructure, offering a diversified entry. However, each fund has its own fee structure and lock-up period, so due diligence is essential.

The Spanish vote also highlights a broader European trend. Portugal has already ended its property-based golden visa, and Ireland shut its program entirely. Greece remains one of the few EU countries with an active residency-by-investment scheme, making it a prime destination for those who value EU mobility.

For anyone now considering Greece, the key steps are straightforward: secure your AFM, open a Greek bank account, and choose your investment route. The entire process, from application to biometrics, can be managed with a Power of Attorney (POA) if you cannot travel. Our lawyer network handles these steps daily, so you can focus on your move.

In short, Spain's suspension is a reminder that golden visa programs are not permanent. Greece's program is currently stable, but demand is rising. If you have been thinking about it, now may be the time to act. You can start with us by booking a Legal Consultation or simply Apply Online to begin your AFM and bank account setup.