Closed and Changed Golden Visas: What is the Current Status of Spain, Ireland, and Portugal?

As of 2024, the landscape for residency by investment in Europe has shifted dramatically; Ireland has fully closed its Immigrant Investor Programme, while Portugal and Spain have removed the popular real estate investment route from their Golden Visa offerings. Investors must now pivot toward alternative pathways such as private equity funds, cultural donations, or business ventures to secure European residency.

Key Takeaways

• Ireland: Officially terminated the IIP in February 2023; new applications are no longer accepted.
• Portugal: The Golden Visa remains active but real estate acquisition and capital transfers are no longer eligible investment categories.
• Spain: The government has initiated the legislative process to abolish the €500,000 property investment route, likely ending in late 2024 or 2025.
• Alternative Paths: Investment focus has shifted toward Venture Capital (VC) funds, scientific research, and job creation.
• Strategic Shift: These changes reflect a broader EU-wide push to decouple residency from residential housing markets to mitigate local property price inflation.

Why are many closed golden visa programs changing right now?

The European Union has long maintained a critical stance toward Residence by Investment (RBI) schemes. The European Commission has repeatedly expressed concerns over security risks, money laundering, and tax evasion. However, the most immediate driver for the recent closure or modification of these programmes is the domestic housing crisis. In cities like Lisbon, Madrid, and Dublin, the influx of foreign capital into the residential property market was blamed for priced-out locals and inflated rents.

Regulatory bodies such as Transparency International have consistently lobbied for stricter oversight, leading to the current wave of restrictions. While the programmes brought in billions of euros in Foreign Direct Investment (FDI), the social cost became a political liability that governments could no longer ignore.

What happened to the Ireland Immigrant Investor Programme (IIP)?

Ireland was the first of the major players to act decisively. On 14 February 2023, the Irish government announced the immediate closure of the IIP. This programme had been particularly popular with Chinese investors, who accounted for over 90% of all successful applicants since its inception in 2012.

The Irish Department of Justice cited several factors for the closure, including the findings of internal and external reviews and the need to align with EU recommendations. While the programme is closed to new applicants, those already approved will continue to have their residency status renewed, provided they meet the original conditions. Pending applications that were in the system before the closure date are still being processed, albeit with significant backlogs.

Is the Portugal Golden Visa still available without real estate?

Portugal offers a more complex picture. In October 2023, the "Mais Habitação" (More Housing) bill became law, significantly altering the decree-law governing the Golden Visa. The most significant change was the total removal of the real estate investment path, including the popular €280,000 and €350,000 rehabilitation routes.

However, contrary to popular belief, the Portugal Golden Visa is not closed. It transitioned into a programme focused on non-real estate assets. The current eligible categories include:

1. Investment Funds: A minimum investment of €500,000 in non-real estate collective investment entities (often Private Equity or Venture Capital funds).
2. Cultural Production: A minimum of €250,000 for the support of artistic production or recovery of national cultural heritage.
3. Scientific Research: A minimum of €500,000 for research activities conducted by public or private scientific institutions.
4. Job Creation: Creating at least 10 permanent jobs in a Portuguese business.

The shift toward investment funds has proven popular with sophisticated investors because it offers professional management and potential tax efficiencies under the Portuguese tax code, although it lacks the tangible nature of property ownership.

What is the status of the Spanish Golden Visa in 2024?

In April 2024, Spanish Prime Minister Pedro Sánchez announced that the government would begin the process to eliminate the real estate investment option for the Golden Visa. Under current rules, an investment of €500,000 in property grants residency. This route accounts for approximately 94% of all Golden Visas issued in Spain.

As of late 2024, the legislation is working its way through the Spanish Parliament. It is important to note that the programme remains open for now, creating a "last call" window for investors. Experts expect the real estate path to be fully phased out by early 2025. Like Portugal, Spain may retain other investment categories, such as Spanish public debt or business projects of general interest, though these are far less popular due to higher capital requirements or complexity.

Comparison Table: Changes to Major European RBI Programmes

Are there any remaining real estate options in Europe?

With Ireland closed and Spain and Portugal moving away from property, where can an investor still find a real estate-linked Golden Visa? Greece remains the most prominent option, though it has recently undergone its own restrictive changes.

As of September 2024, Greece has implemented a tiered pricing system. In high-demand areas like Athens, Thessaloniki, Mykonos, and Santorini, the minimum investment has risen to €800,000. For the rest of the country, it remains at €400,000. There is still a narrow route for €250,000 if the property is being converted from industrial to residential or involves the restoration of listed buildings.

Cyprus also maintains a residency-by-investment programme requiring a €300,000 investment in new residential property, though this does not grant immediate access to the Schengen Area, as Cyprus is not yet a full member of the Schengen passport-free zone.

What should HNWIs consider before choosing a new path?

For High Net Worth Individuals (HNWIs), the era of "easy" property-based residency is ending. This necessitates a more methodical approach to wealth planning.

First, consider the exit strategy. Real estate is illiquid but tangible. Investment funds offer a fixed term (usually 5 to 10 years) but carry market risks associated with the underlying portfolio. Second, evaluate the physical stay requirements. Portugal requires only 7 days per year, making it ideal for those not yet ready to relocate. Spain, conversely, is often used by those who intend to live in the country full-time to eventually pursue Spanish citizenship after 10 years (or 2 years for Ibero-American nationals).

Finally, the tax implications of relocating to Europe cannot be overstated. Becoming a tax resident in Spain or Portugal triggers global income reporting. It is vital to consult with a cross-border tax specialist to understand how these moves affect your global portfolio and inheritance planning.

Conclusion: The end of the Real Estate Golden Visa?

The trend is clear; the "closed golden visa programs" of 2023 and 2024 mark a paradigm shift. European governments are prioritising productive capital and social stability over property speculation. While the door is closing on real estate, it remains open for those willing to support the broader economy through innovation, funds, and cultural preservation. Investors must act quickly to secure current terms or be prepared to adapt to more complex, non-tangible investment structures.

General Disclaimer: The information provided in this article is for educational purposes only and does not constitute legal, financial, or tax advice. Regulations regarding residency and citizenship are subject to frequent change. Readers should consult with qualified legal counsel and tax advisors before making any investment migration decisions.

Frequently Asked Questions

Can I still apply for the Portugal Golden Visa?

Yes, you can still apply, but you can no longer do so through the purchase of property or a capital transfer to a bank account. You must now use the Investment Fund, Cultural Support, or Job Creation routes.

If a programme closes, will I lose my existing residency?

No, typically these closures are not retrospective. If you already hold a residence permit under the old rules, the government will continue to honour that permit as long as you maintain your investment and meet the renewal criteria.

Is the Spanish Golden Visa officially gone?

Not yet. The Spanish government has announced its intention to remove the real estate route, but if you file your application before the law is officially gazetted and implemented, you should still be processed under the current €500,000 property rules.

Which country has the cheapest Golden Visa in Europe now?

With most prices rising, Hungary is introducing a new "Guest Investor Programme" with a €250,000 investment in a real estate fund. Greece also maintains a €250,000 path for specific types of property conversions (industrial-to-residential).

Why did Ireland shut down its programme so suddenly?

The Irish government expressed concerns about the lack of transparency in some investment funds and the overwhelming volume of applications from a single nationality, leading to a desire to redirect focus toward more sustainable types of FDI.