Closed and Changed Golden Visas: Assessing the Shift in Spain, Ireland, and Portugal

Is it still possible to obtain European residency through property investment? Direct routes for "closed golden visa programs" and restricted real estate options in Spain, Ireland, and Portugal have significantly diminished the availability of these schemes, requiring investors to pivot toward fund-based, charitable, or technology-focused alternatives.

Key Takeaways

• Ireland closed its Immigrant Investor Programme (IIP) entirely in February 2023.
• Portugal eliminated the real estate investment route in October 2023 but remains open via venture capital and cultural funds.
• Spain announced its intention to abolish the 500,000 Euro property visa in April 2024, with legislative processes currently underway.
• Malta and Greece remain the primary European alternatives, though Greece recently raised price thresholds in popular areas to 800,000 Euro.
• HNWIs are increasingly moving toward "Golden Visa 2.0" structures, focusing on Diversified Investment Funds rather than residential brick-and-mortar.

Why are European Golden Visa programs closing?

For over a decade, Residency by Investment (RBI) schemes served as a vital mechanism for European economies to recover from the 2008 financial crisis. Between 2011 and 2019, Spain and Portugal alone attracted billions of Euros in Foreign Direct Investment (FDI) through these channels. However, the landscape shifted dramatically between 2022 and 2024.

The European Commission has consistently pressured member states to phase out these programmes, citing concerns over security, money laundering, and tax evasion. Furthermore, domestic political pressure in Dublin, Lisbon, and Madrid intensified as local residents faced a mounting housing crisis. Critics argued that the influx of foreign capital into the residential market inflated property prices, making homeownership unattainable for the middle class.

Ireland: The end of the Immigrant Investor Programme (IIP)

In February 2023, the Irish government surprised the market by announcing the immediate closure of the Immigrant Investor Programme. Minister for Justice Simon Harris stated that the programme had been under review for some time and was no longer aligned with Ireland's economic needs.

Prior to its closure, the IIP required a minimum investment of 1 million Euro in an Irish enterprise for three years, or a 500,000 Euro philanthropic endowment to a public project. While the program is technically closed to new applicants, those with existing approvals or those who had already submitted applications before the deadline continue to be processed under the old rules. According to data from the Department of Justice, the programme recorded a record number of applications in its final months, primarily from Chinese nationals who made up over 90 percent of the applicant pool.

Portugal: The death of the real estate route

Portugal’s Golden Visa was arguably the most popular in the world due to its low stay requirements (just 7 days per year) and a clear path to EU citizenship after five years. However, in October 2023, the "Mais Habitação" (More Housing) law came into effect, officially removing the possibility of gaining residency through residential or commercial real estate purchases.

Is the Portugal Golden Visa actually closed? No, but it has changed fundamentally. Investors can no longer buy a flat in Lisbon or a villa in the Algarve to qualify. Instead, the focus has shifted to the "Collective Investment Scheme" route. These are regulated funds (FCR) that do not invest directly or indirectly in real estate. The minimum investment is now 500,000 Euro into these qualified funds. This change has appealed to institutional-grade investors who prefer the professional management of a fund over the maintenance headaches of physical property.

Spain: The latest to announce a shutdown

In April 2024, Spanish Prime Minister Pedro Sánchez announced that the government would begin the process to eliminate the so-called Golden Visa, which grants residency for a 500,000 Euro property investment. Sánchez stated that the move aimed to guarantee that housing is a right and not a speculative business.

As of mid-2024, the legislation is still moving through the Spanish Parliament. Many legal experts, including those from firms like Cuatrecasas, suggest that there is a narrow window for investors to still apply before the law is formally gazetted. Unlike Portugal, Spain has not yet clearly defined whether a fund-based alternative will remain as attractive once the property route is gone. Spain’s current alternative routes, such as the Business Project or the Highly Skilled Professional visa, require significant active involvement or specific educational credentials.

Comparison Table: The State of Play in 2024

What are the remaining alternatives for HNWIs?

With closed golden visa programs becoming the norm in Western Europe, the focus has shifted to the Mediterranean and North America. Greece remains a strong contender, although it recently restructured its pricing tiers. To curb housing inflation in Athens, Thessaloniki, and the islands of Mykonos and Santorini, the Greek government raised the minimum property investment to 800,000 Euro in September 2024. In less pressured rural areas, the 400,000 Euro threshold still applies.

For those seeking a more permanent European anchor, the Malta Permanent Residence Programme (MPRP) offers a combination of property rental, a government contribution, and a charitable donation. Alternatively, the Italian "Elective Residency" or the "Investor Visa for Italy" (often called the La Dolce Vita Visa) requires a 250,000 Euro investment in an innovative start-up or 500,000 Euro in a limited company.

The rise of the digital nomad and D7 visas

As traditional Golden Visas close, many High Net Worth Individuals are looking at "Passive Income Visas." Portugal’s D7 visa and Spain’s Non-Lucrative Visa (NLV) do not require a massive upfront investment in a fund or property. Instead, applicants must prove they have sufficient recurring income (pensions, dividends, or rental income) to support themselves without working locally. While these do not offer the same "hands-off" convenience as a Golden Visa, they provide a similar path to permanent residency for those willing to spend more than 183 days a year in the country.

Strategic advice for investors

The era of the passive, property-based Golden Visa in Europe is nearing its end. Investors should consider three main strategies moving forward:

1. Diversification into Funds: If the goal is EU citizenship without physical relocation, the Portuguese fund route remains the most efficient surviving mechanism.
2. Regional Arbitrage: Look at countries like Hungary, which recently announced a new "Guest Investor Programme" involving a 250,000 Euro real estate fund investment.
3. Timely Action: In jurisdictions like Spain where the law is in flux, having a file ready for submission can make the difference between qualifying or being locked out.

It is imperative to work with qualified legal counsel and tax advisors before committing capital, as the tax implications of becoming a resident in Spain or Portugal can be significant, potentially outweighing the benefits of the visa itself.

Frequently Asked Questions

If I already have a Spanish Golden Visa, will I lose it when the program closes?

No; historically, European law protects the principle of non-retroactivity. If you have already obtained your residency or submitted a valid application, your rights and renewal options are generally protected even if the law changes for new applicants.

Can I still buy a house in Portugal and get a visa?

Not through the Golden Visa program. You can still purchase property as a lifestyle choice, but it will not grant you residency. To get residency via investment in Portugal, you must now use the fund investment or cultural donation routes.

Which country currently has the cheapest Golden Visa?

Malta’s permanent residency can be achieved with a total outlay (including fees and donations) of roughly 150,000 Euro if renting a property, though this does not lead to a passport as quickly as other schemes. Greece’s 400,000 Euro tier in rural areas is currently the lowest entry point for property ownership.

Is the Irish IIP coming back?

There is no indication that the Irish government intends to reopen the IIP. The focus has shifted toward institutional FDI and sector-specific visas rather than residency for purchase.

Does the closure of property routes affect citizenship applications?

Indirectly, yes. If the route to residency is closed, the starting point for the five-to-ten-year clock for citizenship is also removed. However, for those already in the system, the path to citizenship remains unchanged.

Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or tax advice. Readers should consult with qualified professionals regarding their specific circumstances.