Greece and Portugal have seen a surge in interest from wealthy Britons seeking residency abroad as they have simplified their golden visa schemes, while Spain ended its programme
Greece and Portugal are poised for potentially substantial financial boosts as they streamline their golden visa schemes, attracting wealthy Brits seeking overseas residency.
The golden visa scheme offers non-European Union individuals an easy path to relocation in exchange for significant property or fund investments. While many European nations have shuttered their schemes due to concerns over housing, security, and local resident fairness, Spain plans to terminate its own by April 3, 2025.
Between 2013 and 2023, Spain granted 14,576 golden visas, a move experts believe has inflated house prices. However, Portugal and Greece have simplified the process for non-EU individuals to settle via investment, replacing the old paper system with a new digital platform.
This change has led to a surge in demand, particularly from Brits and US citizens. Greece, boasting one of the quickest golden visa processes, can grant residency within 60 days. As part of its revisions, Greece has raised the cash requirement for investments in high-demand housing areas, reports the Express.
Meanwhile, Portugal has eliminated the option to invest in property, but continues to offer residency in return for fund investments. Portugal’s policy has been a resounding success, with the foreign population doubling to over one million since 2018 – accounting for a tenth of the total populace. The demand is so high that the digital platform will have to grapple with a backlog of between 45,000 and 50,000 applications.
Hungary is another EU nation that has revived its golden visa scheme. After putting it on hold in 2017, the programme was relaunched in July 2024, offering residency via three avenues: investment in real estate funds, property purchase, or a €1 million (£828,420) donation to education.
Italy also provides this scheme, granting non-EU nationals a two-year residence permit in exchange for an investment through an Italian limited company. Plans by the Spanish Government to introduce a 100 per cent tax on the purchase of Spanish properties by non EU/non residents, also caused buyers to look elsewhere.
The Golden Visa programme allowed Brits and other non-EU nationals to relocate to Spain with minimal paperwork, provided they purchase a property worth over €500,000 (£412,000) or make a significant investment. In 2024 alone, 780 Golden Visas were issued up until the end of October, with 573 granted after the announcement of the abolition.
However, the programme has contributed to a severe housing crisis in Spain. The Bank of Spain estimates that 600,000 new homes need to be built annually to meet demand, yet current plans only account for 90,000 per year.
According to Forbes, the Golden Visa programme has always been controversial as it allows non-nationals to gain citizenship or residency through investment. This allows individuals to avoid the usual requirements, including language proficiency or residency duration, that apply to the rest of the population. Consequently, critics have argued that the scheme is unfair and only benefits the wealthy.
