Golden Visa: Spanish Phase-Out Triggers Buying Surge in Greece

In 2020, only four EU countries had active Golden Visa schemes. By 2017, nearly half of EU member states had adopted them as tools for boosting economic growth. Recently, however, growing concerns—particularly around housing market distortions—have led several countries, including Spain, to discontinue them.

Spain’s program, launched in 2013, was highly popular. More than 15,000 visas were issued—mostly to Americans, Britons, Chinese, Russians, and Middle Eastern nationals—generating around $10 billion in property-linked investment between 2016 and 2023.

Analysts suggest that the end of Spain’s Golden Visa may redirect EU residency-seeking investors toward remaining programs in countries like Greece, Portugal, Italy, and Hungary. This shift is already evident in Greece’s booming real estate sector.

According to Greece’s Ministry of Migration, the majority of Golden Visas issued through March 2025 went to Chinese nationals (6,772 permits) and Turkish citizens (1,635).

Greece’s strategic role as a gateway to Europe, combined with legal stability, makes it a particularly attractive destination for Chinese investors seeking to diversify portfolios and gain EU access.

Turkish investors, facing ongoing political and economic instability at home, have also shown strong interest in Greek real estate as a means to secure their wealth and explore new opportunities.

They are followed by Lebanese nationals (812 permits), Britons (608), and Iranians (589), rounding out the top five.

As of 2024, Greece raised the minimum property investment for a Golden Visa to €800,000 in high-demand areas (Attica, Thessaloniki, Mykonos, Santorini). In other regions, the threshold is €400,000.

This increase has pushed investors toward alternative assets such as warehouses, office spaces, and industrial buildings, which can be converted into residential units—qualifying under the original €250,000 minimum, offering a more affordable route into the program.