Spain is curtailing the residence permit program for real estate: investors are refocusing on Italy and Greece

In April 2025, Spain officially terminated its investment migration program, which allowed foreigners to obtain a residence permit when buying real estate. This decision was a key turn in the strategy of many investors who had previously targeted the Spanish market as a convenient path to residency in the European Union.

The program, which has been in effect since 2013, has made Spain one of the most attractive destinations for those who wanted to combine investments with obtaining a residence permit. Over the years, it has attracted billions of euros into the real estate market. However, rising housing prices and social tensions caused by lower housing affordability for the local population forced the authorities to abandon this scheme.

With the termination of the Spanish program, the attention of international investors has shifted to other EU countries where similar offers are still available. In particular, Italy and Greece have been in the spotlight due to flexible terms and a stable legislative framework.

Italy provides residency for investments in various assets, including start—ups, funds and government bonds, and also offers preferential tax treatment for new tax residents - a fixed annual payment of 100,000 euros, regardless of income abroad. This makes the country especially attractive to the wealthy.

Greece retains one of the most affordable "golden visa" programs in Europe: investing from 250,000 euros in real estate allows you to apply for a residence permit. Moreover, the Greek program is characterized by transparent conditions and the possibility of extension, and in the future — obtaining citizenship.

Against the background of Spain's withdrawal from the investment residency market, Italy and Greece are becoming the new flagships for those who are looking for a reliable way to obtain a residence permit in the EU. Their offers combine favorable financial conditions, European standard of living and long-term prospects for investors and their families.