Investing for a Golden Visa

One of the main problems facing individuals who live outside the Schengen area (which covers 27 countries most of which are members of the EU) is that they are not permitted to spend more than 90 days in any six-month period in the Schengen area, without obtaining a visa from one of the member countries.

The main advantage of buying a property in a country which has a Golden Visa program in place, is that once a buyer purchases a property he or she can apply for a residence permit to reside in the country. This allows them to remain there in accordance with the terms of the visa, so the 90 day limit of staying in that country is no longer applicable.

An investor also benefits from freedom of movement to any of the other 26 countries in the Schengen area for 90 days in any six month period.

The key questions that relate to each of these programmes are:

• what is the minimum purchase price required?
• are there any restrictions on where the property is located?
• what is the minimum time you need to stay in the country to obtain your visa, and how much time do you have to spend there each year once you have it?
• the tax implications for the buyer and his family
• the price of the property available in the country in question
• the potential rental returns on your property

The best known of these schemes has for a number of years been the Portuguese “Golden Visa”. The Portuguese Government has however moved to exclude residential and commercial property from the Visa programme due to the inflationary effect it was perceived as having on property prices, with the effect that local investors have been priced out of the market.  Some clarification is still required on this, but the door has clearly been closed on residential property as a qualifying investment.

If a real estate investment was perceived as the best solution for investors, other investment options for obtaining a residence permit are still available, and these include:

• an investment in bonds or bank deposits of €1.5 million,
• an amount of €250,000 to preserve the national heritage,
• an investment of €500,000 into one of the Government approved investment funds (which now excludes investment in real estate),
• an investment of €500,000 into a company that creates five new jobs or maintains ten jobs, or,
• €500,000 of approved research and development activity in Portugal.

MHA is working with a number of lawyers and fund managers in Lisbon, who have developed investment funds which include “Solar Power” and “Growth” and “Innovation funds”. These funds are regulated and supervised by the Portuguese Securities Market Commission (CMVM), and are qualifying investments for the Portuguese Golden Visa programme. An investment can be spread across different funds and the funds have an 8 year duration.

New regulations came into effect on August 31, 2024.

What does it mean for the investors?

It will create two different investment tiers if the update is announced officially by the parliament. It will depend on geographic zones having an immediate effect on the minimum investment requirements for applicants.

Tier 1 | 800,000 EUR: This is a real estate investment in the areas of Attica, Thessaloniki, Mykonos, Santorini, and the islands, which have a population of more than 3,100.

Tier 2 | 400,000 EUR: This tier covers all other regions of Greece and establishes a more attainable entry point of 400,000 EUR. The main goal here is to encourage investment in a wider range of areas. So eventually, this could broaden the program’s economic advantages.

The requirement for both tiers: Investment is to be made in a single property of at least 120 square meters.

The conversion of commercial properties into residential units

As of August 31, 2024, additional investment option is available with a  €250,000 minimum investment. in a residential unit in a commercial property which has been converted or rebuilt.  This option provides the least expensive entry point into the Greece Golden Visa program.

MHA works closely with one of the leading firms of lawyers in Athens which specialises in property and corporate finance and have worked extensively on inward investment programmes, as well as working with many local agencies and property developers.Real Estate – In order to qualify for the Greece Golden Visa program via the real estate route, investors must purchase property in Greece personally (or through a legal entity in which they own all of the company shares).

Other qualifying investments include:

Financial Investments:

• Government Bonds: Commit at least €500,000 to Greek government bonds, with a minimum holding period of three years.
• Shares or Bonds: Acquire shares, corporate bonds, or Greek government bonds that are traded on regulated Greek markets, with a minimum investment of €800,000.
• Mutual Funds: Allocate at least €350,000 into mutual funds that solely invest in shares, corporate bonds, or Greek government bonds listed on regulated markets in Greece.

Business Investments:

• Capital Contribution: Contribute a minimum of €500,000 to a Greek-registered company (excluding portfolio investment and real estate investment firms) for share capital increases or bonds issued for trading on regulated Greek markets.
• Real Estate Investment Companies: Invest no less than €500,000 in a publicly listed real estate investment company that operates exclusively in Greece.

End of the Spanish Golden Visa – What Are the Alternatives?

In April 2024, the Spanish government announced the phasing out of the Golden Visa program, with the goal of addressing housing affordability concerns and aligning with European Union pressures. This marked the end of the popular route that allowed non-EU investors to secure Spanish residency through real estate investment.  The program was officially terminated on April 3, 2025.

Holders of existing Spanish Golden Visas retain their residency rights and may continue renewing their permits in line with previous regulations.

You could consider the Spanish “Non Lucrative Visa”

With the Golden Visa now discontinued, the “Non Lucrative Visa” presents a compelling alternative for non-EU nationals who wish to reside in Spain without the need to work locally or invest large sums in property.

This new visa is ideal for:

• Retirees
• Financially independent individuals
• Remote workers with income from abroad

Key Advantages of the Non Lucrative Visa

• Live in Spain full-time (without engaging in local employment)
• No minimum investment is required
• Visa is valid for an initial period of 1 year, with the opportunity to apply for permanent residency after 10 years
• Your application can include your spouse and dependents
• No obligation to purchase property in Spain

The Non Lucrative Visa is only available to those who spend a minimum of 183 days per year in Spain, which means you would also become a Spanish resident for tax purposes.

At MHA, we work closely with a network of lawyers, financial advisors, and tax experts in Spain’s most popular regions. These specialists provide guidance on Spanish income and wealth tax (which varies by region), as well as succession laws and property ownership structures.