Spain’s scheme attracting British expats is coming to an end in a matter of days, shutting the door on flocks of tourists with dreams of seeking residency in the Mediterranean country. However as Spain waves adios to the holidaymakers it “no longer wants” it seems Portugal is to swoop in and rescue non-EU residents to obtain residency as they rush to simplify their Golden Visa schemes.
Spain’s Golden Visa Programme will be scrapped for good on April 3, which offers residency to non-EU citizens who invest a large amount of money in Spain. The system has allowed thousands of non-EU citizens to gain Spanish residency in return for buying a home valued at more than £419,000 (€500,000). Launched in 2013, the scheme aimed to attract more foreign investment in a bid to boost the Spanish economy following the impact of the eurozone crisis.
However, in a huge blow to tourists, during a meeting of the Council of Ministers in April 2024, ministers reached a consensus which would look to end this practice of granting visas in exchange for the purchase of properties or other essential investment requirements.
Between 2013 and 2023, Spain issued 14,576 golden visas, which experts have linked to driving up house prices.
But Spain’s loss could be Portugal’s gain as it looks set for major cash injections. The beautiful country has made it far easier for those from outside the EU to settle through investment.
To streamline the process, they have abolished the old paper system and replaced it with a new online digital platform.
And non-EU residents will not be required to have pockets of cash as the minimum capital required is £140,000 (€168,000) far lower than Spain’s requirements.
According to The Portugal News “the minimum capital required to qualify for the Portuguese Golden Visa is currently €168,000. These lower thresholds make Portugal a very cost-effective EU residency option, many of which investors will take.”
Launched in 2012 Portugal’s Golden Visa Scheme has attracted over £6.2 billion in investment. In 2024 alone it brought about £9.9 million in investments, accounting for an increase of 165% compared to 2023’s statistics with £3.7 million
Portugal is not alone in its thinking as Greece has also opted to continue its visa programme.
Both countries have noticed a huge increase in demand, especially from Brits and US citizens. Greece has one of the fastest golden visa processes, granting residency within 60 days.