Spain and Portugal Close Their Golden Visa Doors, Forcing LATAM Investors to Reroute
Key Facts
—Spain ended its Golden Visa program entirely on April 3, 2025 under Ley Orgánica 1/2025, eliminating all five investment paths including real estate, public debt, equities, funds and entrepreneurial projects.
—Portugal stripped real estate from its Golden Visa in 2023 and tightened naturalization to 10 years of effective residency from five; processing times have stretched to two or three years according to wealth advisors.
—2023 peak volume: Spain issued 3,273 Golden Visas in 2023 and 2,017 in 2022; total cumulative investment topped 10 billion euros since the program launched in 2013.
—Existing holders unaffected: investors approved before April 3, 2025 keep their Spanish residency rights and can renew under the original Ley 14/2013 framework, per UGE-CE criteria issued June 10, 2025.
—Substitute routes: Spain’s non-lucrative visa requires roughly 28,800 euros annual income; the digital-nomad visa requires roughly 2,849 euros monthly. Greece, Hungary and Malta still offer real-estate-linked residency paths.
LATAM family offices that built EU patrimony hedges around Madrid apartments and Lisbon real estate are recalibrating. The end of the Spanish program and the Portuguese tightening do not eliminate the demand; they redirect it toward Athens, Budapest, the non-lucrative visa and the digital-nomad alternative.
What did Spain actually eliminate?
Spain’s elimination of the Golden Visa was comprehensive, not limited to real estate. Ley Orgánica 1/2025 closed all five investment routes that had granted Spanish residency under the 2013 Ley 14/2013 framework: 500,000 euros in real estate, 2 million euros in Spanish public debt, 1 million euros in Spanish equities, 1 million euros in investment funds, and qualifying business projects.
“The elimination of the real-estate Golden Visa serves to give opportunities to those who today struggle to access housing in specific places with price tensions and lack of residential supply,” Spanish Housing Minister Isabel Rodríguez said when the measure was announced. The Sánchez government framed the elimination as a housing-affordability response, citing the fact that 94% of Golden Visa permits had been tied to real-estate purchases in city markets already under tension, per Infobae España.
How does Portugal compare?
Portugal moved earlier and gentler. The 2023 reform stripped direct real-estate investment from the Golden Visa but kept residency paths via regulated funds — including funds with indirect real-estate exposure through operating assets like hotels, hospitals and schools. The trade-off arrived in 2025-2026: processing times stretched to two or three years and the naturalization residency requirement doubled from five years to ten.
“Portugal is stuck and I don’t think anyone is going to apply for the Portuguese Golden Visa,” Marc Cantavella, cofounder of consultancy The Global Wealth, told La República. Hundreds of foreign holders are reportedly preparing a class-action lawsuit against the Portuguese state over the nationality-law reform.
Where do LATAM investors go now?
| Destination | Investment threshold | Path notes |
|---|---|---|
| Greece | €400,000 regular zones; €800,000 prime (Athens, Mykonos) | Most active EU real-estate route now; high LATAM interest |
| Hungary | €250,000 via real-estate fund | 2024 relaunch, indirect property exposure |
| Malta / Cyprus | Mixed programs, varies by track | EU scrutiny rising; smaller volumes |
| Spain non-lucrative visa | €28,800/year income proof | No investment required; needs 183 days/year residency |
| Spain digital-nomad visa | ~€2,849/month income | Remote work for foreign employer; Beckham tax regime available |
| Portugal funds route | €500,000 in qualifying funds | 2-3 year processing, 10-year naturalization track |
Source: Selekta Properties analysis of LO 1/2025 and Funds Society survey, May 2026.
The structural read is that Spanish and Portuguese real estate did not lose LATAM demand — they lost the residency premium attached to that demand. “Latin American luxury buyers do not buy because of the Golden Visa,” Luis Valdés, Colliers managing director for residential sales advisory, told Infobae. Foreign buyers purchased almost 100,000 properties in Spain in 2025, a record in absolute value. The visa was a marketing prop, not the motivation.
Why did Spain and Portugal pull the plug?
EU pressure has been mounting on residency-by-investment schemes for years, citing money-laundering, sanctions-evasion and corruption risks. Ireland and the United Kingdom closed their programs ahead of Spain and Portugal. The European Commission has signaled that all remaining schemes face heightened scrutiny, especially after Russian-linked investment routes drew attention in 2022.
Housing affordability did the political work. The Madrid, Barcelona, Málaga, Valencia and Lisbon markets have all faced sustained price-to-income deterioration since 2020, with the Golden Visa serving as a convenient symbolic target — even though analysts agree its 3,273 permits in 2023 are dwarfed by overall foreign-buyer volume. Henley & Partners data showed Latin Americans accounted for a relatively small share of RBI applications globally, behind Americans (23%) and Chinese applicants.
What should LATAM investors and family offices watch next?
- Existing visa renewals: Spanish Golden Visa holders approved before April 3, 2025 can renew under the original framework. Compliance with the new criteria checklist matters more now than the size of the original investment.
- Greek pricing tiers: the 400,000-to-800,000 euro split in Athens and the islands means LATAM investors are increasingly bidding on secondary Greek cities like Thessaloniki to stay below the prime threshold.
- Portuguese class-action outcome: the lawsuit by foreign holders against the nationality-law reform may force compensation or grandfathering; the ruling is closely watched by global wealth advisors.
- EU-wide tightening: Brussels has signaled that even the remaining Greek, Hungarian and Maltese programs may face further restrictions; LATAM family offices increasingly diversify across two or three EU jurisdictions to hedge regulatory risk.
- Non-EU alternatives: investors with no 183-day Europe residency commitment increasingly look to Caribbean citizenship-by-investment programs (St. Kitts, Antigua, Dominica) for visa-free EU travel rather than EU residency.
Frequently Asked Questions
Can LATAM investors still buy property in Spain?
Yes, without general restrictions. Foreign buyers need a NIE (foreign identification number) and must comply with Spanish tax obligations including ITP/IVA/AJD on purchase, IRNR and IBI on holding, and a 3% retention on sale. Coastal and military zones may require Ministry of Defense authorization. What is lost is the residency permit that previously came with the investment.
What happens to existing Golden Visa holders?
Holders approved before April 3, 2025 keep their Spanish residency. They can renew under the original Ley 14/2013 framework, with the UGE-CE publishing detailed renewal criteria on June 10, 2025. The path to Spanish citizenship after ten years of legal residency remains open for those who maintain the qualifying investment.
Why did Spain change the law if LATAM investors still buy?
The Sánchez government framed the change around housing affordability for Spanish residents, citing that 94% of Golden Visa permits had been tied to real-estate purchases in cities already facing housing tension. EU institutional pressure for stricter due diligence on residency-by-investment also weighed heavily. Industry analysts including Colliers note the actual market impact on luxury real estate was minimal.
Which Latin American countries had the most Spanish Golden Visa investors?
Venezuelans, Mexicans, Colombians, Argentines and Brazilians accounted for the largest LATAM cohorts, with Venezuelans particularly active given political and economic conditions at home. Total LATAM share was a minority versus Chinese, Russian (until 2022) and American applicants, but the regional concentration in Madrid and Barcelona luxury segments was meaningful.
Is Greece the new Spain for LATAM investors?
Greece is now the most active EU real-estate-linked residency program, with thresholds of 400,000 euros in regular zones and 800,000 euros in prime areas like Athens and Mykonos. Henley & Partners and other RBI advisors confirm LATAM applications to Greece have grown materially since Spain’s elimination, though Athens has begun to tighten its own program in response to housing-affordability concerns.
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Sources
- La República — Marc Cantavella and Colombian-investor exposure to Spain/Portugal Golden Visa closures: larepublica.co
- Selekta Properties — full breakdown of Ley Orgánica 1/2025 and post-Golden Visa pathways: selektaproperties.com
- Infobae España — Colliers commentary and Spanish housing-policy framing: infobae.com
- Echeverria Abogados — legislative chronology of Spain’s Golden Visa elimination: echeverriaabogados.com
- El Tiempo — Spanish-Portuguese investment thresholds and LATAM advisor commentary: eltiempo.com
- Funds Society — Latin American investor alternatives after the closures: fundssociety.com
Published: 2026-05-12T19:00:00-03:00 · Updated: 2026-05-12T19:00:00-03:00 · Dateline: MADRID
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