Alternatives to Spain’s Golden Visa: The Best European Residency Options

Spain’s Golden Visa officially ended on April 3, 2025, closing after 11 years on the market. A once popular investment route, it was a way for non-EU nationals to obtain Spanish residence by making a qualifying investment. For international applicants and families who had considered Spain as a European base, the change has renewed interest in alternative residency programs offering property investment, family inclusion, and access to the Schengen Area.

For UK and US clients, several European residence by investment programs remain available in 2026, but they differ significantly in cost, investment structure, physical presence requirements, and long-term prospects. Choosing an alternative to Spain’s Golden Visa starts with understanding what the former program offered, and seeing which elements of it can be found in European alternatives.

Key Takeaways

• Spain’s Golden Visa ended in 2025. New applicants can no longer use the former investor visa route, although transitional provisions apply to certain existing holders and applications submitted before the change.
• Greece is a leading alternative. Its Golden Visa offers renewable residence through qualifying real estate investment, with minimum thresholds depending on the location and type of property.
• Malta offers permanent residence without a minimum physical presence requirement. The Malta Permanent Residence Program combines a government contribution, a qualifying property purchase or lease, a charitable donation, and financial eligibility requirements.
• Portugal’s Golden Visa remains available without a property investment route. Options include qualifying investment funds, cultural support, scientific research, and business-related investments.
• Cyprus offers a property-led permanent residence route. Eligible applicants can qualify through the purchase of new residential property.

Why Spain Golden Visa Alternatives Matter in 2026

When the Spain Golden Visa was active, it was attractive to international applicants because it combined a familiar European lifestyle with a residence permit linked to investment. The property route, in particular, allowed qualifying non-EU nationals to purchase real estate and apply for residence.

The program also offered investment alternatives beyond property, including qualifying investments in Spanish companies, investment funds or shares, and public debt. Its appeal was twofold: successful applicants could establish a legal residence connection with Spain and include eligible family members without necessarily making an immediate, permanent relocation.

However, Spain’s government brought the framework to an end. For UK nationals, who became third-country nationals for Spanish immigration purposes following Brexit, and US citizens seeking a European residence option, they may be looking for similar alternatives. But which available program best matches the original’s objectives? Before we take a look at the best alternatives currently available, let’s analyze the Spain Golden Visa of old.

What Did the Spain Golden Visa Offer Before It Ended?

The former Spain Golden Visa was an residence program that allowed eligible non-EU nationals to obtain residence through specified qualifying investments. The most widely recognized option was the purchase of Spanish real estate with a minimum investment of €500,000, excluding any portion financed by a mortgage for the qualifying amount.

Other investment categories included qualifying capital investments in Spanish companies or shares, investment funds, and Spanish public debt. The relevant financial thresholds and eligibility conditions depended on the chosen route.

The program was particularly appealing for four reasons.

1. Property ownership: Applicants could invest in Spanish real estate while pursuing residence rights.
2. Family inclusion: Eligible spouses and dependent family members could be included, allowing the program to support broader family planning rather than an individual application alone.
3. European mobility: Spanish residence offered access to short-stay travel within the Schengen Area.
4. Relocation flexibility: The program was attractive to clients who wanted the option of living in Spain without necessarily moving there full-time from the outset. Residence permit conditions, renewal rules, and any future citizenship application still required separate consideration.

These features provide a useful benchmark when assessing alternatives. Now, let’s assess the European alternatives that applicants are looking toward.

The Best Alternatives to the Spain Golden Visa

1. Greece Golden Visa: A Leading Alternative

For those whose original interest in Spain centered on real estate, the Greece Golden Visa is one of the most direct alternatives to examine.

Greece allows eligible non-EU nationals to obtain residence through qualifying investments, with real estate remaining a prominent route. The applicable property thresholds include €250,000 for certain qualifying conversion or restoration projects, €400,000 for qualifying properties in many areas, and €800,000 in designated higher-demand locations.

When comparing Greece with Spain’s former €500,000 property route, it might initially seem attractive. However, while an client may find a qualifying opportunity below Spain’s previous threshold, the property’s location, permitted use, size, and eligibility under Greek rules must be assessed before committing.

The program also offers features that may appeal to internationally mobile families:

• A renewable five-year residence permit, provided the qualifying investment and other requirements continue to be met
• No minimum physical presence requirement to maintain the Golden Visa
• Schengen Area travel
• Family inclusion that can extend to a spouse or eligible partner, children up to age 21, and parents of the applicant and spouse
• Potential longer-term citizenship route for applicants who meet Greece’s actual residence and other naturalization requirements

Greece is particularly relevant to UK and US applicants who want a European property asset, and the option of spending time in the country without committing to full-time relocation.

However, the investment should be evaluated independently of the residence benefit. Property acquisition costs, local taxes, rental restrictions, management expenses, and eventual resale prospects can affect the financial outcome. A qualifying property should not be treated as a guaranteed source of income or capital appreciation.

2. Malta Permanent Residence Program: For Families Seeking Long-Term Security

Malta offers a different proposition to Greece, through its Malta Permanent Residence Program (MPRP). Rather than focusing on a property purchase as the qualifying investment itself, the program combines a government contribution, a qualifying property arrangement, and other eligibility requirements to grant permanent residence to successful applicants.

The property requirement can be met through either:

• Purchasing residential property in Malta for at least €375,000 and holding it for the required five-year period; or
• Leasing qualifying residential property for at least €14,000 per year for five years

The program also requires a non-refundable administration fee of €60,000, a government contribution of €37,000, a €2,000 charitable donation, and evidence of the prescribed asset profile. The financial asset requirements are also substantial and include €500,000 in capital assets, of which at least €150,000 must be financial assets; or €650,000 in capital assets, of which at least €75,000 must be financial assets.

One of Malta’s principal distinctions is that successful applicants have a clear route to permanent residence rather than a temporary residence permit. Residence cards require renewal, but the underlying permanent residence status provides the right to reside indefinitely, subject to continuing compliance with applicable requirements.

The MPRP may suit families who value:

• Permanent residence in an EU member state
• Schengen Area travel for short stays
• English as an official language and a familiar operating environment for English-speaking families
• The ability to include eligible spouses, children, and dependent relatives
• No minimum physical presence requirement under the program

For a US family or UK applicant seeking a long-term European residence option without an immediate relocation commitment, Malta deserves serious consideration.

The tradeoff is its cost structure; the required contribution, property commitment, charitable donation, and asset thresholds should be assessed together.

3. Portugal Golden Visa: For Those Prioritizing Flexibility and Long-Term Options

Portugal remains one of Europe’s best-known residence-by-investment destinations, but it is no longer a direct substitute for Spain’s former property-based route.

The program removed real estate investment as a qualifying Golden Visa option in 2023. However, it is still a viable option through approved non-real-estate routes, including:

• Qualifying investment or venture capital funds of €500,000
• Cultural or artistic support of €250,000 (reduced to €200,000 in low-density areas)
• Scientific research of €500,000
• Job creation of at least 10 full-time jobs
• Business investment of €500,000 in a Portuguese company

Portugal may be attractive to those who are comfortable allocating capital to a qualifying fund or another permitted route, rather than buying a home to satisfy the program’s investment criteria.

The Portugal Golden Visa’s main features include:

• Residence rights in Portugal, including the right to live, work, and study, subject to applicable rules
• Schengen Area travel
• Eligibility for qualifying family members
• A minimum stay requirement of seven days during the first year and 14 days during each subsequent two-year period
• Potential eligibility for permanent residence or citizenship after meeting the applicable legal requirements

Portugal can be relevant to UK and US clients who want to preserve international flexibility while retaining the option of establishing a more permanent European base later.

Applicants should also consider current processing times, which can be lengthy and may vary according to the application and prevailing administrative conditions.

4. Cyprus Permanent Residence: For Those Who Prefer New Residential Property

Cyprus is another option for those who want a Mediterranean property purchase to form part of their residence planning.

Under the Cyprus Permanent Residence Program, eligible applicants can purchase new residential real estate worth at least €300,000. The property must meet the program’s requirements, including being purchased from a developer; resale properties do not qualify under this route.

Applicants must also demonstrate a minimum annual income of €50,000 from abroad. Additional income requirements for a spouse and each child also apply, and they must satisfy the relevant background and documentation checks.

The program may appeal to clients who want:

• Permanent residence in Cyprus through a qualifying property purchase
• A Mediterranean lifestyle and a potential second home
• A route that can accommodate eligible family members
• A residence option without an obligation to relocate full-time, although periodic visits are required to maintain status

There are differences between Cyprus and Spain’s former program that clients should take note of, such as the income criteria. Applicants should also distinguish Cyprus residence rights from Schengen travel rights, as Cyprus is not yet fully part of the Schengen Area.

5. Italy Investor Visa: For Those Who Prefer Business or Financial Investments

The Italy Investor Visa, or Golden Visa, offers another European residence route. However, it is less directly comparable with Spain’s former Golden Visa for property buyers because direct real estate purchases do not qualify as the investment.

There are still several investment categories available, including:

• €250,000 in an eligible Italian innovative startup
• €500,000 in an Italian company
• €2 million in Italian government bonds
• A €1 million philanthropic donation to a qualifying public-interest project

With this route, successful applicants can obtain Italian residence and, like most of the alternatives, travel within the Schengen Area.

Italy may suit those who have a specific interest in the Italian market, an eligible startup, or government securities. It also provides a potential long-term residence and naturalization route for those who genuinely relocate and meet the relevant legal requirements.

It is not the closest match for someone whose principal aim is to buy a European home and obtain residence through that purchase. Instead, it is an alternative for applicants who are comfortable with a business or financial investment and may wish to establish a more substantial presence in Italy.

What Other Residence by Investment Programs Are Available?

Beyond these principal European options, Latitude also advises on other residence destinations, including Anguilla, the Cayman Islands, and New Zealand, as well as Panama. These programs operate under different immigration frameworks and may be relevant to applicants whose priorities extend beyond Europe.

They should not be treated as direct substitutes for Spain’s Golden Visa without considering the differences in geography, residence rights, investment requirements, travel access, and long-term immigration prospects.

For those specifically seeking European residence, Greece, Malta, Portugal, Cyprus, and Italy provide a useful shortlist for comparison.

Latitude’s full list of available Residence by Investment programs can be found here.

Speak to Latitude

The end of Spain’s Golden Visa has changed the options available to clients seeking European residence through investment. However, Greece, Malta, Portugal, Cyprus, and Italy continue to offer distinct routes for eligible applicants, each with its own investment requirements, residence rights, and long-term considerations.

Latitude helps internationally mobile individuals and families compare residence and citizenship options in light of their investment preferences, family circumstances, mobility needs, and future plans.

Contact Latitude for a consultation to discuss which residence by investment program may be appropriate for your circumstances.

Related Resources

For further information, explore Latitude’s program guides:

• Malta Leads Europe in Tourism Growth: What It Means for Property and MPRP Applicants
• What Happens Post Approval? Malta vs Greece vs Portugal Residence Programs Compared
• Italy Investor Visa Explained: Routes, Requirements, and Benefits  

Frequently Asked Questions

Is Spain’s Golden Visa still available?

No. Spain ended its investor visa framework on April 3, 2025. Certain applications submitted before the change and existing valid permits are covered by transitional provisions. New applicants cannot use the former Golden Visa route.

Which European Golden Visa still allows property investment?

Greece offers qualifying real estate routes with thresholds depending on location and property type. Cyprus offers a permanent residence route through qualifying new residential property. Malta’s permanent residence program also requires a qualifying property purchase or lease, but its structure includes additional contributions and financial eligibility requirements.

Can UK and US citizens apply for European residence by investment?

UK and US citizens can apply for programs that accept eligible non-EU nationals, subject to each country’s eligibility, due diligence, source-of-funds, and other requirements. Nationality alone does not guarantee approval.

Is Portugal’s Golden Visa still available without property investment?

Yes. Portugal retains qualifying non-real-estate routes, including investment funds, cultural support, scientific research, job creation, and business-related investment. Direct real estate purchases no longer qualify for the Golden Visa.

Which program is best for families who do not want to relocate immediately?

Greece and Malta may be particularly relevant because neither program imposes a minimum physical presence requirement under the respective rules described in Latitude’s guides. Portugal also has a limited presence requirement. Applicants should confirm the current rules and distinguish maintaining residence status from qualifying for citizenship.

Does a European residence permit give me the right to live anywhere in the EU?

No. A residence permit normally grants residence rights in the issuing country. It may facilitate short-stay travel within the Schengen Area, subject to applicable rules, but it does not automatically grant the right to settle or work in every EU member state.

Can a Golden Visa lead to citizenship?

Some residence programs can support a future citizenship application, but citizenship is not automatic. Applicants must meet the destination country’s applicable naturalization requirements, which may include actual residence, language, integration, and other conditions. The investment itself does not guarantee a passport.