There is a widespread narrative in the market that golden visa programs have come to an end. Spain's termination of its program at the beginning of 2025 has reinforced this perception. However, the reality is more nuanced than the general industry sentiment suggests. Portugal and Greece have not ended their programs; instead, they have undergone a strategic transformation. The critical point for Turkish investors is to focus on the new windows that have opened rather than the doors that have closed.
Spain: The End of the Program
Spain ended its Golden Visa program with an official gazette (BOE) announcement on January 3, 2025. While existing applications continue to be processed, new applications are no longer accepted. This removes Spain from the investment migration route.
Portugal: Transition from Real Estate to Fund Investment
Portugal closed the real estate investment pathway as of October 2023. Current routes are set as a €500,000 fund investment, €500,000 research investment, and €250,000 cultural support. The fund investment remains the most efficient route according to 2026 data. According to Mynd Migration data, the share of Turkish investors in Portuguese fund investments increased by 40% in 2025.
As an alternative, Portugal expanded its D7 (passive income) and Digital Nomad visas in 2026. The requirement of €900 monthly passive income offers a more accessible option compared to the traditional golden visa.
Greece: Price Increase and Strategic Regions
In 2026, Greece raised the minimum investment threshold to €800,000 in Athens, Thessaloniki, and tourist islands. However, the €250,000 threshold remains in place in Piraeus and various suburban areas. This price differential creates a strategic opportunity for informed investors. Data shows that Turkish investors' interest in Greece continues to grow.
Secondary Residence and EU Access
Citizenship processes in Spain, Portugal, and Greece range from 5 to 7 years. The primary motivation for investors is not citizenship but visa-free Schengen access and the ease of conducting business within the EU. Secondary residence provides a sufficient solution for these goals.
Gaining an Advantage Under the New Rules
The golden visa world has not ended; it has simply evolved. A €500,000 fund investment in Portugal or a €250,000 regional opportunity in Greece are current routes for smart investors. As Mynd Migration, we analyze changing regulations and provide actionable roadmaps for investors. Closed doors mark the beginning of a new phase in the evolution of investment migration.
For detailed information, you can visit myndmigration.com.
