Spain's Golden Visa is Closed: Where Do Investors Go in 2026?

2026-07-22

Joseph Boll — CEO & Founder, Frederick Capital

With Spain's Golden Visa officially closed, discover the best alternative European Residency by Investment programs in 2026, including Greece, Italy & Hungary.

For years, the Iberian Peninsula was the undisputed epicenter of European Residency by Investment. Spain and Portugal offered competing, highly attractive "Golden Visa" programs that granted non-EU nationals the right to live, work, and travel freely across the Schengen Area in exchange for real estate investment.

However, the era of easy property-based residency in Western Europe is drawing to a close. Following Portugal's removal of its real estate route in 2023, Spain officially and permanently closed its Golden Visa program across all investment routes on 3 April 2025.

For investors seeking secure EU access in 2026, understanding this closure and pivoting to viable alternatives is essential.

What Exactly Closed — and What It Means

The closure of the Spanish Golden Visa (via Ley Orgánica 1/2025) was comprehensive. It did not merely eliminate the popular €500,000 real estate option; it abolished the government bond, corporate shares, and business project routes as well. The Spanish government cited a severe housing crisis as the primary driver, noting that 94% of all permits issued were based on property purchases concentrated in high-pressure urban markets like Madrid and Barcelona.

It is important to note that existing Spanish Golden Visa holders retain their acquired rights and can continue to renew their permits under the old legislation, provided they maintain their original investment. However, the door is firmly shut for new applicants.

Why Caribbean CBI Is No Longer a Simple Substitute

Historically, when a European residency program closed, many investors simply pivoted to Caribbean Citizenship by Investment (CBI) programs to secure Schengen visa-free access. In 2026, this is no longer a guaranteed strategy.

The European Union has placed immense pressure on the five Eastern Caribbean CBI nations, formally demanding a phase-out of their programs by 2028. If these nations do not comply, the EU has threatened to suspend their visa-free Schengen access. Therefore, relying solely on a Caribbean passport for European mobility carries significant geopolitical risk.

If your primary goal is guaranteed, long-term access to Europe, you must look at direct European Residency by Investment (RBI) programs.

The Best Alternatives to Spain's Golden Visa in 2026

With Spain closed and Portugal's real estate route gone (though its €500,000 investment fund route remains open), where should investors turn?

Greece — The Primary Beneficiary

Greece is currently the primary beneficiary of Spain's closure. It is effectively the last major European program that grants residency through real estate investment with zero minimum stay requirement. While Greece has raised thresholds in prime areas (Athens, Mykonos, Santorini) to €800,000, it uniquely maintains a €250,000 exception nationwide for commercial-to-residential conversions or the restoration of listed buildings. This €250,000 conversion route offers the lowest entry point into the Schengen Area through property, making it highly attractive for strategic investors.

Italy — The Investor Visa

Italy offers a robust, though less publicised, Investor Visa. The most accessible route is a €250,000 investment in an innovative Italian startup. Alternatively, investors can inject €500,000 into an established Italian limited company or €2 million into government bonds. Italy offers a fast processing time (typically 3–6 months) and access to one of Europe's largest economies, though it requires more active business engagement than passive real estate.

Hungary — The Guest Investor Program

Hungary recently revamped its immigration framework, introducing the Guest Investor Program. Investors can qualify through a €250,000 investment in a local real estate fund or a direct €500,000 residential property purchase. This provides a 10-year residency permit, offering exceptional long-term stability and full Schengen mobility.

Conclusion

At Frederick Capital, we emphasise that the closure of the Spanish program is not the end of European investment migration; it is simply a realignment. By pivoting toward strategic options like the Greek conversion route or the Italian startup visa, investors can still secure their family's foothold in Europe.

If you would like to understand which alternative best suits your profile and goals, speak with a Frederick Capital adviser today.

Frequently Asked Questions

Q: Is Spain's Golden Visa completely closed, or just the real estate route?

A: Spain's Golden Visa is completely closed across all investment routes as of 3 April 2025. This includes the real estate, government bond, corporate shares, and business project routes. Existing holders retain their rights and can renew, but no new applications are being accepted under any route.

Q: Can existing Spanish Golden Visa holders still renew their permits?

A: Yes. Existing Spanish Golden Visa holders retain their acquired rights under the old legislation and can continue to renew their permits, provided they maintain their original qualifying investment. The closure only affects new applicants.

Q: Which country is the best replacement for Spain's Golden Visa in 2026?

A: Greece is widely considered the strongest replacement for Spain's Golden Visa in 2026. It is the last major European program offering residency through real estate investment with zero minimum stay requirements. The €250,000 commercial-to-residential conversion route provides the lowest entry point into the Schengen Area currently available.

Q: Does the closure of Spain's Golden Visa affect Caribbean passport holders' access to Europe?

A: Not directly, but the two issues are related. Caribbean CBI passport holders already face a separate threat: the EU has demanded Caribbean nations phase out their CBI programs by 2028 or risk losing Schengen visa-free access. Investors who relied on a Caribbean passport as a substitute for European residency should now consider direct European RBI programs.

Q: How can Frederick Capital help me find the right alternative to Spain's Golden Visa?

A: Frederick Capital provides jurisdiction-agnostic advice, meaning we compare all available programs objectively based on your specific goals, budget, and timeline — not on commission from a single country. Book a free consultation here to receive a personalised programme recommendation.