Golden Visa Europe: Spain Tightens, Hungary Welcomes Back Investors

Spain is phasing out its golden visa program for property-based residency by January 2025, while Hungary has reintroduced a similar scheme targeting wealthy investors, highlighting a divergence in European approaches to investment migration and housing affordability.

Spain Ends Golden Visa Amid Housing Concerns

Spain’s Congress of Deputies has approved a measure to end its golden visa program, launched in 2013, which allowed non-EU investors to gain residency by purchasing real estate worth more than €500,000. The program has been criticized for contributing to rising property prices, speculation, and reduced affordability in major Spanish cities. Prime Minister Pedro Sánchez’s administration argues that housing should be a right, not a speculative business.

The repeal is expected to take effect in early 2025, following Senate debate and final ratification, with applications already submitted likely to be honored before the cutoff date.

“Spain’s housing policy pivot isn’t just social — it’s structural. It’s a signal to investors that speculative real estate is no longer sovereign territory,” a source stated.

Broader EU Trend of Restricting Golden Visas

Spain’s decision aligns with a broader trend across the European Union to reassess golden visa programs. These schemes, once lauded for attracting capital, are now facing criticism for inflating property prices and potentially facilitating illicit financial flows.

• Portugal banned real estate-based investment visas in 2023 to curb speculative demand.
• The Netherlands ended its program in January 2024.
• Ireland and the United Kingdom both shut down their programs amid anti-money-laundering crackdowns.

Hungary Reopens Investment Program

In contrast to the tightening restrictions elsewhere, Hungary revived its “Guest Investor Program” in late 2024, aiming to attract affluent investors seeking EU access. Residency can be obtained through three pathways:

• €250,000 in a real estate investment fund
• €500,000 in residential property
• €1 million donation to higher education institutions

Hungary’s move reflects Prime Minister Viktor Orbán’s economic strategy of leveraging foreign investment to boost capital inflows without relinquishing political control.

“Where others see risk in wealth migration, Hungary sees liquidity — and a way to anchor new capital in national development,” a source noted.

Market Impact and Future Outlook

Spain’s decision could reshape investment flows across southern Europe, with Chinese and Middle Eastern buyers reportedly accelerating property acquisitions before the 2025 deadline. Hungary’s reopening introduces competition, offering lower entry thresholds than established markets like Malta or Italy.

As the January 2025 deadline approaches, Spain’s Senate debates will determine whether business investments and government bond pathways will also be affected. Hungary’s initial wave of applications is expected to grow through 2026, with updated fund listings anticipated later this year.

Europe’s approach to residency for investment is evolving, shifting from broad accessibility to strategic regulation, prioritizing economic integrity and responsible capital inflow.