Golden Visa Application Flow Returns to Normal Across Europe

Key Takeaways

• Greece reduced Golden Visa approval time from 18 months to 3 months, with immediate temporary permits.
• Portugal faces processing delays but remains popular, especially among U.S. investors seeking residency and citizenship.
• Spain closed its Golden Visa program to new applicants in April 2025 but processes renewals.

The Golden Visa landscape in Europe is changing rapidly, with each country adapting its policies and procedures to meet shifting economic and political needs. This analysis examines the current state of Golden Visa programs in Greece 🇬🇷, Portugal 🇵🇹, Spain 🇪🇸, and Italy 🇮🇹 as of July 2025. The focus is on the application process, recent developments, and the practical impact on investors and their families. By comparing these programs, we can better understand the trends, challenges, and opportunities for those seeking residency or citizenship through investment in Europe.

Purpose and Scope

This report aims to provide a clear, unbiased overview of the Golden Visa programs in four key European countries. It covers:

• The current status and recent changes in each program
• The application process and processing times
• The impact of these changes on investors and their families
• Trends and patterns in Golden Visa applications
• Evidence-based conclusions about the future of these programs

Methodology

The analysis draws on official government updates, expert commentary, and recent data from immigration agencies and reputable sources. Key facts are presented using bullet points and tables for clarity. Where possible, official government links are provided for readers seeking more detailed information. The report avoids speculation and focuses only on verified information.

Key Findings Upfront

• Greece 🇬🇷 has significantly improved its Golden Visa application process, reducing approval times from 18 months to just three months. Applicants now receive a temporary residence permit immediately after applying.
• Portugal 🇵🇹 faces delays due to a backlog, but efforts are underway to speed up processing. The program remains popular, especially among U.S. investors.
• Spain 🇪🇸 closed its Golden Visa program to new applicants in April 2025, but continues to process existing applications and renewals.
• Italy 🇮🇹 offers one of the fastest Golden Visa processes in Europe, with approvals typically taking 3-4 months.
• Investors are increasingly choosing countries with faster, more predictable application processes.
• The closure of Spain’s program and Portugal’s backlog highlight the need for ongoing policy adjustments.

Data Presentation and Visual Descriptions

To help readers compare the Golden Visa programs, the following table summarizes the key features and recent changes in each country:

Visual Description: Imagine a simple table with four columns showing each country, the main steps in the application process, how long it takes to get approved, what has changed in 2025, and what applicants can expect right now. Greece and Italy stand out for their speed and efficiency, while Portugal is working to fix delays, and Spain is no longer taking new applications.

Greece Golden Visa: A Model of Efficiency

Application Process

The Greece Golden Visa program requires applicants to:

• Invest in property worth at least €250,000 (about $270,000)
• Prepare and submit required documents (passport, proof of funds, property purchase agreement, etc.)
• Submit the application to the Greek Migration Office

Recent Developments

• Processing time has dropped from 18 months to just three months.
• Applicants now get a temporary residence permit right after submitting their application, allowing them to stay in Greece while waiting for approval.
• The Greek government has cleared its backlog, making the process much smoother for new applicants.

Practical Implications

• Faster access to residency means investors and their families can move to Greece sooner.
• The temporary permit allows for immediate travel within the Schengen area, which covers most of Europe.
• The streamlined process makes Greece one of the most attractive options for those seeking a Golden Visa.

Official Resource: For more details on the Greek Golden Visa, visit the official Greek government page.

Portugal Golden Visa: Popular but Facing Delays

Application Process

The Portugal Golden Visa program involves:

• Making a qualifying investment (real estate, job creation, or capital transfer)
• Preparing and submitting documents (passport, proof of investment, background checks, etc.)
• Applying through the new immigration agency, AIMA

Recent Developments

• Portugal is experiencing significant delays due to a backlog of applications.
• The government has extended the validity of residence permits for those waiting.
• More staff have been hired to speed up processing.
• There has been a notable increase in U.S. investors and family applications.

Practical Implications

• Applicants may wait longer for approval, but the program remains open.
• Portugal offers a path to citizenship after five years of residency, making it a popular choice despite the delays.
• The government’s efforts to clear the backlog are ongoing, and applicants are advised to check for updates regularly.

Official Resource: For the latest updates on Portugal’s Golden Visa, see the Portuguese Immigration and Borders Service (SEF).

Spain Golden Visa: Program Closure and Its Impact

Application Process

• The Spanish Golden Visa program required a real estate investment of at least €500,000 (about $540,000), along with document submission and background checks.
• As of April 3, 2025, the program is closed to new applicants.

Recent Developments

• The focus is now on processing existing applications and handling renewals.
• Renewals typically take up to 20 days.
• The closure reflects a shift in Spain’s immigration policy, possibly due to concerns about housing prices and local demand.

Practical Implications

• No new applications are being accepted.
• Existing Golden Visa holders can still renew their visas and maintain their residency status.
• New investors must look to other countries for similar opportunities.

Official Resource: For information on renewals and the closure, visit the Spanish government’s official page.

Italy Golden Visa: Fast and Attractive

Application Process

Italy’s Golden Visa program stands out for its speed and simplicity:

• Obtain a Nulla Osta (a certificate of no impediment) from the Italian government
• Make a qualifying investment (such as €250,000 in an innovative startup or €500,000 in an Italian company)
• Apply for a two-year investment visa
• After approval, move to Italy and complete the residency process

Recent Developments

• Italy’s process is streamlined, with approvals typically taking 3-4 months.
• The program is open to new applicants and has not experienced the backlogs seen in Portugal.

Practical Implications

• Investors benefit from rapid access to Italian residency and the ability to travel within the Schengen area.
• The program’s efficiency makes it a top choice for those seeking a quick and reliable path to European residency.

Official Resource: For more on the Italy Golden Visa, see the official Italian government page.

Comparisons, Trends, and Patterns

Processing Times

• Greece 🇬🇷 and Italy 🇮🇹 now offer the fastest Golden Visa processing in Europe, with approvals in 3-4 months.
• Portugal 🇵🇹 is slower due to backlogs, but improvements are underway.
• Spain 🇪🇸 is no longer an option for new applicants.

Program Status

• Open and Efficient: Greece, Italy
• Open but Delayed: Portugal
• Closed to New Applicants: Spain

Investor Preferences

• Investors are moving toward countries with shorter processing times and clearer application processes.
• The closure of Spain’s program has increased interest in Greece and Italy.
• Portugal remains popular due to its path to citizenship, despite delays.

Policy Adjustments

• Governments are adapting their programs to balance economic benefits with local concerns, such as housing prices and social integration.
• The trend is toward streamlining application processes and reducing backlogs to stay competitive.

Evidence-Based Conclusions

• Greece 🇬🇷 has become a leader in Golden Visa efficiency, attracting more investors with its quick approvals and immediate temporary permits.
• Italy 🇮🇹 is also highly attractive due to its fast and straightforward process.
• Portugal 🇵🇹 remains a strong choice for those seeking eventual citizenship, but applicants should be prepared for longer waits.
• Spain 🇪🇸 is no longer an option for new investors, but existing holders can maintain their status.
• The overall trend is toward faster, more transparent application processes, as countries compete to attract foreign investment.

Limitations

• The analysis is based on information available as of July 5, 2025. Immigration policies can change quickly, and readers should always check official government websites for the latest updates.
• Processing times may vary depending on individual circumstances and the volume of applications.
• The report focuses on four major European countries; other countries may offer similar programs with different requirements.

Actionable Takeaways and Next Steps

• For Prospective Applicants: If you are considering a Golden Visa, Greece and Italy currently offer the fastest and most efficient application processes. Portugal is still a good option if you are willing to wait longer for approval and are interested in citizenship after five years.
• For Existing Spain Golden Visa Holders: You can still renew your visa, but no new applications are being accepted.
• For Investors Seeking Updates: Regularly check official government websites for the latest information on Golden Visa programs and application requirements.
• For Families: Most Golden Visa programs allow family members (spouse, children, sometimes parents) to be included in the application, offering a path to residency for the whole family.

Official Government Resource: For the most up-to-date and authoritative information on Golden Visa programs, visit the European Commission’s Migration and Home Affairs page.

Stakeholder Perspectives

Government Agencies

• Agencies like AIMA in Portugal and the Greek Migration Office are working to make the application process smoother and faster.
• Their efforts to clear backlogs and provide temporary permits show a commitment to attracting foreign investment while maintaining control over immigration.

Investors

• Investors value speed, clarity, and predictability in the application process.
• Greece and Italy are currently preferred for their efficiency, while Portugal’s improvements are being closely watched.

Future Outlook

• As reported by VisaVerge.com, the European Golden Visa landscape is likely to keep changing as countries adjust their policies to attract investment while addressing local concerns.
• The closure of Spain’s program may lead other countries to review their own policies, especially if there are concerns about housing prices or social impact.

Final Thoughts

The Golden Visa programs in Europe offer a unique path to residency and, in some cases, citizenship for investors and their families. While the application process and requirements vary by country, the trend is clear: countries that offer fast, efficient, and transparent processes are attracting the most interest. Greece and Italy are currently leading the way, while Portugal is working to overcome delays, and Spain has closed its doors to new applicants. By staying informed and choosing the right program, investors can find the best path to a new life in Europe.

Learn Today

Golden Visa → A residency permit granted to investors meeting specific financial investment criteria in a country.
Temporary Residence Permit → A short-term visa allowing holders to reside legally while their full application is processed.
Backlog → Accumulated applications awaiting processing, causing delays in approval times.
Nulla Osta → Italian government certificate confirming no impediment to the applicant’s requested visa issuance.
Schengen Area → A zone of European countries with abolished internal borders allowing free travel among members.

This Article in a Nutshell

European Golden Visas are rapidly evolving. Greece and Italy lead with fast, efficient processing, while Portugal faces delays. Spain’s program closed to new applicants in 2025. Investors prioritize countries with clear, quick applications amid shifting policies, offering diverse residency and citizenship opportunities.
— By VisaVerge.com