Following Spain’s decision to officially eliminate the real estate route from its Golden Visa program on April 3, 2025, the landscape of European investment migration is undergoing a major transformation. While Spain’s program remains intact for other forms of investment, this decisive shift has opened the door for other countries to claim the spotlight — most notably, Italy.
Once considered a secondary player, Italy’s Golden Visa program is now emerging as the preferred option for investors seeking EU residency through capital investment. Its simplicity, flexibility, and growing popularity among global citizens have propelled it into the forefront of the European residency-by-investment sector.
Why Spain’s Policy Change Matters
Spain’s reform puts an end to the most popular pathway: acquiring a residence permit through the purchase of high-value real estate. In tandem with this move, the Spanish government is proposing a controversial 100% tax on property purchases by non-EU nationals, which could significantly impact foreign interest in the country’s housing market. In 2023 alone, 27,000 homes were purchased by non-EU investors, many of whom were British and American nationals.
Spanish Prime Minister Pedro Sánchez framed the decision as a response to housing affordability challenges, asserting that these homes were “not bought to live in, but to make money.” The sentiment echoes a growing trend among European countries to prioritize local access to housing and curb speculative foreign investments.
While investors who completed their purchases and applications before the cutoff date can still proceed, new applicants will have to look elsewhere for real estate-driven golden visa programs.
Italy’s Golden Visa Gains Momentum
With Spain stepping back, Italy is stepping forward. The Italy Golden Visa, formally known as the Investor Visa for Italy, has gained traction as a viable and appealing alternative. Launched in 2017, the program allows non-EU nationals to secure a two-year residency — extendable to five years — in exchange for qualifying investments.
Investment options include:
•€2 million in Italian government bonds
•€500,000 in an Italian limited company
•€250,000 in an innovative startup based in Italy
•€1 million donation to a public benefit project
What makes the Italy Golden Visa especially attractive is the lack of minimum stay requirements, allowing investors to maintain flexibility while still gaining access to the European Union.
Investor Interest Is Growing Fast
According to data released by Get Golden Visa, applications for Italy’s program have increased notably in recent months, particularly in the wake of Spain’s changes. The total amount invested through the program has reached approximately €44 million, with a large portion funneled into startup ventures — an indicator of investors’ appetite for innovation and future growth.
Italy also benefits from relatively fast application processing and lower administrative bottlenecks compared to other countries like Portugal or Greece, which are currently grappling with application backlogs.
Moreover, Italy is becoming a magnet for American expats, with more than 54,000 U.S. citizens now residing in the country. Its cultural richness, economic potential, and lifestyle appeal make it an increasingly compelling destination for high-net-worth individuals.
The Bigger Picture: Europe’s Golden Visa Evolution
As the European Union grows more cautious about real estate-based residency programs, investor preferences are clearly shifting. Countries offering diversified investment routes, such as Italy, stand to gain significantly. Meanwhile, programs in Portugal and Greece, though still strong, are facing challenges due to high demand and policy changes.
For golden visa investors, the key is agility. As Get Golden Visa’s Managing Partner Murat Coşkun notes, “Spain’s decision reflects a broader effort to regulate foreign investment more carefully. But it also creates new opportunities for countries like Italy that are ready to welcome global investors with smart, sustainable programs.”
The withdrawal of Spain’s real estate option signals the end of an era — but it also marks the beginning of a new one. Italy’s Golden Visa program is uniquely positioned to benefit from this transition, offering an accessible, strategic, and future-ready path to EU residency.
For those considering investment migration in 2025, Italy is no longer a dark horse. It is a frontrunner.
