Europe’s Investment Rules Have Shifted - Here’s What That Means for Real Estate Buyers
Golden visa closures, tax regime changes, and digital nomad reforms have reshaped investor options in Portugal, Greece, and Spain.
In the past two years, several popular European investment destinations have overhauled their visa and tax policies – changes that every foreign property investor should be aware of. Portugal, Greece, and Spain, in particular, have introduced new rules affecting golden visas, residency through property in Europe, and tax treatment for expats and investors. In this article, we break down the real estate visa changes in Europe 2025 and explain what they mean for real estate investors looking to enter or expand in these markets.
For additional insights, read our article on Top European Cities for Digital Nomads in 2025.
Portugal Ends Golden Visa for Property – What Investors Can Still Do
How the closure of Portugal’s golden visa and NHR tax regime impacts property buyers in 2025
Portugal's golden visa program, once a magnet for property investors, underwent a major change in 2023. The government eliminated the real estate route for golden visas – meaning buying property in Portugal no longer qualifies new applicants for residency. This was done amid concerns about housing affordability in Portugal.
For context on rental strategies, read Airbnb Investments in 2025: Should You Earn from Short-Term Rentals?
Additionally, Portugal ended its NHR tax regime – a move with major implications for retirees and remote workers. The Non-Habitual Resident (NHR) tax program, which offered generous flat tax rates on pensions and certain income, closed to new applicants from January 2024. A replacement framework, often referred to as NHR 2.0, has been introduced — but it’s widely seen as less advantageous than its predecessor, and its application in practice remains unclear.
For analysis on policy impact, check Is Foreign Investment in Real Estate Hurting Local Housing Markets in Europe?
What it means for investors: Portugal golden visa ended 2025 – but the country still welcomes investors through other means. The Portugal digital nomad visa for real estate investors offers an alternative route for residency. While the NHR tax regime closed, Portugal remains attractive for property investment due to its lifestyle, stable market, and lack of wealth or inheritance tax. Now, investing in Portugal after golden visa is about rental yields, long-term capital growth, and location fundamentals – not tax breaks.
Greece Raises Golden Visa to €500K in Prime Areas - But You Still Have Options
Explore real estate investment in Greece under €250K and smart tax perks for retirees
Greece's golden visa program has long been among the most accessible in Europe, but as of August 2023, the minimum investment doubled to €500,000 in high-demand zones like Athens, Thessaloniki, and the Cycladic islands. Elsewhere in Greece, such as parts of the Peloponnese or Crete, the €250,000 golden visa threshold still applies.
Meanwhile, Greece maintains some of the most appealing tax incentives for foreign retirees in Europe. A flat 7% tax on foreign pension income (for up to 10 years) and a €100k lump-sum regime for HNWIs make Greece stand out.
What it means for investors: The Greece golden visa €500k 2025 rule means buying in central Athens is more expensive, but property investment in Greece under €250k is still viable in many regions. Investors should consider acquiring multiple smaller properties in Greece to meet thresholds efficiently. The Greece flat tax for foreign retirees remains a key draw for lifestyle-focused investors.
To compare regional dynamics, see Barcelona vs Lisbon 2025: Which City Is Better for Living and Real Estate Investment?
Greece continues to welcome real estate investors in 2025, but the focus has shifted to regional property markets and tax-optimized residency options.
Spain Ends Golden Visa – But Its Digital Nomad Route Could Boost Property Demand
What Spain’s new expat visa and tax setup mean for real estate investors in 2025
In April 2025, Spain officially abolished its golden visa for property investors. The country no longer offers residency through buying real estate, ending the option that previously required a €500k purchase.
In its place, Spain has launched an attractive digital nomad visa under its 2022/2023 Startup Law. This visa is aimed at remote workers and entrepreneurs, granting renewable stays of up to 5 years. Crucially, it comes with the Beckham Law – a special expat tax regime in Spain that allows flat 24% tax on local income and full exemption on foreign income for up to 6 years.
To avoid common traps, read Top 5 Mistakes Foreign Investors Make in European Real Estate
What it means for investors: The Spain golden visa abolished 2025 move closed the real estate-to-residency path. However, Spain’s digital nomad visa with tax perks has become an increasingly popular route. While not directly linked to real estate, this visa still benefits landlords, as digital nomads often rent or buy property in Spain. Rental yields, particularly in Valencia, Málaga, and Madrid, remain strong.
Even without golden visas, property investment in Spain remains attractive in 2025, especially when combined with the Spain expat tax advantages for those relocating under new visa schemes.
Quick Overview: Visa and Tax Changes by Country (Portugal, Greece, Spain)
<table> <tbody> <tr class="blue-row" > <td><strong>Country</strong></td> <td><strong>Golden Visa Status (2025)</strong></td> <td><strong>Key Tax Changes</strong></td> </tr> <tr> <td>Portugal</td> <td>Real estate route eliminated</td> <td>NHR tax regime ended</td> </tr> <tr> <td>Greece</td> <td>€500k min in Athens/prime areas; €250k elsewhere</td> <td>7% flat tax on foreign pensions still active</td> </tr> <tr> <td>Spain</td> <td>Golden visa via property ended</td> <td>New digital nomad visa with expat tax perks</td> </tr> </tbody> </table>How to Adjust Your Investment Strategy in 2025
Key takeaways for real estate buyers facing new rules in Portugal, Greece, and Spain
These developments have forced investors to rethink strategies:
Portugal: The end of the golden visa and NHR tax regime shifted the focus to long-term property fundamentals. Portugal is still among the best European countries for real estate investors in 2025, but for different reasons than before.
Greece: With a split threshold for golden visa eligibility, where to invest in Greece under €250k has become a crucial question. Tax regimes remain favorable, especially for foreign retirees or non-dom individuals.
Spain: The golden visa for property investors is gone, but Spain’s real estate investment with digital nomad visa has emerged as a viable strategy. With strong tourist rental demand and expat tax incentives, Spain remains in the game.
Staying updated on foreign investor rules in Portugal, Spain, and Greece is essential. The shift from “buy property, get residency” to “contribute economically, then buy if you want” reflects a wider European trend toward sustainable housing markets. By focusing on real estate tax changes in Europe and adapting investment strategies accordingly, investors can still unlock the full potential of these dynamic markets.
Visit our Countries section to explore average property prices, rental yields, legal procedures, and ownership rules for foreign investors across Europe.