Greece’s 2025 Golden Visa data revealed a sharp decline in real estate-driven applications — a direct consequence of new restrictions meant to cool housing prices. As Greece pauses for recalibration, Portugal’s regulated fund model quietly solidifies its position as the most transparent and sustainable residency-by-investment route in Europe.
According to Greece’s Ministry of Migration and Asylum, Golden Visa applications fell from 822 in September 2024 to just 392 in 2025 — a dramatic 52.5% plunge. Permit approvals dropped even further, with only one approval recorded in the same period last year that saw 607. Renewals decreased by nearly 75%.
The Greek government’s policy to curb housing inflation by raising investment thresholds and restricting property zones succeeded in cooling the market — but at the cost of foreign capital inflows. Analysts now question whether the correction went too far, too fast.
While China still leads in total applications (8,792, +29%), new nationalities are emerging.Turkey’s investor permits rose 153% and Israel’s grew 84%, reflecting geopolitical instability and the search for safer jurisdictions within the EU.
Interestingly, a growing segment of these investors — particularly institutional and family-office capital — is now redirecting toward Portugal, attracted by its transparent fund-based route and stable political environment.
Unlike Greece, Portugal’s 2023 reforms did not abolish the Golden Visa but repositioned it toward regulated capital markets. The program’s evolution reflects a mature understanding of how to attract investment without distorting housing supply.
CMVM-regulated funds — including those from Explorer Investments — channel investor capital into productive sectors such as energy, technology, and infrastructure. This model enhances transparency and sustainability.
The shift from real estate to financial instruments is transforming the European investment migration industry. For investors, regulated funds eliminate ownership management burdens, diversify exposure, and reduce legal complexity.
Moreover, they meet ESG standards and are compliant with EU directives — a major attraction for institutional and ethical investors seeking both residency benefits and long-term portfolio stability.
For a practical comparison of both models, read: From Real Estate to Regulated Funds: The New Golden Visa Playbook.
As Greece recalibrates and Spain debates new thresholds, Portugal’s hybrid strategy — coupling compliance with competitiveness — may set the template for Europe’s next generation of residency programs.
The 2026 horizon points toward a more institutional, transparent, and sustainable model where Portugal leads as Europe’s stable bridge between capital and residency.
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André Bandeira
ab@explorerinvestments.com
Maria Campos Silva
mcs@explorerinvestments.com
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Get your complete, free guide to the Portuguese Golden Visa. Learn how to invest with confidence through Explorer Investments, the country's largest private equity fund.
André Bandeira
ab@explorerinvestments.comMaria Campos Silva
mcs@explorerinvestments.comCopyright © 2025 Explorer Investments
It is recommended to consult Chapter V of Decree-Law nº 162/2014, of October 31st, published in the Official Gazette, as well as its revision by Law nº 2/2020, of March 31st. The information included here is of a general nature, and therefore each potential investor should seek independent advice (e.g., legal, financial, tax, etc.)