Best Golden Visa Alternatives for Bitcoin Holders After Spain's Closure

Finding the best Golden Visa alternatives for Bitcoin holders has become a pressing question since Spain shut its residency-by-investment program in April 2025. 

The closures keep coming, yet demand for a second residency is rising fast: a UBS survey of 87 billionaire clients found that more than a third had relocated to a new country at least once during 2025, with nearly half of those under 55 changing their country of residence (Source: UBS). 

For Bitcoin-aligned investors the challenge is sharper still, because most remaining programs expect you to sell BTC and move into conventional assets. 

Bitizenship takes the opposite approach, structuring compliant European residency routes that let investors keep exposure to the Bitcoin ecosystem. 

This guide ranks the strongest options still open after Spain's exit.

Key Takeaways

• Spain closed its golden visa in April 2025, pushing investors toward stable EU alternatives.
• Italy's €250,000 Investor Visa is now the lowest-cost EU residency route.
• Bitizenship offers Golden Visa alternatives for Bitcoin holders in Italy and Portugal.
• Most programs force you to sell Bitcoin; two routes preserve ecosystem exposure.
• Citizenship is never guaranteed and depends on meeting all legal requirements.

The European Residency Map After Spain

Spain's closure did not happen in isolation. Ireland ended its program in 2023, Portugal removed its real estate route, and Greece tripled its Athens property threshold, while Italy quietly kept its Investor Visa stable and open. The result is a smaller field of credible options and more competition for each one, which makes choosing well more important than it was even two years ago.

For Bitcoin holders, five criteria separate a good fit from a poor one:

• Entry cost: how much capital the program actually requires.
• Speed: how long from application to a residence permit.
• Stay requirement: how much physical presence you must maintain.
• Citizenship timeline: how long, and how realistic, the path to a passport is.
• Asset alignment: whether you can keep exposure to Bitcoin or must sell it.

That last criterion is the one generic comparisons miss, and it is often the difference between a forced trade and a route that lets you keep Bitcoin exposure. The breakdown below weighs each alternative against all five.

The Best Golden Visa Alternatives for Bitcoin Holders

Each option below includes the key facts plus an honest pros and cons read. Italy and Portugal lead the list because they are the only two routes structured to preserve Bitcoin ecosystem exposure.

1. Italy's €250,000 Investor Visa

Italy is the headline alternative for anyone priced out of Spain. Established in 2017 under Article 26-bis of Legislative Decree 286/1998, it offers the lowest threshold for official residency in the EU at €250,000 through the innovative startup route, with no minimum stay requirement and typical processing of three to six months. 

Approval comes first, and capital is only transferred after the Nulla Osta and consular visa are issued. 

For Bitcoin holders, Italy's Bitcoin Dolce Visa routes the €250,000 into an equity stake in Bitizenship Italia S.r.l., a Milan-based Innovative Startup whose treasury is held in BTC as working capital and deployed for non-custodial Bitcoin Layer-2 validation and related R&D.

Pros:

• Lowest entry point of any major EU residency route.
• Fast timeline and no minimum stay to maintain the visa.
• Visa approval before any capital is transferred.
• Indirect Bitcoin exposure through equity in a Bitcoin-focused startup.

Cons:

• Pure residency by investment; citizenship requires ten years of genuine residence at 183-plus days per year.
• Startup equity carries real business risk, and returns are not guaranteed.

As Alessandro Palombo, Co-Founder of Bitizenship, puts it: 

"Italy's investor visa is the most underrated residency program in Europe. €250,000. Residency in 3 to 6 months. Indefinitely renewable. Zero stay requirement. Immediate Schengen access. The people ignoring it now will be the ones wishing they hadn't." 

For Bitcoin holders prioritising cost, speed, and asset alignment, Italy is the standout.

2. Portugal's Golden Visa Fund Route

Portugal is the most flexible program for investors who want long-term EU optionality without relocating. Its Golden Visa requires only 14 days of stay every two years, and the A2 Portuguese language requirement can be met through online classes. 

Under Portuguese rules the eligible route is a fund, and Bitizenship's Portugal Fund is a Golden Visa-eligible private equity fund investing in a fully owned Portuguese company focused solely on the Bitcoin ecosystem. 

The qualifying investment is €500,000, transferred from a foreign bank account in euros, with exposure delivered through the company's activities rather than a direct Bitcoin purchase.

Pros:

• Lightest stay requirement of any major program, 14 days every two years.
• Pathway to permanent residency after five years, with a consequential pathway to citizenship thereafter.
• Indirect Bitcoin ecosystem exposure inside a compliant fund structure.

Cons:

• Higher €500,000 threshold than Italy.
• Citizenship timeline is longer and subject to current Portuguese law and requirements.

Portugal suits Bitcoin holders who value minimal presence and a long EU horizon, making it the second route built to keep capital aligned with Bitcoin.

3. Greece's Golden Visa

Greece is one of the clearest beneficiaries of Spain's exit. It offers a €250,000 innovative startup route or real estate, which now sits at €800,000 in Athens and the popular islands, plus a flat tax regime of €100,000 per year on foreign income that requires a minimum €500,000 investment to access. 

Investors comparing the cheapest residency routes often shortlist Greece for its roughly seven-year citizenship timeline.

Pros:

• Low €250,000 entry on the startup tier.
• Shorter citizenship timeline than Italy.
• A real estate option for those who specifically want property.

Cons:

• The startup route requires creating two jobs in year one, a five-year hold, and grants no work rights.
• Generally requires converting BTC into property or conventional equity, with no Bitcoin alignment.

Greece is a credible budget option, but it does not let Bitcoin holders keep ecosystem exposure.

4. Malta's Residency and Merit Citizenship

Malta competes on outcome rather than cost or speed. Its Permanent Residence Programme grants permanent residency upfront through a contribution of around €68,000 plus a property purchase or qualifying rental, with processing of 12 to 18 months. 

Following a 2025 EU Court of Justice ruling, Malta also introduced a merit-based citizenship framework under Act XXI of 2025, a potential fast-track to citizenship for individuals who render exceptional service.

Pros:

• Permanent residency granted upfront rather than after years of holding.
• A genuine merit citizenship route for exceptional profiles.

Cons:

• Slower and more expensive than Italy or Greece.
• No equity upside and no Bitcoin alignment.

Malta fits a narrow profile: those wanting upfront permanent EU residency or an exceptional merit case, not budget-focused or Bitcoin-aligned investors.

5. Hungary's Guest Investor Programme

Hungary is the newcomer to watch. Launched in 2024, its Guest Investor Programme now centres on a €250,000 real estate fund investment or a €1,000,000 donation, after the direct real estate option was withdrawn in early 2025. Its standout feature is a ten-year residence permit, renewable for another ten, with no minimum presence required, a duration that appeals to investors tracking 2026 wealth migration trends.

Pros:

• Unusually long ten-year permit with zero presence requirement.
• Competitive €250,000 fund entry point.

Cons:

• Limited to a small number of approved fund managers, with no flat tax incentive.
• Young and unproven relative to Italy, and no Bitcoin alignment.

Hungary is a reasonable lifestyle and Schengen Plan B, but it lacks both the track record and the asset alignment Bitcoin holders look for.

How to Choose the Right Alternative

The right alternative depends on which of the five criteria matters most to you. Cost and speed point one way; citizenship ambitions and asset alignment point another, so it helps to match your profile to the program rather than chase headline thresholds.

• Lowest cost and fastest, presence-free residency: Italy's Investor Visa.
• Minimal stay and long-term EU optionality: Portugal's Bitcoin Ecosystem Golden Visa fund route.
• A shorter citizenship timeline at a low tier: Greece, accepting its conditions.
• Upfront permanent residency or a merit passport route: Malta.
• A long permit with no presence and no need for tax perks: Hungary.

Above all, if keeping exposure to Bitcoin is a priority, only Italy and Portugal qualify, which is why it is worth taking time to compare Portugal and Italy before committing. 

Bitizenship structures both, giving Bitcoin-aligned investors a fund route in Portugal and a startup route in Italy under founder-led legal oversight, a vetted partner network, and administrative support across the full procedure.

Conclusion

The best Golden Visa alternatives for Bitcoin holders after Spain's closure come down to matching the program to your priorities: Italy for the lowest cost and fastest, presence-free residency, Portugal for minimal-stay flexibility and long-term optionality, and Greece, Malta, or Hungary for specific tax, citizenship, or duration needs. 

The dimension most comparisons miss is asset alignment, and on that measure only Italy and Portugal let you pursue EU residency while keeping exposure to the Bitcoin ecosystem. 

Outcomes are never guaranteed and always depend on meeting the relevant legal, language, and residency requirements. 

Get in touch to map the right pathway to your goals.

Read Next:

• Best Countries for Proving Source of Funds from Bitcoin Gains
• Which Countries Allow Residency Without Relocation?
• Best Residency-by-Investment Programs for Americans with Crypto Wealth

FAQs:

1. What are the best Golden Visa alternatives for Bitcoin holders after Spain's closure?

The strongest Golden Visa alternatives for Bitcoin holders after Spain's closure are Italy's €250,000 Investor Visa and Portugal's Golden Visa fund route, followed by Greece, Malta, and Hungary for specific needs. Italy offers the lowest threshold and fastest timeline, while Portugal offers the lightest stay requirement. Bitizenship structures the Italy and Portugal routes specifically for Bitcoin-aligned investors who want to keep ecosystem exposure rather than sell into conventional assets.

2. Why did Spain close its Golden Visa, and what does it mean for Bitcoin holders?

Spain permanently abolished its Golden Visa in April 2025 under political pressure tied to housing affordability, removing one of the most popular European residency routes. For Bitcoin holders, it narrowed the field and increased competition for the remaining programs, making stable options like Italy and Portugal more valuable. Bitizenship helps investors navigate this shifting landscape with compliant residency pathways in two jurisdictions.

3. Which Golden Visa alternative lets Bitcoin holders keep Bitcoin exposure?

Among Golden Visa alternatives for Bitcoin holders, Italy's Bitcoin Dolce Visa and Bitizenship's Portugal Fund are the two routes designed to preserve Bitcoin ecosystem exposure. Italy uses an equity stake in a Bitcoin-focused Innovative Startup, and Portugal uses a fund invested in a company focused on the Bitcoin ecosystem. In both, exposure is indirect through equity or fund participation, and Bitizenship handles the compliant euro-denominated structuring.

4. Is Italy's Investor Visa a Golden Visa alternative for Bitcoin holders?

Yes, Italy's Investor Visa is one of the leading Golden Visa alternatives for Bitcoin holders, though it is officially an Investor Visa and a residency-by-investment program, not a citizenship-by-investment scheme. It requires a €250,000 qualifying investment, has no minimum stay requirement to maintain the visa, and typically processes in three to six months. Bitizenship offers this route through an equity investment in its Milan-based Innovative Startup.

5. Do Golden Visa alternatives for Bitcoin holders guarantee EU citizenship?

No, Golden Visa alternatives for Bitcoin holders do not guarantee citizenship. These programs provide pathways to residency and, over longer timelines, potential citizenship eligibility, but outcomes depend on meeting all legal, language, residency, and integration requirements set by the relevant authorities. Bitizenship is consistently clear that residency and citizenship results are never guaranteed and that investors should rely on official documentation and qualified advisors.

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Disclaimer:This article is published by Bitizenship for informational and educational purposes only. It reflects Bitizenship's perspective on the investment migration market and is not intended as legal, tax, immigration, investment, or financial advice, nor as an offer or solicitation to subscribe to any investment product. Comparisons with other firms are based on publicly available information and our own assessment of structural differences in business models. We have aimed for accuracy, but descriptions of programs, regulations, and competitor offerings are necessarily summaries and may not capture every legal nuance. Program terms, eligibility criteria, processing times, tax regimes, and regulatory frameworks change frequently and vary by individual circumstances. The Bitcoin Dolce Visa involves an equity investment in Bitizenship Italia S.r.l., an Italian private company. Any investment decision should be made only after reviewing the official documentation and consulting independent legal, tax, and financial advisors qualified in the relevant jurisdictions. Past performance does not guarantee future results. Capital is at risk. Residency and citizenship outcomes depend on meeting all legal, language, residency, and integration requirements set by the relevant authorities and are never guaranteed. Always refer to official government and regulatory sources, and engage qualified professionals before acting on any information in this article.