Spain, Greece or Portugal in 2026: Where Israeli Buyers Actually Stand
Israeli buyers have been the most active foreign purchasers in Greece, and the fastest-growing non-EU group in Portugal. Spain has received less of that attention — largely because of two changes that are widely misunderstood. Here is how the three countries actually compare in 2026.
The residency question, answered country by country
| Residency through property? | Threshold | |
|---|---|---|
| Spain | No — closed 3 April 2025 | — |
| Greece | Yes | €800,000 in Attica, Thessaloniki, Mykonos, Santorini and larger islands; €400,000 elsewhere; €250,000 for qualifying conversions and listed-building restoration |
| Portugal | No — real estate routes removed October 2023 | Programme continues through funds, job creation and cultural donation |
If residency is the objective, only Greece still offers it through property — and at thresholds that rose sharply in 2024. All transitional deadlines have now closed, so applications filed in 2026 face the full amounts.
If residency is not the objective, this table stops being the deciding factor, and the comparison becomes about the property and the life around it.
Where Israeli money has actually gone
The movement since late 2023 is well documented. In Greece, Israelis emerged as the leading foreign buyers, and capital flows from Israel into Greek real estate rose 46.5% in 2024 to €129 million. In Portugal, Israeli buyers went from roughly 1.3% of foreign buyer transactions in 2022 to an estimated 4–5% in 2024.
The motivations reported are consistent: asset diversification, a European base, and a hedge against regional instability rather than a pure yield play.
Spain has featured less prominently in this movement. The reasons are worth separating, because one is real and one is not.
The real reason: the Golden Visa closed
Spain removed the residency incentive entirely in April 2025, while Greece kept its version. For buyers whose primary goal was an EU residency permit, that alone redirects the decision.
The unreal reason: the “100% tax”
The January 2025 announcement of a proposed 100% tax on non-EU buyers generated far more caution than its legal status warrants. As of September 2026 it has never been debated or voted in the Spanish Congress, has no implementation date, and faces opposition from the regional governments that would administer it. It is not law.
A significant amount of the hesitation around Spain rests on a measure that does not exist.
Tax on rental income, compared
For a non-resident owner without an EU passport, Spain applies 24% to gross rental income with no deductions permitted, against 19% on net income for EU and EEA residents. This is a real and current cost difference, and it applies regardless of what happens to the proposed purchase tax.
This is also where a second EU passport changes everything. An Israeli buyer holding EU citizenship — through descent, or otherwise — falls into the favourable column in Spain, and the main financial argument against Spain largely disappears.
Community and daily life
For a family relocating rather than investing, this is often the real deciding factor, and it rarely appears in comparison tables.
Marbella has an established Jewish community: Beth El Synagogue, consecrated in 1978 and the first synagogue built in Andalusia since 1492; a Chabad house serving the Costa del Sol; kosher catering; and a mikveh. Athens and Lisbon each have their own long-standing communities with different characters and different scales.
What differs is not only size but texture — walking distances, school options, how concentrated the community is, how much of daily life happens in a language you speak. These are not things a spreadsheet resolves, and they are the questions worth spending a visit on.
Read more: Jewish life in Marbella — synagogue, kosher, schools and neighbourhoods →
How to choose between them
- Residency is the priority → Greece is the only one of the three still offering it through property, at €800,000 in the prime areas.
- You hold or can obtain an EU passport → Spain’s main tax disadvantage disappears, and the comparison shifts to lifestyle and property quality.
- You want a family base rather than an investment → community infrastructure, schools and flight connections should outweigh the visa question entirely.
- You are buying for yield → model the non-EU rental tax position honestly in all three before comparing headline yields, because gross-basis taxation changes the ranking.
Frequently asked questions
Can Israelis get residency by buying property in Spain?
No, not since 3 April 2025. Greece remains the option among these three, at €800,000 in Attica, Thessaloniki and the larger islands.
Is Spain about to impose a 100% tax on Israeli buyers?
No. The proposal was announced in January 2025, has never been voted on, and is not law as of September 2026.
Which country taxes rental income most favourably for an Israeli owner?
It depends on passport rather than country alone. Without EU residence, Spain applies 24% on gross rent with no deductions. With an EU passport and EU residence, 19% on net income after full deductions.
Is there a Jewish community in Marbella?
Yes — a synagogue since 1978, a Chabad house, kosher catering and a mikveh.
Did Portugal stop the Golden Visa?
Not entirely, but it removed all real estate routes in October 2023. The programme continues through funds, job creation and cultural donations.
General information as of September 2026, not tax, immigration or investment advice. Programme thresholds and rules change frequently in all three countries — confirm current requirements with a qualified adviser in the relevant jurisdiction.
