European investment residency programs are undergoing significant changes: some countries are raising entry thresholds, while others are completely phasing out their “golden visas.” As of 2026, eight EU member states offer residency permits to investors with varying conditions, costs, and tax benefits. Learn more about the current “golden visa” programs in Europe, their costs, and prospects

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Investment residency programs in Europe, known as “golden visas,” continue to evolve. Some countries are closing their programs under pressure from the housing crisis and EU policies, while others are reforming their terms or launching new opportunities for investors. As of 2026, eight European countries have active programs that allow individuals to obtain a residence permit through passive financial investments without the obligation to reside permanently in the country.

Which countries offer such programs, how much you need to invest, and what to expect—we’ll cover all of this in the article below.

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What is a Golden Visa and how does it work in Europe?

It is worth noting that no European country officially uses the term “Golden Visa” in its legislation. In Portugal, the program is called ARI; in Greece, it is a residence permit for investors; and in Hungary, it is a residence permit for investor-guests. Despite the different names, the essence remains the same: a foreign citizen invests in the country’s economy and receives the right to reside, access to the Schengen Area, and, in the future, the opportunity to apply for citizenship.

The main advantage of such programs is the absence of a requirement to reside permanently in the country or become a tax resident to maintain the status. This makes “golden visas” attractive to entrepreneurs and investors who want legal access to the European Union while maintaining flexibility in choosing their place of residence.

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The most accessible programs: Latvia and Bulgaria

Latvia offers one of the oldest investment residency programs in Europe—it has been in effect since 2010. The minimum entry threshold is just €50,000, provided the investment is made in a company with fewer than 50 employees and a turnover of up to €10 million. There is also a real estate route (€250,000 plus a 5% government fee) or a bank deposit option (€280,000 for five years plus a €25,000 fee). The deposit option provides for a full return of capital after the five-year term ends. In the first half of 2025, Latvia processed 44 main applications—the best result since 2021–2022—with 45% of all approved applications involving real estate investments. There is no minimum residency requirement, but to obtain citizenship, applicants must reside in the country for at least ten years and pass exams in the Latvian language and history.

Bulgaria stands out as the only EU country that grants immediate permanent residency for an investment of €512,000. Funds are invested in alternative investment funds (AIFs) or exchange-traded funds (ETFs) licensed by the Bulgarian Financial Supervision Commission, with a mandatory holding period of at least five years. Physical residence is not required to maintain status. Bulgaria joined the Schengen Area in January 2025 and adopted the euro in January 2026, eliminating currency risk for investors. For tax residents, a flat rate of 10% applies to income and corporate profits—the lowest in the EU. Eligibility for citizenship arises five years after obtaining permanent residency, provided that a Bulgarian language exam at the A1 level is passed. Currently, only two funds fully meet the program’s requirements, and the application process takes six to eight months.

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Portuguese Golden Visa: Investment Funds Instead of Real Estate

The Portuguese ARI program remains one of the best-known in Europe, although it has undergone significant changes in recent years. The real estate route was closed in October 2023 as part of the “More Housing” reform (Law 56/2023). Currently, the dominant investment route is a subscription to qualified investment funds in the amount of €500,000. Options also remain for investments of €250,000 in culture or the arts, €500,000 in scientific research, and the creation of a business with a minimum of ten jobs.

The program requires a minimum physical presence of seven days per year. Permanent residency is granted in the fifth year. Citizenship was also available after five years, and this rule remains in effect as of March 2026. However, the issue of naturalization timelines is currently the subject of political debate. In October 2025, parliament voted to extend the timeframe to ten years for most citizens of countries outside the EU and the CPLP; however, in December 2025, the Constitutional Court struck down part of the law, and the president vetoed it. The bill has been returned to parliament, with discussions scheduled for April 2026. Waiting lists remain a separate issue: over 20,000 applicants are awaiting appointments with the AIMA immigration service, and the average processing time has reached a record 39.6 months. In December 2025, investors filed a constitutional complaint, claiming that the government had failed to fulfill the promises made when attracting their capital.

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Greece’s Golden Visa: Zonal Real Estate Pricing System

In September 2024, Greece introduced a reformed model with zonal pricing. For Athens, Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100, the minimum real estate investment is €800,000 (one property, minimum 120 sq. m). For the remaining regions, the threshold is €400,000 with the same area requirements. A separate pathway costing €250,000 is available for those who convert commercial real estate into residential use or restore architectural landmarks—with no restrictions on location or size, but with the requirement to complete the work before submitting the application or before a five-year permit extension.

Outside the real estate sector, other pathways are available: €500,000 in Greek government bonds (minimum maturity of three years), €500,000 in a fixed-term bank deposit, or €800,000 in stocks and corporate bonds. There is no minimum stay requirement. Eligibility for citizenship arises after seven years of tax residency and passing a language exam. In January 2026, the government proposed a bill to address the backlog of applications (approximately 42,390 as of November 2025) and simplify the permit renewal process. Important restriction: short-term rentals (Airbnb) of real estate purchased under the program are now prohibited. Violations are punishable by a fine of €50,000 and revocation of the permit.

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Hungary’s program for investor-guests: fast processing and a 10-year permit

Hungary launched its program in July 2024, and it quickly gained popularity among investors. Two investment options remain: a €250,000 investment in a government-accredited real estate fund or a €1 million donation to a higher education institution. The option to directly purchase real estate for €500,000 was canceled in January 2025 due to concerns about rising housing prices.

The permit is issued for ten years with the option to extend for another ten. Physical presence is not required, and access to the Schengen Area takes effect immediately. A significant advantage is the pre-approval of the capital investment, which eliminates financial risk at the application stage. The program includes spouses, children under 18 (or up to 26 if they are financially dependent, enrolled in school, and unmarried), as well as parents aged 65 and older. To obtain citizenship, you must have eight years of continuous residence in Hungary, pass a language and culture exam, and provide proof of financial self-sufficiency. Processing times range from two to three months—one of the fastest among all European programs.

Italy’s Investor Visa and Permanent Residency in Cyprus

The Italian Investor Visa (Visto per Investitori) offers four options: €250,000 in an innovative startup, €500,000 in an Italian company, €2 million in government bonds, or €1 million in the form of a charitable donation. Processing the application takes three to four months, and there is no minimum stay requirement to maintain the visa, although you must demonstrate an intention to reside in the country. Separately, Italy offers a flat tax rate of 7% for retirees moving to southern municipalities with a population of fewer than 20,000—this applies to all foreign-sourced income for ten years. Citizenship is granted through the standard ten-year residency procedure.

Cyprus grants permanent residency for an investment of €300,000 (plus VAT) in new residential real estate. Alternative options include €300,000 in commercial real estate or €300,000 in shares of Cypriot investment funds. Applicants must demonstrate a guaranteed annual income from abroad of at least €50,000, plus €15,000 for a spouse and €10,000 for each child. Application processing takes two to three months. To maintain residency status, applicants need only visit the country once every two years. Tax benefits include no property, inheritance, or gift taxes. Non-residents are exempt from taxes on dividends and interest for 17 years, and foreign pensions are taxed at a flat rate of 5% above the exemption threshold.

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Malta Permanent Residence Program

The Malta Citizenship by Investment (CBI) program for outstanding contributions through direct investment was abolished in April 2025 following a ruling by the Court of Justice of the European Union. However, the Malta Permanent Residence Program (MPRP) remains open and grants permanent residence from day one. The MPRP combines a government contribution, the purchase or rental of real estate, and a charitable donation. The total cost starts at approximately €150,000 for the rental option—depending on the choice of property and the number of family members.

Malta has a unique feature among all programs: it covers up to four generations of a family—spouses, children, parents, grandparents, and in some cases even great-grandparents. There is no minimum residency requirement, and English is the country’s official language. Citizenship is granted through the standard naturalization procedure, which requires long-term residence on the island.

Which European countries have the easiest naturalization requirements — we covered this in a previous article.

Which countries have closed their Golden Visa programs and why?

The trend toward closing investment residency programs in Europe is gaining momentum. The main reasons are political pressure due to the housing affordability crisis and the EU’s institutional stance against passive investment schemes. Spain terminated its program on April 3, 2025 (Organic Law 1/2025). Prime Minister Pedro Sánchez justified this decision by citing the housing crisis, noting that non-EU residents purchased 27,000 properties in 2023, primarily for short-term rentals. In Spain, three alternative pathways to obtaining a residence permit remain (for individuals without gainful employment, digital nomads, and entrepreneurs), but all require physical presence for at least 183 days per year.

Other closed programs include Ireland (February 2023), the United Kingdom (February 2022), and the Netherlands, which quietly discontinued its option. None of these countries has announced a replacement. Romania proposed a “golden visa” costing €400,000 in November 2025, but scrapped those plans after the Supreme Council of National Defense (CSAT) expressed concerns about risks to Schengen membership and other international obligations. The EU continues to tighten controls: the ETIAS system is set to launch in late 2026 and become mandatory by October 2027. A third of investment migration industry leaders believe that ETIAS could become a tool for discriminating against passport holders under investment programs by introducing additional checks upon entry.

Obtaining a Golden Visa in any European country involves a range of legal issues: from business registration and choosing a legal structure to minimizing tax risks and managing document flow in a foreign jurisdiction. A personal business attorney from the Visit World portal will help you navigate all stages—from remotely launching a representative office and obtaining a work visa to facilitating notary services and resolving disputes with counterparties.

Legal support becomes critically important when it comes to investing in a new country, interacting with local authorities, and protecting your capital. Working with a specialist will help you avoid unpleasant consequences and resolve all legal issues in your favor.

A personal business lawyer is a reliable partner who will protect your business, money, and time.

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