While “golden visas” in Western Europe are becoming unavailable or being phased out, the Balkans offer significantly cheaper alternatives: starting at €50,000 in investment or even with no minimum threshold. Albania, Montenegro, and Serbia are launching their own residency programs, which could serve as a cost-effective gateway to the European market. Learn more about the conditions for obtaining a residence permit through investment in the Balkans in 2026

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While Western European countries are gradually phasing out or tightening their “golden visa” programs, the Balkans remain one of the few regions where investment-based residency is still available for relatively modest sums. In 2025–2026, Spain completely shut down its program, Portugal faced years-long delays in processing applications, and Greece significantly raised its minimum investment thresholds.

Against this backdrop, Albania, Montenegro, and Serbia offer alternative options for obtaining a residence permit—often for an amount that in other countries covers only administrative costs. At the same time, these programs differ significantly: from investment and physical presence requirements to citizenship processing times and dual citizenship rules.

Below is a practical analysis of three key destinations where investors can obtain a residence permit in Europe at minimal cost in 2026.

In the previous article, we provided a ranking of the richest countries in the world in 2026 by GDP.

Doing business is always associated with risks: taxes, contracts, inspections, conflicts with partners or government agencies. A personal business lawyer will help you avoid critical mistakes and protect the interests of the company at every stage of its development.

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Albania: One of the Most Affordable Options for a Residence Permit in Europe

Albania is, in essence, the “anti-Portugal” of the investment residency market. While Western Europe is raising thresholds and complicating procedures, here you can still enter with minimal costs and without a strictly fixed minimum investment.

Formally, the program allows you to obtain a residence permit through business, real estate, or investments in government instruments. The key difference is the absence of the classic “passive investment” model. The investor must be actively involved in the process: managing the business, interacting with tax authorities, and demonstrating genuine economic activity. This immediately rules out those looking for a “put in the money – get the card – forget about it” option.

In 2026, there are signs of a possible introduction of indicative thresholds—around €100,000 for business and €300,000 for real estate.

The first residence permit is issued for one year and is renewed provided the investment is maintained and meets the requirements. At the same time, the state expects full tax transparency: applicants must register with the tax system and confirm compliance with their obligations.

From a tax perspective, Albania appears quite competitive, especially compared to the EU: the progressive income tax scale starts at 0% and goes up to 23%, the corporate tax rate is 15%, and dividends are taxed at a rate of 8%. For investors, this means a relatively light tax burden without complex optimization schemes.

The path to citizenship is also straightforward, though not quick: you must live in the country as a resident for five years, after which you can apply for permanent residency, and two years later—for a passport. An important caveat is the requirement to actually reside in the country for at least six months a year, which makes the program less convenient for those who do not plan to relocate.

When Albania is the best choice:

1. If you need the cheapest possible entry into Europe

2. If you are ready to actually run a business or live in the country

3. If retaining dual citizenship is important

One of Albania’s key advantages is the ability to retain your original citizenship. Unlike some other Balkan countries, you don’t have to give up your passport here, which significantly simplifies the decision for investors.

In our previous article, we provided a ranking of the most expensive European capitals for buying a home in 2026.

Montenegro: Residence Permit Through Real Estate Starting at €150,000

In 2026, Montenegro clearly regulated the process of obtaining a residence permit through real estate purchase for the first time. This option existed previously but lacked transparent rules. Following changes to the law, a fixed threshold of €150,000 was established.

Foreigners can obtain a temporary residence permit if they purchase a property with this tax assessment. The document is issued for 1 year and is renewed provided ownership is maintained.

Important note: this type of residence permit does not grant the right to work or conduct business in the country. This is essentially a “passive” model based on real estate, but with restrictions.

To maintain this status, one must not only own the property but also actually use it. It is also necessary to pay all property taxes on time.

In addition to real estate, Montenegro offers an option through a company. However, the government has tightened controls here. To renew the residence permit, the business owner must demonstrate that the company has paid at least €5,000 in taxes and contributions per year. This is done to weed out “shell” companies.

The path to citizenship is quite long. First, you must live there for 5 years with a temporary residence permit, then another 5 years with a permanent one. Only after that can you apply for citizenship. The total duration is about 10 years, which is one of the longest in Europe. Another critical detail is that Montenegro does not recognize dual citizenship. To obtain a passport, you will have to renounce your previous one.

Montenegro is the closest to EU accession among the Balkan countries. As of 2026, it has closed a significant portion of the negotiation chapters and plans to complete the process by the end of the year. The government has set a goal of joining the EU in 2028. If this happens, the value of resident or citizen status will skyrocket. In fact, an investor who enters today with €150,000 may gain access to the EU in the future. On the market, this is one of the lowest entry points with such potential.

When Montenegro is the best option:

1. If you need a simple real estate-based scheme

2. If the potential for EU access is important

3. If you do not plan to engage in active business activities

Montenegro already uses the euro as its currency. This means there is no currency risk when investing in real estate. Additionally, the previous citizenship-by-investment program brought the country over €400 million. Following its closure, the new residence permit model appears to be a more “secure” alternative for investors.

Learn more about countries offering residency through passive investments of up to $100,000 by following the link.

Serbia: Residence Permit Starting at €50,000 or No Minimum Threshold

Serbia offers the most affordable structured option for an investment-based residence permit among Balkan countries. The basic scenario involves an investment of €50,000 in a local company, which entitles the investor to a one-year temporary residence permit with the possibility of renewal.

The key requirement is proof of investment and the availability of funds in a Serbian bank. In most cases, the residence permit is issued fairly quickly, within 1–2 months, which is significantly faster than in many EU countries.

The second option is real estate. There is no set minimum threshold here. Formally, you can purchase a property for any amount and apply for a residence permit, provided the transaction complies with the law and the principle of reciprocity regarding property rights applies between the countries.

Serbia is not a “zero” jurisdiction in terms of residency requirements. For tax residency, you must spend 183 days a year in the country. You must also have a registered address and confirm your connection to the country when renewing your residence permit.

The tax system is one of the simplest in Europe:

- 10% - personal income tax

- 15% corporate tax

This makes the country attractive to entrepreneurs and founders, especially in the early stages of business.

The path to citizenship is significantly faster than in Montenegro. Permanent residency is granted after 3 years. Citizenship is granted after another 3 years. In total, it takes about 6 years.

Dual citizenship rules are more complex. In standard cases, you may need to renounce your first passport. However, there are exceptions, so each situation must be evaluated individually.

When Serbia is the best option:

1. If you need a minimal entry budget (€50,000 or less)

2. If processing speed is important

3. If you plan to establish tax residency with a low tax burden

A Serbian passport provides visa-free access to more than 130 countries, including the Schengen Area. The country actively attracts investors thanks to its low entry threshold. The highest demand is observed in the real estate market in Belgrade and Novi Sad. At the same time, it is important to understand that Serbia’s prospects for EU accession are less certain. This means that a residence permit here does not offer the same “European upside” as in Montenegro.

We previously discussed the current Golden Visa programs in Europe, their costs, and prospects.

Which country to choose: a brief comparison

If we look solely at practical parameters, the difference between the countries is quite clear.

Albania – the most flexible option. There is no strictly fixed entry threshold here, but active participation in business or investment is required. It is suitable for those who are ready to live in the country and engage with the local economy. An additional plus is the possibility of retaining dual citizenship.

Montenegro is the simplest model through real estate. The €150,000 threshold makes it affordable, and the process is straightforward. The main benefit is the potential for EU accession in the coming years. However, the path to citizenship is long, and dual citizenship is not permitted.

Serbia is the cheapest and fastest option. Entry starts at €50,000 or even without a minimum threshold through real estate. Fast processing and low taxes make it attractive for business. The downside is a weaker connection to the future EU.

Investments, opening a company in another country, remote launch of a representative office or team relocation require a clear legal strategy. A personal business lawyer accompanies the entire process: from choosing a jurisdiction and tax model to visa processing and asset protection.

Engage a personal business lawyer and ensure safe relocation and development of your company abroad!

We remind you! Are you planning to invest in real estate under the Golden Visa program? We have already told you which programs in 2025 have become the most profitable for investors. The article compares the UAE, Greece, Turkey, Latvia and Asian countries, the real return on real estate and key risks that should be considered before investing.