Golden Visa Programs in Europe 2026: What's Left and What's Changed

Europe's golden visa landscape has narrowed significantly by 2026, with Spain ending its program in April 2025, Ireland closing in 2023, and the UK shutting its Tier 1 Investor visa in 2022. However, several European countries still offer residency-by-investment programs, led by Portugal (reformed), Greece (raised thresholds), Italy, Malta, and Hungary. The minimum investment now starts at around €250,000 for Greece's lower-demand areas and goes up to €1.2 million for Malta's full citizenship route.

The European Commission has been pressuring member states to tighten or end these programs, citing money laundering risks and security concerns. But golden visas remain legal, and for high-net-worth individuals seeking a foothold in Europe, several compelling options remain.

Programs That Have Closed

Spain (Closed April 2025)

Spain's golden visa required a €500,000 real estate investment and was one of Europe's most popular programs. Over 14,000 golden visas were granted between 2013 and 2024. The Spanish government ended the program citing housing affordability concerns in Barcelona and Madrid, where foreign investors were blamed for driving up property prices.

If you already hold a Spanish golden visa, your renewal rights are protected. But no new applications have been accepted since April 3, 2025.

Ireland (Closed 2023)

Ireland's Immigrant Investor Programme (IIP) shut down in February 2023. It had required a minimum €1 million investment in Irish enterprises or €500,000 in an endowment fund. The closure followed an internal review that found limited economic benefit relative to the risks.

United Kingdom (Closed 2022)

The UK's Tier 1 Investor visa, which required £2 million in UK financial assets, closed in February 2022 after years of criticism that it was used for laundering Russian and Chinese wealth. The UK has since introduced the Innovator Founder visa and High Potential Individual visa as alternatives, but neither is a true golden visa.

Portugal: Reformed but Still Open

Portugal's golden visa underwent a major overhaul in late 2023. Real estate purchases were removed entirely as a qualifying route. This was a seismic shift, as property investment had accounted for over 90% of all Portuguese golden visas since the program launched in 2012.

What Still Qualifies in 2026

• Investment funds: Minimum €500,000 in qualifying Portuguese venture capital or private equity funds
• Capital transfer: €1.5 million transfer to a Portuguese bank account or investment
• Company formation: Creating a company with at least 10 jobs in Portugal
• Research contribution: €500,000 into approved scientific or cultural research
• Cultural heritage: €250,000 into national heritage preservation projects

Path to Citizenship

Portugal's golden visa still leads to permanent residency after 5 years and citizenship after 5 years (some of the shortest timelines in Europe). You only need to spend an average of 7 days per year in Portugal to maintain the visa, making it the most flexible residency requirement on the continent.

The Portuguese golden visa also grants access to the Schengen Zone, meaning you can travel freely across 27 European countries.

For a complete profile of life in Portugal, visit our Portugal expat guide.

Greece: Higher Prices, Still Popular

Greece doubled its golden visa minimum in popular areas. Since September 2024, the threshold in Athens, Thessaloniki, Mykonos, Santorini, and other high-demand locations jumped from €250,000 to €800,000. However, properties in less popular areas (most of mainland Greece, smaller islands) still qualify at €250,000.

Key Details for 2026

• Minimum investment: €800,000 in popular areas, €250,000 elsewhere
• Property type: Single property only (no combining multiple smaller purchases in high-demand zones)
• Residency requirement: None. You never have to actually live in Greece.
• Renewal: Every 5 years, as long as you still own the property
• Path to citizenship: 7 years of actual residency (not the golden visa alone; you must physically live there)

Greece remains attractive because property prices are still relatively low compared to Western Europe, rental yields in tourist areas are strong (5 to 8% annually on Airbnb-friendly islands), and the country offers a phenomenal quality of life.

Learn more in our Greece expat guide.

Comparison: European Golden Visa Programs in 2026

Italy: Quiet but Competitive

Italy's golden visa program does not get the attention of Portugal or Greece, but it offers some unique advantages. There are two main routes:

Investor Visa (Visto per Investitori)

• €250,000 in an innovative Italian startup
• €500,000 in an Italian company
• €1 million in government bonds (held for 2 years)
• €2 million philanthropic donation

Elective Residence Visa

For retirees and non-workers who can demonstrate sufficient passive income (typically €31,000+ annually for a single applicant). This is not technically a golden visa, but it functions similarly for those seeking Italian residency without a work permit.

Italy's 7% flat tax on foreign income for new residents in southern regions (the "South Italy incentive") and the broader Italian flat tax regime of €100,000 for high-net-worth individuals make it financially attractive.

Malta: Most Expensive, Fastest Citizenship

Malta offers the only true citizenship-by-investment program remaining in the EU. The Maltese Exceptional Investor Naturalization (MEIN) program grants citizenship in 1 to 3 years, but the total cost is substantial:

• Government contribution: €600,000 (citizenship after 36 months) or €750,000 (citizenship after 12 months)
• Property: Purchase €700,000+ or rent €16,000+/year for 5 years
• Philanthropic donation: €10,000 to an approved NGO
• Total minimum cost: Approximately €1.2 million for the 3-year route

Malta citizenship means an EU passport, which grants the right to live and work anywhere in the EU/EEA. This is why people pay the premium.

Hungary: The New Entrant

Hungary launched its Guest Investor Programme in mid-2024. It offers a 10-year residency permit through:

• €250,000 investment in a Hungarian real estate fund
• €500,000 in Hungarian residential real estate
• €1 million donation to a public trust maintained by a Hungarian higher education institution

After 3 years of continuous residency, investors can apply for permanent residency. Citizenship requires 8 years. The program is relatively new and still being tested by the market, but Hungary's low cost of living and central European location make it appealing.

Which Golden Visa Is Right for You?

Choose Portugal if you want the fastest path to EU citizenship with minimal residency requirements, and you are comfortable with fund-based investments rather than property.

Choose Greece if you want to buy European property, earn rental income, and do not need to physically relocate. It is also the cheapest option if you buy outside popular zones.

Choose Italy if you want to actually live in Europe and benefit from Italy's flat tax regimes. The food, culture, and lifestyle are hard to beat.

Choose Malta if an EU passport is your primary goal and budget is not a constraint.

Choose Hungary if you want a relatively affordable entry point into the EU with potential for Central European real estate appreciation.

What to Watch in 2026 and Beyond

The European Commission continues to push for stricter regulations. There have been proposals to end golden visa programs entirely across the EU, though no binding legislation has passed. Portugal's program has survived multiple reform rounds, and Greece's revenue dependency on foreign property investment makes a full shutdown unlikely.

For the latest visa information and comparisons, visit our visa resources page. And if you are weighing Spain despite the golden visa closure, the non-lucrative visa remains an excellent alternative for retirees and remote workers.

The Bottom Line

Golden visas in Europe are not dead, but they are more expensive, more regulated, and more focused on productive investment than ever before. The era of buying a cheap apartment and getting EU residency is over. What remains are programs that reward genuine commitment, whether through fund investment, job creation, or significant capital contribution. Plan carefully, consult an immigration attorney, and move quickly because further reforms are likely on the horizon.