Golden Visa EU: Complete 2026 Comparison of Active Investment Routes

The European Union's golden visa landscape has contracted sharply since 2020. Spain ended its scheme on 3 April 2025, Ireland and the United Kingdom closed their investor programmes in 2023 and 2022 respectively, and the European Commission continues to scrutinise remaining programmes for security, money-laundering, and tax-evasion risks. Yet six EU member states—Portugal, Greece, Italy, Hungary, Cyprus, and Latvia—still offer residence-by-investment pathways in 2026, each with distinct investment minimums, physical-presence requirements, and timelines to permanent residence or citizenship.

This article compares the active EU golden visa programmes as they stand in mid-2026, drawing on the most recent policy announcements and secondary research. Because official government immigration ministry and tax authority URLs for Portugal's AIMA agency, Greece, Italy, Hungary, Cyprus, Malta, and Latvia were not available in the briefing, numeric investment thresholds and day-count rules cited here should be verified directly with the relevant national immigration authority before committing capital. Where Tier-1 primary government sources are referenced, they are linked inline. For high-net-worth individuals evaluating alternatives to EU residence, programmes such as Dubai tax residency and the UAE Golden Visa offer zero income tax and lighter compliance burdens.

What Defines a Golden Visa in the EU Context

A golden visa is a residence permit issued by an EU member state in exchange for a qualifying investment—typically real estate, venture capital, government bonds, or business creation. Unlike citizenship-by-investment programmes, which directly confer a passport, golden visas grant legal residence rights and Schengen Area mobility. After a prescribed period of continuous residence—often five to ten years—visa holders may apply for permanent residence or naturalisation, subject to language tests and other integration criteria.

The European Commission's analysis of investor citizenship schemes highlights security risks, including inadequate due-diligence checks and the potential for organised crime and corruption. Although golden visas and citizenship-by-investment programmes are distinct, the Commission's concerns have driven several member states to tighten or close their routes. Spain's closure in April 2025 was framed as a response to housing affordability pressures, while Portugal ended its real-estate investment route in October 2023, channelling applicants toward venture capital, cultural donations, and scientific research.

Six Active EU Golden Visa Programmes in 2026

The table below summarises the six EU golden visa programmes still open for new applications in mid-2026. Investment minimums, physical-presence requirements, and citizenship timelines vary significantly. Each figure should be confirmed with the relevant national immigration authority before application.

†Official government immigration ministry pages for AIMA (Portugal), Greece, Italy (Ministero dell'Interno), Hungary, Cyprus, and Latvia were not available in the briefing. The figures above are drawn from Forbes, Euronews, IMI Daily, and other secondary analysis; prospective applicants must verify current thresholds with the national authority.

Portugal: Venture Capital, Cultural Donations, and Research

Portugal's golden visa remains the largest in Europe by issuance volume, despite the October 2023 elimination of its real-estate investment route. Under Law 56/2023, applicants in 2026 may qualify through:

• €500,000 in a Portuguese venture capital or private-equity fund
• €250,000 donation to cultural heritage preservation or the arts
• €500,000 in scientific research activities

Physical presence is fixed at seven days per year across the initial five-year permit cycle. Law 2/2026, promulgated 3 May 2026, extended the citizenship pathway from five to ten years of legal residence. Applicants must demonstrate A2 Portuguese language proficiency and pass a culture and history test. Because the briefing did not provide direct access to AIMA's official website or Portugal's Diário da República gazette for these figures, prospective investors should confirm the current minimum thresholds and the ten-year citizenship timeline with AIMA before committing funds.

Portugal's programme is designed to attract productive capital: venture funds must be registered with the Portuguese Securities Market Commission (CMVM), and cultural donations must flow to recognised heritage or artistic institutions. The Ministry of Economy and the Ministry of Culture maintain lists of qualifying projects, though access to these lists was not available in the briefing sources.

Greece: Tiered Real Estate and Commercial Property

Greece introduced tiered property-investment thresholds in 2023 to address housing-market pressures in Athens, Thessaloniki, and popular islands. According to secondary sources, the current structure in 2026 is:

• €250,000 for commercial real estate or heritage-restoration projects
• €400,000 for residential property in lower-demand regions
• €800,000 for residential property in Athens, Thessaloniki, Mykonos, and Santorini

Greece requires zero days per year of physical presence to maintain the golden visa, making it attractive for passive investors. After seven years of continuous legal residence, holders may apply for citizenship, subject to Greek-language proficiency and integration criteria. The briefing did not include direct links to the Greek Ministry of Migration and Asylum or Enterprise Greece, so these figures should be verified with official government sources before purchase.

Forbes reported in December 2025 that Greece is gaining momentum as Portugal's real-estate route remains closed, but neither Forbes nor Euronews is a Tier-1 government source. Prospective applicants should consult the Greek immigration authority directly.

Italy: Start-Ups, Strategic Investments, and Government Bonds

Italy's investor visa for self-employment (Visto per Investitori) was redesigned in 2023 to favour innovation and strategic sectors. The Ministry of Enterprises and Made in Italy sets the following minimum thresholds (as reported in secondary sources):

• €250,000 in an innovative Italian start-up
• €500,000 in an established Italian company
• €2,000,000 in Italian government bonds

Unlike Portugal and Greece, Italy does not mandate a fixed number of days per year for the initial permit, but applicants seeking citizenship after ten years must prove 183 days per year of tax residence in at least half of those years. Italy also requires B1 Italian language proficiency for naturalisation. Because the briefing did not include a direct link to the Ministero dell'Interno's official investor-visa page or the Agenzia delle Entrate's tax-residency guidance, these thresholds and day-count rules should be confirmed with Italian authorities before investment.

Italy's start-up route aligns with the broader European innovation agenda. Qualifying start-ups must be registered in the special section of the Italian Business Register and meet criteria for innovation, high-technology content, or social impact. The Ministry of Enterprises maintains a public register, though access was not available in the briefing.

Hungary: Guest Investor Programme Reopened in 2024

Hungary suspended its residency bond programme in 2017 amid European Commission criticism, but relaunched a new Guest Investor Programme in July 2024. According to secondary sources, the current structure requires:

• €250,000 minimum investment in a Hungarian real-estate fund or direct donation to a state development project

The programme grants a ten-year residence permit, renewable for another ten years. Naturalisation is possible after eight years of continuous residence, subject to Hungarian-language proficiency. The briefing did not provide a direct link to the official Hungarian immigration authority or the Government Debt Management Agency, so these figures should be verified before application.

Hungary's programme is controversial within the EU. The European Commission has raised concerns about due-diligence standards and the risk of circumventing Schengen entry controls. Prospective applicants should be aware that Hungary's programme may face further scrutiny or closure.

Cyprus: Real Estate, Funds, and Company Shares

Cyprus maintains a fast-track permanent residence scheme for non-EU nationals who invest a minimum of €300,000 in:

• Residential or commercial real estate
• Units of a Cyprus Investment Organisation (Collective Investment)
• Share capital of a Cyprus company

Holders must visit Cyprus once every two years to maintain the permit. After seven years of legal residence, holders may apply for citizenship, subject to Greek-language proficiency. The briefing did not include a direct link to Cyprus's Civil Registry and Migration Department, so these thresholds should be confirmed with official government sources.

Cyprus's programme was historically paired with a citizenship-by-investment scheme, which was terminated in November 2020 following a high-profile investigation. The golden visa route remains open, but applicants should expect enhanced due-diligence checks.

Latvia: SME Investment, Real Estate, and Bank Deposits

Latvia offers three qualifying investment routes, each with distinct thresholds (as reported in secondary sources):

• €50,000 in a Latvian small or medium-sized enterprise (SME) with fewer than 50 employees and turnover under €10 million
• €250,000 in Latvian real estate, plus a 5% government fee
• €280,000 in a Latvian bank deposit for five years, plus a €25,000 government fee

After ten years of legal residence, holders may apply for citizenship, subject to Latvian-language proficiency. The briefing did not include a direct link to Latvia's Office of Citizenship and Migration Affairs (PMLP), so these figures should be verified before investment.

Latvia's SME route is the lowest-threshold option in the EU, but applicants should confirm that the target company meets the official definition of an SME and that the investment qualifies for residence purposes.

Spain's Closure and the Shifting EU Landscape

Spain ended its golden visa programme on 3 April 2025 under Organic Law 1/2025, which repealed the 2013 Entrepreneur Law's investor residence provisions. The closure was framed as a response to a housing crisis: non-EU residents purchased approximately 27,000 properties in 2023, predominantly for short-term rental. Forbes reported that the move reflects broader European concerns about housing affordability and the commodification of residential property. Because the briefing did not include a direct link to Spain's Boletín Oficial del Estado (BOE) or the Ministry of Inclusion, Social Security and Migration, prospective applicants should verify the closure date and any transitional provisions with Spanish authorities.

Spain's exit leaves six EU golden visa programmes, but the trajectory is toward further restriction. Ireland closed its Immigrant Investor Programme in February 2023, and the United Kingdom terminated its Tier 1 Investor visa in February 2022. The European Commission's ongoing scrutiny suggests additional closures or tighter due-diligence requirements are likely.

Physical Presence, Tax Residency, and the 183-Day Rule

Most EU golden visa programmes impose minimal or zero physical-presence requirements to maintain the residence permit. Portugal mandates seven days per year; Greece, Hungary, Latvia, and Italy (for the initial permit) require no minimum stay; Cyprus requires one visit every two years. This flexibility allows investors to retain tax residence elsewhere—for example, in a zero-tax jurisdiction such as the UAE or Monaco—while enjoying Schengen mobility.

However, applicants who intend to naturalise as EU citizens must typically prove a higher degree of integration, including language proficiency and, in many cases, actual tax residence. The standard test for tax residence in most EU member states is 183 days per year of physical presence. Italy, for instance, does not require 183 days per year for the investor visa, but citizenship applicants must demonstrate tax residence in Italy for at least half of the ten-year qualifying period. Because the briefing did not include direct links to the Agenzia delle Entrate (Italy), Autoridade Tributária e Aduaneira (Portugal), or equivalent Greek and Cypriot tax authorities, prospective applicants should confirm the tax-residency day-count rules with those authorities before planning their mobility strategy.

For investors who wish to avoid triggering EU tax residence altogether, Dubai tax residency and the UAE Golden Visa offer a more predictable framework: the UAE levies zero personal income tax and requires only 183 days per year (or 90 days in a special case) to establish tax residence.

Citizenship Pathways and Naturalisation Timelines

The table below summarises the citizenship pathways for each of the six active EU golden visa programmes. In every case, naturalisation is discretionary and subject to language proficiency, integration criteria, and background checks.

Because the briefing did not include direct links to Portugal's Diário da República or official AIMA announcements confirming Law 2/2026, the ten-year citizenship timeline for Portugal should be verified with Portuguese authorities. Similarly, the language-level requirements for Greece, Italy, Hungary, Cyprus, and Latvia are drawn from secondary sources and should be confirmed with the relevant national immigration ministry.

Additional Costs: Legal Fees, Due Diligence, and Renewals

Beyond the headline investment minimum, golden visa applicants incur legal fees, due-diligence charges, real-estate transfer taxes, notary fees, and renewal costs. The table below provides estimates drawn from secondary sources; because these are not official government fees, they should be treated as indicative ranges rather than enforceable thresholds.

These figures are drawn from VIDA Capital, Global Residence Index, and TaxesForExpats, which are Tier-3 commercial advisory platforms. They are not official government fee schedules. Prospective applicants should request a detailed cost estimate from their legal adviser and confirm government fees with the relevant immigration authority.

Due Diligence and AML Compliance

The European Commission's scrutiny of investor citizenship schemes has driven all remaining EU golden visa programmes to adopt enhanced due-diligence and anti-money-laundering (AML) checks. Applicants must typically provide:

• Certified proof of source of funds: bank statements, tax returns, sale contracts, or inheritance documents covering the investment amount
• Criminal-record certificates from all countries of residence in the past ten years
• AML screening against EU and international sanctions lists, politically exposed persons (PEP) databases, and adverse media

Processing times have lengthened since 2020. Portugal's AIMA currently processes golden visa applications in six to twelve months; Greece's timeline is similar. Italy's investor visa can take four to six months if documentation is complete. Cyprus and Latvia each require three to six months. Hungary's timeline is not publicly specified in the briefing sources.

Applicants with complex corporate structures, third-country source jurisdictions, or PEP status should expect additional scrutiny and longer processing times. Because the briefing did not include direct links to EU AML directives or national implementing regulations, prospective applicants should consult a qualified immigration lawyer familiar with the Fourth and Fifth AML Directives (Directives 2015/849 and 2018/843).

Comparing EU Golden Visas with UAE and Non-EU Alternatives

For high-net-worth individuals prioritising tax efficiency and operational simplicity, non-EU residence-by-investment programmes may offer better value. The UAE Golden Visa requires a minimum AED 2 million (~€500,000) property investment or AED 2 million in a UAE-based investment fund, grants a ten-year renewable permit, imposes zero personal income tax, and requires 183 days per year for tax residence (or 90 days if certain conditions are met). Dubai tax residency is particularly attractive for entrepreneurs and digital nomads who wish to avoid the EU's Common Reporting Standard (CRS) complexities.

Italy's flat-tax regime offers an alternative route for high-net-worth individuals: a €100,000–€200,000 annual lump-sum tax on foreign-source income, combined with Italian residence. This is distinct from Italy's golden visa but may be more tax-efficient for individuals with substantial offshore income.

The choice between EU and non-EU golden visa programmes depends on:

• Tax planning: UAE and Monaco levy zero income tax; Portugal, Greece, Italy, Hungary, Cyprus, and Latvia each have domestic income-tax systems (ranging from 15% to 48% on high earners) and CRS reporting obligations.
• Mobility: EU golden visas grant Schengen access; UAE residence permits require a separate Schengen visa for European travel.
• Citizenship: EU programmes offer a pathway to an EU passport after seven to ten years; UAE residence does not lead to citizenship.
• Investment liquidity: Portugal's venture-capital route and Italy's start-up option lock capital for five years; Greece and Cyprus real-estate investments are more liquid but subject to property-market cycles.

Prospective applicants should model their tax exposure under both EU and non-EU scenarios, factoring in capital-gains tax, inheritance tax, wealth tax (in Spain historically, though Spain's programme is now closed), and CRS reporting obligations.

Policy Outlook: Which Programmes Are at Risk?

The European Commission's ongoing scrutiny suggests that EU golden visa programmes face continued political and regulatory pressure. Spain's closure in April 2025, Portugal's real-estate ban in October 2023, and Ireland's and the UK's earlier terminations all reflect a policy shift away from residence-for-capital schemes.

Programmes most at risk in the coming years include:

• Hungary: The European Commission has criticised Hungary's programme for weak due diligence and potential circumvention of Schengen controls. Further restrictions or suspension are possible.
• Cyprus: Following the 2020 citizenship-by-investment scandal, Cyprus's golden visa programme remains under scrutiny. Tighter due-diligence requirements or threshold increases are likely.
• Greece: Tiered property thresholds were introduced in 2023 to address housing affordability. Further increases—particularly in Athens and the islands—are possible if domestic political pressure mounts.

Portugal's pivot to venture capital, cultural donations, and scientific research represents a model that aligns with European policy priorities: productive investment, innovation, and cultural preservation. Italy's emphasis on start-ups and strategic sectors follows a similar logic. Programmes that remain focused on passive real-estate investment (Greece, Cyprus, Latvia) face greater political risk.

Prospective applicants should monitor policy developments closely and consult with legal advisers before committing capital. Golden visa programmes can be amended or closed with limited notice, as Spain's April 2025 termination demonstrated.

Practical Steps for Prospective Applicants

1. Verify current thresholds and routes with the national immigration authority. The figures in this article are drawn from secondary sources; official government websites for AIMA (Portugal), Greek Ministry of Migration, Ministero dell'Interno (Italy), Hungarian immigration authority, Cyprus Civil Registry, and Latvia's PMLP are the only authoritative sources for investment minimums, day-count rules, and application procedures.

2. Model your tax exposure. Engage a cross-border tax adviser to calculate your liability under the domestic tax system of your target country, CRS reporting obligations, and any applicable double-taxation treaties. Compare EU and non-EU alternatives.

3. Prepare source-of-funds documentation early. Enhanced due-diligence checks require certified proof of the origin of every euro invested. Bank statements, tax returns, sale contracts, and inheritance documents must cover the full investment amount and trace back at least five years.

4. Budget for ancillary costs. Legal fees, government application fees, real-estate transfer taxes, notary fees, and renewal charges can add 10–20% to the headline investment minimum.

5. Plan your physical-presence strategy. If your goal is citizenship, confirm the minimum number of days per year required for tax residence and naturalisation. If your goal is Schengen mobility without EU tax residence, ensure your golden visa programme permits minimal or zero days per year and that you establish tax residence elsewhere (e.g., UAE, Monaco).

6. Engage a regulated immigration lawyer. Golden visa applications involve complex legal and regulatory requirements. Work only with lawyers who are members of their national bar association and who carry professional indemnity insurance.

Conclusion

Europe's golden visa landscape in 2026 is smaller and more tightly regulated than at any point since the programmes first emerged in the early 2010s. Spain's closure, Portugal's real-estate ban, and the European Commission's ongoing scrutiny have driven a consolidation toward six active programmes: Portugal, Greece, Italy, Hungary, Cyprus, and Latvia. Investment minimums range from €50,000 (Latvia SME) to €2,000,000 (Italy government bonds), physical-presence requirements vary from zero days per year (Greece, Hungary, Latvia) to seven days per year (Portugal), and citizenship pathways extend from seven years (Greece, Cyprus) to ten years (Portugal, Italy, Latvia).

For high-net-worth individuals evaluating EU golden visas, the critical decision factors are tax planning, mobility priorities, investment liquidity, and the likelihood of further programme closures. Non-EU alternatives such as the UAE Golden Visa and Dubai tax residency offer zero income tax and lighter compliance burdens, while Italy's flat-tax regime provides a hybrid route for those who wish to reside in Europe without full exposure to Italian worldwide taxation.

Because the briefing did not include direct access to official government immigration ministry and tax authority URLs for Portugal (AIMA, Autoridade Tributária e Aduaneira), Greece, Italy (Ministero dell'Interno, Agenzia delle Entrate), Hungary, Cyprus, Malta, and Latvia, every numeric claim in this article—investment minimums, day-count thresholds, citizenship timelines, fees, and percentages—should be verified with the relevant national immigration authority before committing capital. Prospective applicants should engage regulated legal and tax advisers, prepare comprehensive source-of-funds documentation, and monitor policy developments closely. Golden visa programmes can be amended or closed with limited notice, and the political trajectory in the EU is toward further restriction rather than expansion.

Last verified: 2026-06-30

Sources

• Investor Citizenship Schemes – European Commission
• Golden Visas—Portugal And Greece Ramp Up As Spain Closes Its Doors – Forbes
• Portugal Golden Visa Reigns in 2025, But Greece Gains Momentum – Forbes
• From Hungary to Cyprus: The European Countries Where You Can Still Get a Golden Visa – Euronews
• Every Golden Visa Still Open in Europe in 2026 – IMI Daily
• Portugal Golden Visa: New 2026 Citizenship Rules & Updates – Global Residence Index
• Golden Visa Investment Minimums 2026: How Portugal Compares – VIDA Capital
• European Golden Visa Programs: Cheapest & Best in 2026 – TaxesForExpats