EU Golden Visa Programs: Countries, Approval Times, and Taxes

Eight EU countries still run golden visa programs in 2026: Greece, Portugal, Hungary, Italy, Bulgaria, Latvia, Cyprus, and Malta. Minimum investments range from around €250,000 in Latvia or Hungary to €2,000,000 for Italian government bonds. Spain closed its program on April 3, 2025, so any list you find that still includes it is out of date. EU golden visa programs give a non-EU national a residence permit in exchange for a qualifying financial contribution, and the details, especially on physical presence and the road to citizenship, vary far more than the marketing suggests.

What a Golden Visa Actually Gives You

A golden visa is a residence permit in the issuing country. Because most of these countries sit in the Schengen Area, the permit also lets you travel visa-free to other Schengen states for up to 90 days in any 180-day period.1European Commission. Visa Policy The 90/180 rule applies only to those visits; there is no cap on time spent in the country that issued your permit. You can live and work there, and in most programs you can bring a spouse, dependent children, and in some cases dependent parents.

What a golden visa is not: citizenship. Every EU country requires additional years of residence, usually with language testing, before you can apply for a passport. Cyprus already closed its old citizenship-by-investment route in 2020 after corruption scandals, and no EU country now sells citizenship directly.

Greece

Greece is the most-used golden visa in Europe and operates under the Migration Code as updated by Law 5100/2024.2Ministry of Migration and Asylum. Golden Visa Real estate is still the main route, but the price now depends on where you buy.

  • €800,000 in Attica (Athens), the Thessaloniki area, Mykonos, Santorini, and any island with more than 3,100 inhabitants. The property must be a single unit of at least 120 square meters.
  • €400,000 in the rest of the country, with the same size requirement.
  • €250,000 for commercial-to-residential conversions or restoration of listed or heritage buildings, anywhere in Greece. The conversion has to be finished before you apply.

Non-property routes include €500,000 in Greek government bonds with at least a three-year maturity, €500,000 in a fixed-term bank deposit, or €800,000 in equities and corporate bonds.

The permit runs five years and renews as long as you still hold the investment. There is no minimum stay, and you only need to return once every five years for biometrics. Citizenship is a separate matter: seven years of actual residence at 183 days per year, plus a Greek language exam. Processing has been slow, averaging roughly 11 months and stretching past 16 months in some cases.

Portugal

Portugal removed real estate from its golden visa in late 2023. What is left is a fund-and-contribution program.

  • €500,000 in a qualifying venture capital or private equity fund regulated by Portugal’s securities commission (CMVM). Funds tied to real estate are excluded.
  • €500,000 in scientific research through an institution in Portugal’s national research system.
  • €250,000 in cultural or artistic projects through eligible heritage institutions, reduced to €200,000 in low-density areas.
  • Establishing a business that employs at least 10 workers (eight in low-density areas), or investing €500,000 in an existing Portuguese company while creating or maintaining at least five jobs for three years.

The initial permit is two years, then renews in three-year blocks. The minimum stay is famously light: seven days per year on average. Portugal also offers the fastest realistic route to an EU passport, with citizenship available after five years of legal residence and a basic Portuguese language test, and the seven-day annual presence counts toward that total.

The catch is processing. Portugal’s legal deadline is 90 days, but actual wait times average close to three years, and some applications have sat in the queue for more than four. Anyone counting on a quick permit should look elsewhere.

Hungary

Hungary’s Guest Investor Program launched with three routes.3National Directorate-General for Aliens Policing. Residence Permit for Guest Investor

  • €250,000 in shares of a real estate fund registered with the Hungarian National Bank.
  • €500,000 in Hungarian residential property.
  • €1,000,000 donated to a higher education institution maintained by a public trust, supporting educational, scientific, or artistic activities.

The permit is valid for up to ten years and can be extended once for another ten, which is longer than any other EU program.4National Directorate-General for Aliens Policing. Guest Investor Visa and Permit Frequently Asked Questions There is no physical presence requirement to keep the permit. Citizenship is another story: five years of continuous lawful residence to reach long-term resident status (with a Hungarian cultural knowledge exam), and a total of eight years before you can naturalize.

Italy

Italy’s investor visa has four routes, each aimed at a different kind of capital.

  • €250,000 in an innovative Italian startup.
  • €500,000 in an established Italian limited company.
  • €2,000,000 in Italian government bonds.
  • €1,000,000 as a philanthropic donation to a public-interest project in culture, education, immigration management, or scientific research.

The initial permit lasts two years and renews for three more if you keep the investment in place. There is no strict minimum stay, though you should be able to show genuine intent to reside. Italy processes applications faster than most, averaging around 68 days from filing. The trade-off is on citizenship: naturalization requires ten years of legal residence, the longest among the major programs.

Bulgaria, Latvia, Cyprus, and Malta

Four smaller programs round out the list.

  • Bulgaria accepts a single investment of roughly €512,000 in alternative or exchange-traded funds licensed by its Financial Supervision Commission. It grants permanent residency, not a temporary permit, with no physical presence required.
  • Latvia has the lowest entry point in the EU: €50,000 in a small company, €250,000 in real estate (plus a 5% government fee), or €280,000 in a five-year bank deposit (plus a €25,000 government fee). No minimum stay.
  • Cyprus requires a minimum €300,000 (plus VAT) in new residential real estate, commercial property, or units in a Cyprus Investment Fund Association collective. Cyprus is outside the Schengen Area, so the visa-free Schengen travel benefit does not apply. You must visit once every two years.
  • Malta’s Permanent Residence Programme combines a government contribution, a property purchase or lease, and a philanthropic donation. Total entry costs are higher than most programs and the structure is more complex.

Who Qualifies

The eligibility framework is similar across programs. You must be a third-country national, meaning a citizen of a country outside the EU and EEA, at least 18 years old, with a clean criminal record from your home country and anywhere you have lived for an extended period. You need health insurance that matches what the host country provides its own citizens, often set at a €30,000 minimum coverage floor. The capital has to come from documented, legitimate sources, and authorities will look at bank statements, tax returns, and audited financials to satisfy anti-money-laundering rules. You also have to show enough resources to support yourself and any family members included on the application.

Public documents from the United States, including criminal record certificates, need an Apostille under the 1961 Hague Convention before European authorities will accept them.5HCCH. Apostille Section Apostilles are issued by the Secretary of State in the state that produced the document. Any document not in the host country’s language will need a certified translation.

How Long Approvals Actually Take

Published processing deadlines and real processing times are often two different things. Italy is the fastest of the main programs at roughly 68 days on average. Greece averages around 11 months, with some files taking 16 or more. Portugal’s legal 90-day window has stretched to nearly three years on average, with a tail of applications pending over four years. If speed is a priority, Italy is the realistic choice, and even that timeline can slip.

Stay Requirements vs. Citizenship Timelines

The physical presence needed to keep a golden visa is one of the program’s biggest selling points. The presence needed to qualify for citizenship is a different calculation, and confusing the two is the most common mistake investors make.

To maintain the permit:

  • Greece: no minimum stay; return once every five years for biometrics.
  • Portugal: seven days per year on average.
  • Hungary: no minimum stay.
  • Italy: no explicit minimum, but demonstrate intent to reside.
  • Bulgaria and Latvia: no minimum stay.
  • Cyprus: one visit every two years.

To naturalize:

  • Portugal: five years of legal residence; a basic Portuguese language exam; the seven-day annual presence counts.
  • Greece: seven years, with 183 days of actual physical presence per year, plus a Greek language exam.
  • Hungary: eight years of continuous residence, with a Hungarian cultural knowledge exam at the five-year long-term-resident stage.
  • Italy: ten years of legal residence.

Language proficiency is required across the board. If citizenship is the goal, factor real time in-country and study time into your plan. Renewals require proof that the qualifying investment is still in place, a current criminal record certificate, and valid health insurance; file several months before the card expires. Letting the investment lapse or missing the renewal window gives the host country grounds to revoke the permit.

Tax Reporting for U.S. Investors

American citizens and green card holders keep their federal reporting duties no matter where they live or invest. A golden visa investment plus a local bank account will usually trigger two filings.

If the combined value of your foreign financial accounts crosses $10,000 at any point during the year, you must file an FBAR (FinCEN Form 114) with the Treasury by April 15, with an automatic extension to October 15.6Internal Revenue Service. Report of Foreign Bank and Financial Accounts (FBAR) The $10,000 figure is aggregate across all foreign accounts, so it is easier to cross than people expect.

FATCA requires Form 8938 with your tax return when foreign financial assets exceed set thresholds. For taxpayers abroad (outside the U.S. at least 330 days in a 12-month period), the thresholds are $200,000 on the last day of the year or $300,000 at any point during the year for single filers, and $400,000/$600,000 for joint filers. For taxpayers living in the U.S., the thresholds drop to $50,000/$75,000 single and $100,000/$150,000 joint.7Internal Revenue Service. Do I Need to File Form 8938, Statement of Specified Foreign Financial Assets

Penalties are heavy. A non-willful FBAR violation can cost up to $10,000 per account; willful violations jump to $100,000 or 50% of the account balance, whichever is greater.6Internal Revenue Service. Report of Foreign Bank and Financial Accounts (FBAR) FATCA penalties start at $10,000 for failure to file, with another $50,000 possible if you still don’t file after IRS notification. The U.S. also taxes worldwide income, so rental income from an Athens property or a distribution from a Portuguese fund is reportable on your federal return, with foreign tax credits available for taxes already paid to the host country.

Where These Programs Are Heading

The European Parliament has called for a full phase-out of citizenship-by-investment schemes and new rules to harmonize and restrict residence-by-investment programs across the EU.8European Parliament. Citizenship and Residence by Investment Schemes9Gobierno de España. The Abolition of the Investor Visa in Spain and Its Implications10Ministry of Foreign Affairs, European Union and Cooperation. Investor Visa

Meanwhile Greece raised its thresholds rather than closing, Hungary launched its Guest Investor Program in 2024, and the smaller programs show no sign of winding down. As of early 2026, the EU-wide initiative is still at the legislative stage with no binding directive in force. The direction is clearly toward tightening, and Spain gave its investors only about 14 months between the first legislative announcement and the closure date. Anyone entering a program should assume today’s rules are more generous than tomorrow’s, plan for the possibility that thresholds or routes change during the residency period, and consult an immigration attorney in the specific host country before committing capital.