As of 2026, five countries still run European golden visa programs: Greece, Portugal, Italy, Hungary, and Malta. Spain closed its program in April 2025, Portugal dropped real estate as a qualifying route in 2023, and the Netherlands and Ireland ended their schemes earlier. Each remaining program sets its own investment minimum, its own qualifying categories, and its own rules on stay, work, and eventual citizenship, so the right choice depends on what you actually want from residency.
Which Countries Still Run a Program
Spain’s investor visa is gone. Organic Law 1/2025 repealed Articles 63 through 67 of Law 14/2013, and the closure took effect on April 3, 2025. Applications filed before that date keep processing under the old rules, but no new ones are accepted. The Spanish government pointed to housing price pressure in Barcelona, Madrid, and Malaga, where roughly 90 percent of golden visas had been concentrated.1Government of Spain. The Abolition of the Investor Visa in Spain and Its Implications Websites still advertising a €500,000 Spanish real estate route are out of date.
The Netherlands closed its program in January 2024, and Ireland ended its scheme in 2023. That leaves the five active programs below.
Investment Minimums by Country
Greece
Greece runs the most accessible real estate route left in the EU, though prices have climbed. The threshold is now tiered by location. Properties in Attica (including Athens), the Thessaloniki municipality, Mykonos, Santorini, and any Greek island with more than 3,100 residents require at least €800,000 in a single property of at least 120 square meters. Elsewhere in the country, the minimum is €400,000 under the same single-property and size rules.2Ministry of Migration and Asylum. Golden Visa
A €250,000 threshold survives for two narrow categories: converting a commercial property to residential use, and buying a listed building for restoration. Non-real-estate routes include a €500,000 fixed-term bank deposit, a €500,000 capital contribution to a Greek company, or €500,000 in Greek government bonds with at least three years to maturity. Investors can also put €800,000 into shares or bonds on Greek exchanges, or €350,000 into qualifying mutual funds.
Portugal
Portugal’s program still runs, but the real estate option was removed in 2023 under the “Mais Habitação” housing law. The main route now is a €500,000 subscription to a Portuguese venture capital or private equity fund, which cannot invest directly or indirectly in real estate. Scientific research contributions and cultural heritage donations also qualify, but the fund route is the common path.
Italy
Italy’s investor visa offers four categories: €2,000,000 in government bonds, €500,000 in shares of an Italian limited company (dropping to €250,000 if the company qualifies as an innovative startup), or a €1,000,000 philanthropic donation to an Italian nonprofit in culture, research, or a related field.3Ministry of Enterprises and Made in Italy. Investor Visa for Italy Investments must be held for at least two years.
Hungary
Hungary’s Guest Investor Programme launched in 2024. It requires at least €250,000 in approved real estate fund certificates issued by a fund manager registered with the Hungarian National Bank. The investment must be held for five years, and the resulting residency permit runs for ten years,4National Directorate-General for Aliens Policing. Guest Investor Visa and Permit Frequently Asked Questions one of the longest initial grants in Europe.
Malta
Malta’s Permanent Residence Programme layers several commitments. You either buy property worth at least €375,000 or sign a five-year lease at €14,000 per year or more. On top of that: a €37,000 government contribution, a €2,000 donation to a Maltese NGO, and a €60,000 non-refundable administration fee. The main applicant must also show capital assets of at least €500,000 (with €150,000 in financial assets) or €650,000 (with €75,000 in financial assets).
What the Headline Number Leaves Out
The investment minimum is a starting point. Transaction costs typically add 5 to 15 percent on top. Greece charges a property transfer tax of roughly 3 percent plus a small municipal surtax. Legal fees for the application itself run €5,000 to €15,000 depending on jurisdiction and complexity, covering immigration counsel, property due diligence, and document preparation. Notary fees, property registration, translations, and apostilles all add to the bill. Budget at least 10 percent above the minimum investment for these expenses, and get an itemized fee estimate from your legal team before committing capital.
What the Residency Actually Gets You
A golden visa gives you the legal right to live in the issuing country and to travel throughout the 26-country Schengen Area for short stays of up to 90 days in any 180-day period. It does not give you the right to work in other Schengen countries; your work authorization is limited to the country that issued the permit, though programs like Portugal and Malta grant broader rights to work and study within the issuing country.
Greece imposes no minimum stay. You can hold a Greek golden visa, never spend a night in Greece, and renew every five years as long as the investment stays in place. Most other programs are similarly light on physical presence for renewal. The rules tighten if citizenship is the goal.
Tax Residency Is Separate From Your Visa
Holding a golden visa does not make you a tax resident. Tax residency is triggered separately, usually by spending more than 183 days in the country in a calendar year, and those days do not have to be consecutive. Cross that line and you can become liable for tax on your worldwide income, not just what you earn locally. A visa holder who starts spending extended time in Greece or Portugal can trip this wire without meaning to.
Italy previously offered a flat annual tax of €100,000 on foreign income for new residents. Under the 2026 Budget Law, that figure rose to €300,000 per year as of January 2026, and the flat tax for qualifying family members climbed from €25,000 to €50,000 per person. Investors who opted in before 2026 keep their original rate; new entrants pay the higher figure.
U.S. citizens face a further layer. Regardless of where you hold a golden visa, you must keep reporting worldwide income to the IRS. Foreign tax credits and the foreign earned income exclusion can reduce double taxation but do not eliminate the filing obligation. A cross-border tax advisor is the only way to see the full cost before you commit.
Path to Permanent Residency and Citizenship
A golden visa is a temporary permit, typically issued for five years and renewable while the qualifying investment is maintained. Turning it into permanent residency or citizenship requires a much deeper commitment, especially physical presence.
Greece allows citizenship applications after seven years of residency, but applicants must show genuine ties, financial and social integration, and pass an exam on Greek language and culture. The paradox: the golden visa itself has no minimum stay, but citizenship requires actually living there. Italy’s citizenship timeline is ten years of legal residency. Portugal has historically offered one of the fastest paths to an EU passport at five years, which is a large part of why the program remains attractive despite losing the real estate option.
If your goal is Schengen access and a backup residency, physical presence requirements may never matter. If an EU passport is the eventual plan, choose your country based on the citizenship timeline and integration rules, not the lowest investment minimum. The cheapest entry point often comes with the longest road to naturalization.
The Greek Short-Term Rental Ban
Anyone eyeing Greek property as both a visa qualifier and a rental income source should know about a restriction that changes the financial math. All Greek golden visa properties are prohibited from short-term rental through Airbnb or any sharing-economy platform, even through a sublease structure. Breaking the rule brings revocation of the residency permit and a €50,000 administrative fine. Properties bought under the €250,000 conversion category face tighter rules still and cannot be rented at all, short-term or long-term, for the duration of the investment.