A golden visa in Europe is a residence permit granted to non-EU nationals who make a qualifying investment, and five countries still run one: Greece, Portugal, Italy, Hungary, and Malta. Each program sets its own investment floor, stay requirement, and renewal cycle, and holding any of them lets you travel across the 29-country Schengen Area for up to 90 days in any 180-day period on top of residence in the issuing country.1European Commission. Schengen Area Spain closed its program in April 2025, and Portugal removed its real estate route in 2023, so several older guides on the web are pointing at doors that no longer open.
Which Countries Still Offer a Golden Visa
Greece runs the most established remaining program, under Law 4251/2014 and administered by the Ministry of Migration and Asylum.2Ministry of Migration and Asylum. Golden Visa The permit lasts five years and renews as long as the investment is maintained. There is no minimum physical presence requirement, which is why it draws investors who want European access without moving.
Real estate pricing in Greece works in zones. Zone A (Athens, central Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants) requires €800,000 for a single property of at least 120 square meters. Zone B, for properties over 120 square meters outside those areas, has a €400,000 threshold. Zone C allows €250,000 if you convert a commercial property to residential use or restore a listed building. Non-real-estate routes at €400,000 include qualifying government bonds, one-year bank deposits with standing renewal, capital contributions to Greek companies or venture funds, and shares in real estate investment companies. The administrative fee for the main applicant is €2,000.
Portugal overhauled its program in October 2023 and eliminated every real estate route. What remains: cultural or heritage donations starting at €200,000 in low-density areas and €250,000 elsewhere, fund subscriptions at €500,000, company investments at €500,000 with a job-creation requirement of roughly five to ten full-time positions depending on structure, and scientific research donations at €500,000. Physical presence is 14 days in each two-year permit cycle, one of the lightest requirements in Europe.
Italy‘s Investor Visa runs through a dedicated government portal.3Ministry of Enterprises and Made in Italy. Investor Visa for Italy Four investment categories are available: €250,000 in an innovative startup, €500,000 in an Italian limited company, €2,000,000 in government bonds, or a €1,000,000 philanthropic donation to a project of public interest. Every route is corporate or social; there is no direct property purchase option. The initial visa runs two years, with a three-year renewal if the investment is maintained.4Ministry of Enterprises and Made in Italy. Phase 3 – Renewing Your Investor Residence Permit
Hungary‘s Guest Investor Programme launched in mid-2024 and now has two routes. The first is at least €250,000 in investment certificates from a qualified real estate fund registered with the Hungarian National Bank, held for at least five years.5National Directorate-General for Aliens Policing. Guest Investor Visa and Permit Frequently Asked Questions The second is a €1,000,000 donation to a higher education institution maintained by a public trust. The direct residential property purchase option in the original programme was removed before 2025, so if you have seen a €500,000 property route quoted, that information is outdated. The permit runs 10 years on the fund route.
Malta maintains its Permanent Residence Programme, built on a combination of property investment, a government contribution, an NGO donation, and administrative fees.6Residency Malta Agency. Malta Permanent Residence Programme
Programs That Have Closed or Shrunk
Spain repealed the investor residency provisions of Law 14/2013 through Organic Law 1/2025, effective April 3, 2025. No new applications are being accepted. Investors who already held valid permits can still renew them under the rules in force when their permit was granted, and applications filed before the cutoff continue to be processed.7Ministry of Foreign Affairs, European Union and Cooperation. Investor Visa For anyone starting fresh, Spain is not an option.
Portugal is still open but no longer offers real estate. Cyprus shut its citizenship-by-investment programme entirely in 2020 following corruption scandals, though standard residency pathways remain available.
What a Golden Visa Actually Gets You
Your permit gives you the right to live in the issuing country. It does not give you the right to move to another EU country. Travel to other Schengen states is permitted for up to 90 days within any 180-day period, the same limit that applies to tourists.1European Commission. Schengen Area A Greek golden visa cannot be used to relocate to France; that would require a separate French residence permit or a conversion to EU long-term resident status.
Stay requirements are where programs differ sharply. Greece asks for nothing. Portugal asks for 14 days every two years. Italy runs on the standard two-plus-three permit cycle with continuous investment. Hungary issues a 10-year permit on the fund route.
Bringing Family
Most programs let you include close family on a single application. The standard eligible dependents are a spouse or legal partner and children under 18. Many programs extend to adult children up to 26 if they are financially dependent and in full-time education, and dependent children with disabilities can qualify regardless of age.
Parents of the applicant and of the spouse can qualify in some programs under stricter conditions. In Portugal, parents over 65 are generally presumed dependent, while younger parents need documented evidence of financial reliance, such as bank transfer records and proof of limited income. Family not included at the start can often be added later through family reunification, receiving their own permits tied to the main investor’s status. Each dependent typically adds an administrative fee and may need to meet the same presence requirements as the principal applicant.
Path to Permanent Residency and Citizenship
A golden visa is a temporary permit, and turning it into something more permanent takes real time in the country. Under EU rules, a non-EU national who has resided legally and continuously in a member state for five years can apply for EU long-term resident status, which brings stronger rights including access to employment and social benefits in other EU countries. “Continuous residence” generally means actual physical presence; you cannot hold a golden visa from abroad for five years and then claim long-term status. Each country interprets continuous residence in its own way.
Naturalization runs longer. Greece requires seven years of residence plus a Greek language exam and evidence of genuine integration. Italy generally requires ten years. Portugal is one of the shorter timelines at five years, which is why it draws applicants with citizenship as the end goal. Spain, before its closure, required ten years plus an A2 language exam and a 25-question cultural knowledge test.
Simply holding the permit does not usually count as residence for naturalization. You typically need to actually live there, spending 183 or more days a year, for the clock to start. Greece is a clear example: you can renew the golden visa indefinitely without living there, but the seven-year naturalization clock only runs when you are physically present.
Tax Residency Is Separate From Immigration Status
A golden visa does not automatically make you a tax resident. Tax residency is set by each country’s domestic rules, which usually turn on days spent in the country, whether you keep a permanent home, and where your center of life sits. In most European countries, spending 183 or more days in a calendar year triggers tax residency, and tax residents typically owe income tax on worldwide earnings.
The practical result: a Greek golden visa held by someone who visits for a few weeks a year is unlikely to trigger Greek tax residency. A Portuguese golden visa used to actually move to Lisbon almost certainly will trigger Portuguese tax residency on global income. The immigration paperwork does not warn you about this.
U.S. citizens and green card holders have another layer. The United States taxes its citizens on worldwide income regardless of where they live. Bilateral tax treaties between the U.S. and most European countries can reduce or eliminate double taxation on some types of income, but a “saving clause” in most treaties prevents Americans from using treaty provisions to avoid tax on U.S.-source income.8Internal Revenue Service. United States Income Tax Treaties Given the investment minimums involved, get tax advice before you commit.
Documents and Processing
The paperwork pattern is similar across countries even though the forms differ. You need a valid passport (Schengen rules generally require at least three months of validity beyond your intended departure, and some consulates ask for more), a clean criminal record certificate from your country of origin (usually apostilled or legalized), and private health insurance covering the Schengen Area for the duration of your residence. Schengen-compliant policies typically run from a few hundred to around a thousand dollars a year depending on age, coverage, and insurer.
Financial documentation is heavier. You need to show your investment funds come from lawful sources, which means recent bank statements, tax returns, investment account summaries, and the actual purchase or subscription contracts. Every document not in the local language needs a certified translation, typically $40 to $65 per document. Biometric appointments for fingerprints and photographs are required at a consulate or processing center. Italy’s process starts through its online portal; Greece uses a specific visa form available through its consulates.
Processing runs anywhere from two to nine months depending on the country, volume, and how clean the file is. Errors in names, passport numbers, or financial details cause rejections or delays of months.
Regulatory and Political Risk
The European Commission has flagged investor residency and citizenship programs as sources of security, money laundering, tax evasion, and corruption risk, and an expert group of member state representatives was set up to develop common security checks and risk management standards.9European Commission. Investor Citizenship Schemes The pressure has produced real consequences: Cyprus shut down its citizenship programme, Portugal removed its real estate route, and Spain closed its program.
Housing affordability has become a live political issue across Europe, and golden visas are an easy target for governments under pressure over property prices. Greece raised its thresholds sharply in response to that criticism. Any investment you make should be one you would be willing to hold even if the residency benefit gets modified or revoked, because what exists today may look very different in five years.