Golden visas in Europe are still available in 2026 through five programs: Greece, Portugal, Italy, Hungary, and Malta. Investment minimums run from €250,000 for a narrow Greek renovation route up to €2,000,000 for Italian government bonds, and every one of these permits carries Schengen travel rights across 29 European countries.1European Commission. Schengen Area The map looks smaller than it did two years ago. Spain’s real estate route closed at the end of 2024, Ireland shut its program entirely, and Portugal cut property purchases from its list of qualifying investments.
Greece
Greece remains the highest-volume program in Europe, but the famous €250,000 entry point is largely gone. Law 5100/2024 restructured the thresholds by location:2Ministry of Migration and Asylum. Golden Visa
- €800,000 for property in Attica (including Athens), the Thessaloniki area, and islands with more than 3,100 inhabitants.
- €400,000 for property anywhere else in Greece.
- €250,000 only for converting a former industrial or commercial property into a residence, or for renovating a heritage or preservation-listed building. The conversion must be completed before you file the golden visa application.
Greece imposes no minimum-stay requirement. You never have to set foot in the country to keep the permit active, though you must return every five years to update biometric data.
Portugal
Portugal eliminated real estate as a qualifying investment in late 2023. What’s left:
- €500,000 subscribed to a qualifying investment or venture capital fund with at least a five-year maturity, where at least 60% of the portfolio is invested in Portuguese companies. Funds with direct or indirect real estate exposure do not qualify.
- €500,000 invested in an existing Portuguese business that creates at least five new full-time jobs for a minimum of three years.
- €500,000 contributed to scientific research activities.
- €250,000 donated to national heritage preservation, reduced to €200,000 in low-density areas.
- Establishing a company that creates at least ten full-time positions, or eight in low-density areas.
Minimum stay is light: 7 days in the first year, then 14 days per two-year renewal period.
Italy
Italy’s Investor Visa runs under Article 26-bis of the Consolidated Immigration Act and offers four investment categories:3Ministry of Economic Development. Investor Visa for Italy – Policy Guidance
- €2,000,000 in Italian government bonds.
- €1,000,000 as a non-refundable philanthropic donation to a project in culture, education, immigration management, scientific research, or heritage preservation.
- €500,000 in equity of an Italian limited liability company.
- €250,000 in equity of an innovative Italian startup registered in Italy.
Hungary
Hungary’s Guest Investor Program launched in mid-2024. It centers on shares in a real estate investment fund that must hold at least 40% of its net asset value in Hungarian residential real estate, managed by a registered qualified market operator.4Directorate-General for Aliens Policing. Guest Investor Visa and Permit Frequently Asked Questions Shares must be held for at least five years. The initial visa is valid for six months, after which a residence permit of up to ten years can be issued.
Malta
Malta’s Permanent Residence Programme stacks several payments: a non-refundable administrative fee, a government contribution, and a charitable donation totaling roughly €99,000 in fees, plus a qualifying property purchase starting at €375,000 or an annual rental starting at €14,000. Applicants must also demonstrate capital assets of at least €500,000, of which at least €150,000 must be in financial assets.
Programs That Have Closed
Spain’s golden visa real estate route closed on December 31, 2024, after Congress voted 177 to 170 to suspend the program and overrode a Senate veto. Applications tied to purchases completed by March 1, 2025 could still be submitted before the deadline. No new real estate-based permits have been issued since April 3, 2025. Spain’s non-real-estate investment routes under Law 14/2013 technically remain in statute, but the program is effectively suspended for most practical purposes.5Ministry of Inclusion, Social Security and Migration. Act 14/2013 – Act of Support to Entrepreneurs and their Internationalization Ireland closed its Immigrant Investor Programme to new applicants entirely.
Broader pressure is building. In March 2022 the European Commission issued a formal recommendation urging member states to repeal citizenship-by-investment schemes immediately and tighten checks on residence-by-investment programs. The Commission flagged the risk that permit holders acquire EU long-term resident status without genuinely living in the country, and proposed stronger monitoring of continuous physical presence.6European Parliament. Citizenship and Residence by Investment Schemes If you’re committing six or seven figures, factor in the real possibility that program terms could change during your holding period.
Family Members You Can Include
A spouse and minor children qualify everywhere. Treatment of adult children and parents varies.
Greece covers three generations: children up to 21 (extendable to 24 if enrolled as students), and parents and parents-in-law with no age limit and no requirement to prove financial dependency. Portugal includes children up to 25 if unmarried and either studying full-time or financially dependent, plus parents or parents-in-law aged 65 and over. Italy covers dependent parents over 65 without a dependency showing; parents under 65 qualify only if they have no other children in their home country who can support them. Hungary covers children under 18, or up to 26 if financially dependent, studying, and unmarried, plus parents aged 65 and over.
Each additional dependent typically increases processing fees. A dependent’s status is tied to the main applicant’s investment. If the primary investor loses the permit, dependents generally lose theirs.
What You Need to File
The core requirements are similar across programs: a valid passport with at least six months of remaining validity; a criminal background check from your country of citizenship and from any country where you’ve lived for more than a year, usually issued within the last three months; private health insurance valid in the host country, because public healthcare access for golden visa holders is limited or nonexistent in most programs;2Ministry of Migration and Asylum. Golden Visa bank statements, tax returns, and transaction records proving the legal origin of the investment capital; and documentation of the qualifying investment itself.
Documents issued in one country need authentication before another country will accept them. For U.S. documents going to any EU member state, that means an apostille under the Hague Convention. Federal documents go through the U.S. Department of State’s Office of Authentications; state-issued documents go through the relevant Secretary of State.7U.S. Department of State. Office of Authentications Some countries also require sworn translations into the local language. Build extra time into your timeline.
Holding the Investment
The residency card is not the end of the financial commitment. Every program requires you to keep the qualifying investment in place for a minimum period, usually matching the permit duration or lasting until you reach permanent residency. Selling or liquidating early costs you the visa. If the investment falls below the legal minimum at any point, the permit can be revoked at the next renewal.
For real estate programs, you can sell one property and replace it with another of equal or greater value, but the total cannot dip below the threshold at any point in between. Simultaneous closings are the safe approach. You generally cannot change investment types at renewal either. If you qualified through real estate, you cannot switch to fund subscriptions and keep the same permit. Choose the investment vehicle carefully at the outset.
Permanent Residency and Citizenship
Under the EU Long-Term Residence Directive (Council Directive 2003/109/EC), non-EU nationals who have lived legally and continuously in a member state for five years can apply for long-term resident status.8EUR-Lex. Council Directive 2003/109/EC Concerning the Status of Third-Country Nationals Who Are Long-Term Residents “Continuously” has a specific meaning: absences from the country must be shorter than six consecutive months and cannot exceed ten months total across the five-year period. Member states can allow exceptions for employment secondments or other exceptional circumstances, but the rule is otherwise strict.
Many golden visa programs ask for far less time on the ground than the directive requires. Portugal asks for 14 days every two years. Greece asks for nothing. Holding one of these permits for five years does not automatically build the physical presence needed for long-term resident status, and the European Commission has specifically flagged this gap.6European Parliament. Citizenship and Residence by Investment Schemes
Citizenship timelines are longer and require actual presence. Portugal allows citizenship applications after five years of legal residency. Greece requires seven years of full-time residency. Spain and Italy require ten years. Most countries also require basic proficiency in the national language and a civics test. Spain, for example, requires both the CCSE constitutional and cultural knowledge test and the DELE A2 Spanish-language exam, both administered by the Instituto Cervantes.
US Tax Reporting for American Investors
American citizens and green card holders who obtain a European golden visa trigger federal reporting obligations that many investors miss until it’s too late.
FBAR (FinCEN Form 114)
If the combined value of your foreign financial accounts exceeds $10,000 at any point during the calendar year, you must file a Report of Foreign Bank and Financial Accounts. It covers bank accounts, investment accounts, and any other financial accounts held outside the United States, and it is filed electronically through the FinCEN BSA E-Filing System, not with your tax return. It is due April 15 with an automatic extension to October 15.9Internal Revenue Service. Report of Foreign Bank and Financial Accounts (FBAR) Since golden visa investments start at €250,000, virtually every applicant will exceed the $10,000 threshold the moment they open a foreign account to complete the transaction.
A non-willful violation carries a maximum penalty of $10,000 per account per year. A willful violation can trigger 50% of the maximum account balance during the year or $100,000 (adjusted for inflation), whichever is greater. Penalties apply per violation, so multiple unreported accounts across multiple years compound fast.
FATCA (Form 8938)
Separately, the Foreign Account Tax Compliance Act requires you to report specified foreign financial assets on IRS Form 8938 with your annual tax return. Thresholds are higher than FBAR and depend on where you live. Single filers living abroad must file if foreign assets exceed $200,000 on the last day of the tax year or $300,000 at any point during the year. Joint filers abroad face thresholds of $400,000 and $600,000.10Internal Revenue Service. Do I Need to File Form 8938, Statement of Specified Foreign Financial Assets Form 8938 reaches beyond bank accounts to stock or securities issued by non-U.S. persons and interests in foreign entities. A Portuguese venture capital fund position bought to qualify for a golden visa is a reportable asset.