European Golden Visa Programs in 2026: An Overview of Current Options
Despite the closure of programs in a number of Western European countries, investment immigration in the European Union remains accessible. Currently, eight EU member states offer legal mechanisms for obtaining a residence permit through passive financial investment. In this article, "golden visa" refers to a residence permit that does not require the investor to permanently reside in the country or pay taxes on worldwide income.
Italy: Four Investment Routes
The Italian investor visa (Visto per Investitori) grants a residence permit upon choosing one of the following routes:
Investment in an innovative startup – from €250,000.
Investment in the share capital of an Italian company – from €500,000.
Purchase of government bonds – from €2 million.
Charitable donation – from €1 million.
Processing time is 3-4 months. There is no formal minimum period of residence, but the applicant must declare their intention to reside. Citizenship is generally available after 10 years of legal residence in the country.
Cyprus: Permanent Residence Permit for Real Estate Investment
The Republic of Cyprus grants permanent residence upon investment in new residential property worth €300,000 (plus VAT). Alternatives include commercial real estate for the same amount or the purchase of units in a Cyprus collective investment scheme. Additionally, the applicant must prove a guaranteed annual income from abroad (at least €50,000 for the main applicant, with additional amounts for family members).
The processing time is 2-3 months. To maintain status, visitors to Cyprus must visit every two years. The tax system for non-residents and persons with special status (non-doms) offers significant benefits: no capital gains, gift, or inheritance taxes, as well as 0% tax on dividends and interest for 17 years.
Malta: Permanent Residence Program
Following the closure of the Direct Citizenship by Investment Program (MIIP) in April 2025 following a ruling by the Court of Justice of the EU, Malta continues to offer the Permanent Residence Program (MPRP). This is a hybrid model that combines a non-refundable government contribution, the rental or purchase of real estate, and a charitable donation. The starting price for the rental scheme is approximately €150,000. A distinctive feature is the ability to include up to four generations of a family in the application. The program does not require residency on the island.
Bulgaria: A Unique Offer – Permanent Residence from Scratch
Bulgaria stands out from other EU countries by offering investors immediate permanent residence. The required investment is €512,000 and must be invested in licensed alternative investment funds or exchange-traded funds (ETFs). The funds must be held for a minimum of five years.
Key advantages: Bulgaria's accession to the Schengen area (January 2025) and the Eurozone (January 2026) has mitigated currency risks. Tax residents enjoy a low tax burden (a flat 10%). The path to citizenship opens after five years of permanent residence and requires proof of basic proficiency in Bulgarian (A1). It is important to note that there are only two funds on the market that fully meet these requirements. The full application process to obtain a permanent residence card takes 6-8 months.
Greece: Zonal System and New Restrictions
Since September 2024, Greece has had a differentiated minimum investment system depending on the location and type of asset:
€800,000 – for Athens, Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100. The property must be at least 120 square meters in size.
€400,000 – for all other regions. A similar minimum floor area requirement applies.
€250,000 – for converting commercial real estate into residential use or restoring architectural monuments throughout the country. There is no floor area requirement.
Alternative real estate options include: purchasing government bonds for €500,000 (with a maturity of at least 3 years), placing a bank deposit (€500,000), or investing in shares and corporate bonds (€800,000). Long-term leases of hotels or tourist residences for 10 years are also possible (investment amount: €250,000 to €500,000).
The program does not require residency in the country. Citizenship can be applied for after 7 years of tax residency and passing a Greek language exam. Among the innovations for 2026: a ban on short-term rentals (e.g., Airbnb) of properties acquired through the program (a €50,000 fine and revocation of the residence permit), as well as legislative initiatives to regulate the backlog, which reached 42,390 applications in November 2025.
Hungary: New Program with Pre-Approval
Launched in July 2024, Hungary's "Guest Investment Residence Permit" quickly gained popularity thanks to its transparent process and pre-approval of applications before the actual transfer of funds. Two main routes are available:
Investment in government-certified real estate funds – €250,000.
Donation to a higher educational institution – €1 million.
Direct purchase of real estate (€500,000) was cancelled in January 2025 due to concerns about market overheating. The program provides a 10-year residence permit with the possibility of renewal. There are no residency requirements. The family package includes a spouse, children under 18 (or up to 26 if studying and financially dependent), and parents over 65. Naturalization is possible after eight years of continuous residence in Hungary and requires passing a language and cultural proficiency exam.
Latvia: Budget Option
The Latvian program, in operation since 2010, remains one of the most affordable in Europe. Investors can choose one of three paths:
1. Investment in a business (fewer than 50 employees, turnover up to €10 million) – from €50,000.
2. Purchase of real estate worth at least €250,000, subject to a 5% state fee.
3. Bank deposit for 5 years – €280,000 + €25,000 state fee. This option provides for a full return of the capital at the end of the term.
In the first half of 2025, interest in real estate increased (45% of all approved applications). A total of 44 residence permits were issued to lead applicants during this period. The program does not require residency in Latvia.
Portugal: the most popular and problematic program
Portugal's ARI (Gold Visa) program remains the most discussed in the professional community. Following the abolition of the real estate investment route in October 2023, the following options are available: purchasing investment fund shares worth at least €500,000 (the most popular option today), investing in scientific research (€500,000), supporting culture or the arts (€250,000), and establishing a company that creates at least 10 jobs.
The physical presence requirement is only seven days per year. Permanent residence rights begin after five years. The key question of the naturalization timeframe remains uncertain. In October 2025, Parliament approved increasing the residency requirement for most foreigners to 10 years, but the Constitutional Court and presidential veto blocked this initiative. A final decision is expected in April 2026. Investors, fearing the rule change, have filed a constitutional complaint, arguing that the state is violating previously provided guarantees.
An additional challenge is the record processing time of 39.6 months. More than 20,000 applicants are awaiting an appointment with the AIMA Immigration Service. The situation was exacerbated by a scandal in which the agency offered a paid expedited processing service for €4,000, sparking sharp criticism from lawyers. Despite this, the program's core appeal—access to the Schengen zone and potential citizenship—remains.
Therefore, in 2026, eight different programs are available to investors considering obtaining a European residence permit. The optimal option depends on the applicant's priorities: Latvia offers the lowest entry threshold (from €50,000), Bulgaria offers immediate permanent residence (€512,000), and Hungary and Cyprus offer the fastest processing (2-3 months). It's important to remember that the regulatory environment continues to tighten, and some programs are facing administrative difficulties, such as Portugal's record-breaking application processing times.
If you're planning to obtain a residence permit, invest in a country's economy, open a business in the EU, or purchase real estate abroad, we invite you to a consultation with our company. During a personal online meeting, we'll thoroughly discuss your questions and create a step-by-step action plan for you.