Residency by investment in the EU is still available in 2026 through six main national programs — Greece, Portugal, Malta, Cyprus, Italy, and Hungary — with qualifying investments ranging from €250,000 to over €2 million depending on the country and asset type. Smaller schemes exist in Latvia, Bulgaria, and Luxembourg. Spain closed its program to new applicants on April 3, 2025,1Boletín Oficial del Estado. Ley Organica 1/2025 and Portugal dropped real estate as a qualifying route in 2023, so the map looks very different than it did a few years ago.
Each country writes its own rules under national law rather than a common EU framework, which is why thresholds, physical presence obligations, and renewal terms vary so widely. The sections below cover what actually qualifies you today, what it costs, and how much time you have to spend in the country to keep the permit alive.
Greece
Greece runs the most prominent real estate-based program left in the EU, and in 2026 the minimum depends on where you buy. Zone A properties in Athens, Thessaloniki, and islands with more than 3,100 inhabitants, including Mykonos and Santorini, require €800,000. Zone B properties in regional and less densely populated areas require €400,000, with a minimum size of 120 square meters. Zone C covers commercial-to-residential conversions and restoration of listed buildings anywhere in the country, at €250,000.
Non-real-estate paths also qualify. Bank deposits and government bonds each require €500,000, corporate bonds €800,000, and mutual or alternative investment funds start at €350,000. The permit is valid for five years with no minimum stay. You visit once for biometrics and can hold the permit purely by keeping the investment in place.
Portugal
Portugal remains active, but the structure changed in October 2023 when the government cut all real estate paths and capital transfers of €1.5 million or more.2Diário da República Eletrónico. Law 23/2007 – Legal Regime for Entry, Stay, Exit and Removal of Foreign Nationals The remaining routes are:
- Subscribing €500,000 into an investment fund managed by a Portuguese securities regulator-accredited manager, provided the fund is not tied to real estate.
- Donating €500,000 to a public or private scientific research institution.
- Investing €500,000 in a Portuguese company, either new or existing, plus creating five new jobs.
- Creating 10 full-time jobs, reduced to eight in designated low-density areas.
- Donating €250,000 to arts and cultural heritage, reduced to €200,000 in low-density areas, with pre-approval from Portugal’s cultural affairs office.
Portugal requires an average of seven days of physical presence per year, calculated as 14 days over each two-year renewal cycle. Government fees run about €6,045 for the initial application plus a €605 processing charge, with renewals around €3,023. These are separate from the investment and any legal fees.
Malta
Malta’s Permanent Residence Programme layers several costs. Administrative fees are €60,000 for the main applicant, plus €7,500 for each additional dependent beyond a spouse and minor children. A government contribution of €37,000 and a €2,000 donation to a registered charity are also required. Applicants must either buy property worth at least €375,000 or sign a rental agreement of at least €14,000 per year. There is no minimum stay to maintain the permit.
Cyprus
Cyprus sets the entry point at €300,000. Qualifying investments include new residential property, commercial property, shares in a Cypriot company employing at least five people, or units in a Cyprus Investment Funds Association collective vehicle. You must also show secured foreign-source income of at least €50,000 per year, with more required for dependents. Physical presence is minimal: one visit every two years keeps the permit valid.
Italy
Italy’s investor visa has four thresholds tied to the investment type. Innovative startup investments begin at €250,000. Investment in an Italian limited company requires €500,000. Philanthropic donations require €1,000,000, and government bond purchases start at €2,000,000. The initial visa runs two years and converts to a longer residence permit on renewal.
Hungary
Hungary launched its Guest Investor Residence Permit in 2024. The permit is valid for 10 years and can be extended once for another 10.3National Directorate-General for Aliens Policing of Hungary. Guest Investor Visa and Permit Frequently Asked Questions The qualifying route is buying shares in a real estate fund where at least 40 percent of net asset value is invested in Hungarian residential property. The investment must be completed within three months of visa issuance and held for at least five years.
What Regulatory Pressure Means for New Applicants
The European Commission issued a formal recommendation in March 2022 urging member states to repeal investor citizenship schemes and tighten residency programs, and the European Parliament has called for phasing out these schemes since 2014.4European Parliament. Citizenship and Residence by Investment Schemes The direction of travel is clear: Spain closed its program, Portugal cut real estate, and Greece raised thresholds sharply. Rules in place today may tighten before your permit term ends, so investment liquidity and an exit plan belong in the initial due diligence rather than left for later.
Including Family Members
Every major program lets the primary investor include family under the same application. Spouses and minor children are always eligible. Most programs also cover unmarried adult children who are financially dependent and enrolled full-time in education. Portugal and Malta extend eligibility to dependent parents with proof of financial dependency.
Additional family members add cost. Malta charges €7,500 per adult dependent beyond the spouse and minor children. Cyprus requires an extra €15,000 in demonstrated annual income for a dependent spouse and €10,000 for each minor child. Individual criminal record checks and health insurance policies are typically required for each person on the application.
Renewal, Permanent Residency, and Citizenship
Initial permits run one to five years depending on the country. Greece issues five-year permits, Italy starts with a two-year visa. Renewal requires that the original investment is still in place, that any minimum stay has been met, that you remain tax-compliant in the host country, and that your criminal record is clean. Missing a renewal deadline can void the residency outright.
EU Directive 2003/109/EC lets third-country nationals who have lived legally and continuously in a member state for five years apply for long-term resident status, which carries stronger rights than a standard permit, including broader access to employment and social benefits across the EU.5EUR-Lex. Council Directive 2003/109/EC – Long-Term Residents Applicants must show stable income and health insurance, and some countries add language or civic integration tests.6European Commission. Long-Term Residents – Migration and Home Affairs
This is where the low-presence programs create friction. Someone spending seven days a year in Portugal holds a valid golden visa but may struggle to prove genuine continuous residence for long-term status. The Commission has specifically urged member states to strengthen checks on whether investment permit holders actually live in the country.4European Parliament. Citizenship and Residence by Investment Schemes
Citizenship is governed entirely by national law, with longer residence periods and deeper integration requirements. Portugal allows citizenship applications after five years of legal residence; Greece typically requires seven. The clock starts from the date of your first residence permit, so the golden visa can be the starting point for citizenship if you meet the presence and integration standards.
Tax Reporting Obligations for U.S. Investors
American citizens and green card holders are taxed on worldwide income no matter where they live, and holding foreign financial accounts or assets over certain thresholds triggers mandatory filings that many applicants overlook.
If your foreign financial accounts, including any host-country bank account opened for the investment, exceed $10,000 in combined value at any point in the year, you must file FinCEN Form 114 (the FBAR) by April 15 of the following year, with an automatic extension to October 15.7Internal Revenue Service. Report of Foreign Bank and Financial Accounts (FBAR) Because these investments start at €250,000, virtually every U.S. applicant will cross that line.
IRS Form 8938 is separate. U.S. taxpayers living domestically must file if foreign assets exceed $50,000 on the last day of the tax year or $75,000 at any point during the year. Those living abroad file at $200,000 on the last day or $300,000 at any point. Joint filers get higher limits.8Internal Revenue Service. Do I Need to File Form 8938, Statement of Specified Foreign Financial Assets Penalties for missing either filing are severe, and lack of knowledge is not a defense.
Bilateral tax treaties between the U.S. and individual EU member states can reduce or eliminate double taxation on income the investment produces, such as rental income or fund returns.9Internal Revenue Service. United States Income Tax Treaties – A to Z Treaty terms differ by country and income type, and most contain a saving clause preserving the U.S. right to tax its own citizens. A cross-border tax professional should be involved before you commit funds, not after.