Five European countries still run active golden visa programs in 2026: Greece, Portugal, Italy, Malta, and Hungary. Spain closed its program in April 2025, and the wider group of golden visa countries in Europe has been shrinking under pressure from the European Commission. Each remaining country sets its own investment floor, its own list of qualifying assets, and its own rules on how much time you actually need to spend there, so the right choice depends heavily on what you want the permit to do for you.
Greece
Greece runs the most popular European golden visa by application volume, and the price now depends on where you buy. A single property of at least 120 square meters in central Athens, Thessaloniki, Mykonos, Santorini, or other high-demand areas takes a minimum €800,000 investment. The same type of property in lower-demand regions drops to €400,000. A third tier at €250,000 covers narrower cases, including converting commercial buildings into residential use and restoring listed heritage buildings.
Greece imposes no minimum stay to keep the permit. As long as the qualifying investment stays in place, the permit renews. That makes it the most hands-off option for investors who want European residency on paper without relocating.
Portugal
Portugal’s golden visa still operates, but it no longer accepts real estate purchases or real-estate-linked funds. Since October 2023, the routes are financial. The most common path is a minimum €500,000 subscription to a qualifying Portuguese investment fund. Alternatives include €500,000 into an existing Portuguese business that creates at least five full-time jobs, €500,000 into a research activity, or a donation of at least €250,000 to support national cultural heritage. Founding a new company that employs at least ten people qualifies with no minimum capital.
Physical presence is minimal: 14 days over the first two years and 21 days over the next three. That averages roughly seven days a year, and it is one of the lightest residency obligations in Europe. Portugal also offers the shortest path to citizenship among the active programs.
Italy
Italy’s Investor Visa offers four routes at very different price points: €2 million in Italian government bonds, €1 million toward a philanthropic initiative, €500,000 in an Italian limited company, or €250,000 in an innovative startup.1Ministry of Enterprises and Made in Italy. Investor Visa for Italy The startup option is the lowest-cost entry among the major European programs for investors comfortable with early-stage companies.
Italy’s Investor Visa is separate from its Italia Start-up Visa, which targets entrepreneurs launching their own businesses and carries different requirements. Italy also has one of the longer citizenship timelines in Europe at ten years of full-time residency.
Malta
Malta’s Residency and Visa Programme bundles several costs rather than requiring a single large investment. The main applicant pays a €60,000 non-refundable administrative fee, a €37,000 government contribution, and a €2,000 charitable donation, totaling roughly €99,000 in fees alone. On top of that, the applicant must either buy property worth at least €270,000 to €320,000 depending on location, or sign a rental lease of €10,000 to €12,000 per year.2Residency Malta Agency. MRVP Frequently Asked Questions Each additional dependent over age 18, other than the spouse, adds a €7,500 administrative fee.
Hungary
Hungary’s Guest Investor Program is a relatively affordable entry point. The real estate fund route requires buying at least €250,000 in investment certificates issued by an approved Hungarian real estate fund, held for a minimum of five years. The fund manager must be registered with national authorities and manage assets above specific EU thresholds.3National Directorate-General for Aliens Policing. Guest Investor Visa and Permit Frequently Asked Questions Hungary also offers a government bond route and a donation route at higher price points. Citizenship requires eight years of continuous residence for general applicants, with shorter timelines for spouses of Hungarian citizens and certain other categories.4Hungarian Government. The Acquisition of Hungarian Nationality
What Happened to Spain’s Golden Visa
Spain ended its golden visa effective April 3, 2025. Organic Law 1/2025, published in January of that year, removed the investor residency provisions (articles 63 through 67) from Spain’s 2013 Entrepreneurs Law.5Ministry of Foreign Affairs, European Union and Cooperation. Investor Visa The program had required a minimum €500,000 real estate investment, and Spain had been among the first major EU economies to offer this path.6Ministry of Inclusion, Social Security and Migration. Act 14/2013 – Support to Entrepreneurs and their Internationalization
If Spain is still where you want to live, narrower routes remain. A non-lucrative visa suits retirees with passive income but prohibits working in Spain. The digital nomad visa targets remote workers employed by companies outside Spain. An entrepreneur visa remains available for innovative business proposals that receive a favorable report from the national innovation agency. Non-real-estate investment routes under transitional criteria — government bonds at €2 million, company shares at €1 million, or bank deposits at €1 million — may still be available, subject to further regulatory changes. None matches the combination of flexibility and low barrier that the original golden visa offered.
How Much Time You Actually Have to Spend
Physical presence is often the deciding factor between programs, and the range is wide.
Greece requires zero days. Portugal requires 35 days over the first five years. Malta, Italy, and Hungary impose heavier presence expectations, particularly for applicants who eventually want permanent residency or citizenship. In every country, the qualifying investment itself must be maintained throughout the permit period. Selling your property, cashing out fund units, or letting a rental lease lapse before the permit expires puts your residency status at risk.
One point worth understanding: the residency card grants the right to live in the issuing country and to travel freely across other Schengen states for short visits of up to 90 days within any 180-day period.7European Commission. Short-Stay Calculator It does not grant the right to work or live in other Schengen countries.
Which Family Members You Can Include
Most programs let the main applicant include close family on the same application, but who counts as family varies. Spouses or registered partners qualify everywhere. Minor children do too. The differences show up with adult children and parents.
Greece includes children up to age 21 and parents of both the investor and spouse with no financial dependency requirement, which makes it one of the most generous programs for extended families. Malta covers children up to age 29 if they are unmarried and financially dependent, plus parents and grandparents of both spouses. Portugal includes adult children up to age 26 if they are financially dependent, unmarried, and either living with the investor or enrolled in university, and covers financially dependent parents. Italy limits adult child inclusion to cases of total disability and restricts parental inclusion to those who are financially dependent with no other support options.
Each additional family member adds cost. Malta charges an explicit €7,500 administrative fee per dependent over 18.2Residency Malta Agency. MRVP Frequently Asked Questions Other countries fold family costs into overall legal and administrative fees, which commonly run €5,000 to €20,000 depending on family size and application complexity.
From Golden Visa to Permanent Residency and Citizenship
Under EU Directive 2003/109/EC, third-country nationals who have legally resided in a member state for five continuous years can apply for long-term resident status, provided they have stable income, health insurance, and meet any integration requirements.8European Commission. Long-term Residents Golden visa holders qualify on the same basis as any other legal resident, and permanent residency generally grants an indefinite right to remain.9Your Europe. Permanent Residence for EU Nationals After 5 Years
Citizenship takes longer and varies by country. Portugal allows golden visa holders to apply after five years of legal residency, the shortest path in Europe, and its minimal stay requirements mean you don’t need to live there full-time to qualify. Greece requires seven years of permanent legal residence for non-EU nationals.10Hellenic Republic Ministry of Interior. How Can I Become a Greek Citizen Hungary requires eight years of continuous residence for general applicants.4Hungarian Government. The Acquisition of Hungarian Nationality Italy sits at ten years.
Most countries require language proficiency and integration tests before granting citizenship. Expect to demonstrate at least a basic or intermediate command of the national language, plus familiarity with the country’s history, government structure, and cultural norms. Failing these exams doesn’t permanently disqualify you, but it will delay the process. The golden visa’s low presence requirements are usually enough to maintain residency, but they often fall short of what it takes to actually pass a language test, so anyone aiming for citizenship should plan on additional study time in the country.
Where the EU Is Pushing These Programs
The European Commission has grown increasingly hostile toward golden visa and citizenship-by-investment programs. The Commission considers citizenship-by-investment schemes outright illegal under EU law and has taken legal action against at least one member state through the Court of Justice of the EU.11European Parliament. Aspects of Golden Passport and Visa Schemes in the EU After Russia’s 2022 invasion of Ukraine, the Commission urged all member states to immediately repeal citizenship-for-sale programs, and it has submitted proposals to regulate residency-by-investment schemes more tightly.
That pressure is already reshaping what is on offer. Spain’s abolition is the clearest example, but Portugal’s elimination of real estate as a qualifying investment and Greece’s sharp increase in minimum thresholds reflect the same direction of travel. Rules can change with relatively little warning, and a program that exists today may not exist in its current form in five years. Countries generally honor permits already issued, so existing holders don’t lose status overnight. But the path from a golden visa to permanent residency or citizenship may face additional hurdles as tightening continues.