Which “Golden Visas” are still valid in Europe in 2026: programs, requirements, and what has been shut down

The term “golden visa” has no legal definition in Europe. Different countries use their own wording: Portugal calls its scheme ARI, Greece refers to it as a residence permit for investors, and Hungary uses the name Guest Investor Residence Permit. At the same time, European states generally do not enshrine the exact phrase “golden visa” in legislation.

In this article, a “golden visa” means a residence permit based on passive investment, where applicants usually do not need to live in the country on an ongoing basis or become tax residents in order to keep their status.

Under this logic, in 2026 active programs remain in eight European countries. Many other options were closed in recent years—most often due to pressure over housing affordability and resistance from European institutions to the idea of “passive investment.”

European “Golden Visa” programs still running in 2026

Portugal

Portugal’s program remains the most discussed option on the market. The key change is that property investment ended in October 2023 due to the More Housing reform (Law 56/2023). However, alternatives remain:

• €500,000 — subscription to investment funds that meet the criteria (currently the most popular route);
• €250,000 — cultural or artistic investments;
• €500,000 — scientific research;
• business creation with at least 10 jobs.

Physical presence is 7 days per year. Permanent residency is typically available after the fifth year. Citizenship was also previously possible after five years, and that rule still applies as of March 2026.

In October 2025, Portugal’s parliament voted to extend naturalisation timelines to 10 years for most citizens from outside the EU and not belonging to CPLP. However, in December 2025, the Constitutional Court struck down certain provisions, and the President vetoed the decree. The bill was returned to parliament, with debate scheduled for April 2026. The outcome is still open: the 10-year timeline may be approved, adjusted, or rejected entirely.

Meanwhile, investors filed a constitutional complaint in December 2025, arguing that the state backed away from its promises when it attracted capital.

Another issue is the backlog at AIMA: more than 20,000 applications are waiting for appointments. Processing times have reached a record 39.6 months. Minister Leitão Amaro promised resolution in 2026, which—by estimates—could generate around €85 million in revenue. Lawyers call the pace “extremely improper.”

Despite the turbulence, the core value of the program remains: a residence permit, access to Schengen, and a path to citizenship—only now the route is longer.

Greece

Greece redesigned its “golden visa” in September 2024 through zonal pricing.

Real estate investments:

• €800,000 — for Athens, Thessaloniki, Mykonos, Santorini, and islands with a population over 3,100 people (minimum 120 m², one property).
• €400,000 — for all other regions (same area requirement).
• €250,000 — commercial-to-residential conversion and restoration of properties included in the list (size is not mandatory, but works must be completed before filing for conversions, or by the fifth renewal for restoration).

Alternatives without property:

• €500,000 — Greek government bonds (minimum 3 years until maturity);
• €500,000 — a fixed-term bank deposit;
• €800,000 — shares and corporate bonds;
• €400,000–€800,000 — a 5-year lease agreement for a hotel or tourist accommodation (depending on the zone).

There is no minimum stay requirement. For citizenship, applicants need seven years of tax residency in Greece plus a language exam.

In January 2026, Greece proposed amendments: remove issues with “reverse” permits, simplify renewals, and reduce the backlog. As of November 2025, the queue contained about 42,390 pending applications. Also, Airbnb is banned for “golden visa” properties: the penalty is a €50,000 fine and withdrawal of the permit for violations.

Hungary

Hungary’s Guest Investor Residence Permit launched in July 2024 and quickly became one of the most sought-after options. Two routes are available:

• €250,000 — into a state-accredited real estate investment fund;
• €1,000,000 — a donation to a higher education institution.

The €500,000 direct real estate investment route was cancelled in January 2025 due to concerns about rising housing prices.

The permit is issued for 10 years, with an additional extension of 10 years. Physical presence is not required. Schengen travel rights activate immediately. There is also pre-approval before the capital is actually invested, which reduces risk at the application stage.

Family members are included: spouse/partner, children under 18 (or up to 26 if financially dependent/on education and provided they are not married), and parents aged 65+.

Citizenship may be possible after eight years of continuous residence, passing a Hungarian language and culture exam, and demonstrating financial self-sufficiency. This is a path that effectively requires real living in the country.

Bulgaria

Bulgaria often flies under the radar, but one feature stands out: it allows immediate permanent residency with a one-time investment of €512,000 via eligible funds.

The investment must be made in Alternative Investment Funds (AIFs) or ETFs licensed by Bulgaria through the Financial Supervision Commission. Funds must be held for at least 5 years.

Permanent status is maintained without any requirement for physical residence. Bulgaria joined Schengen in January 2025 and adopted the euro in January 2026—removing currency risks that previously complicated fund subscriptions.

For tax residents, there is a flat 10% income and corporate tax rate—one of the lowest in the EU.

Citizenship becomes possible after 5 years following the grant of permanent residence, provided the A1 language requirement is met. In practice, it can be completed in under two months through remote learning. Bulgarian citizens’ children obtain citizenship by origin regardless of age. Only two funds operate in the country that fully meet the requirements.

Processing times are roughly 6–8 months from start to the permanent residence card.

Latvia

Latvia is one of the oldest and comparatively accessible options: the program has been running since 2010. There are three investment routes:

• €50,000 — into a company with fewer than 50 employees and turnover up to €10 million;
• €250,000 — real estate + 5% state fees;
• €280,000 — a 5-year Latvian bank deposit + €25,000 state fees.

The deposit route assumes the capital is returned in full after the five-year period ends. Approval rates for real estate climbed to 45% in the first half of 2025.

In the first half of 2025, Latvia processed 44 main applicants—an pace consistent with its best year after the 2021–2022 period. Minimum physical presence is not required. Citizenship requires at least 10 years of physical residence plus language and history exams.

Italy

Italy offers an Investor Visa (Visto per Investitori) through four routes:

• €250,000 — an Italian innovative startup;
• €500,000 — an Italian company;
• €2 million — Italian government bonds;
• €1 million — a charitable donation.

Processing typically takes 3–4 months. The law does not explicitly set a minimum physical presence requirement for keeping the visa, but applicants must demonstrate an intention to live in the country.

Separately, there is a fixed 7% tax regime for retirees moving to southern municipalities with fewer than 20,000 residents. It applies for up to 10 years to all foreign-source income. Citizenship follows the standard route—through long-term residence.

Cyprus

Cyprus provides permanent residency via real estate investments from €300,000 (plus VAT) in new residential projects. Alternatives are €300,000 in commercial real estate or €300,000 in collective investments through the Cyprus Investment Fund Association.

In addition, the applicant must prove guaranteed annual income of at least €50,000 from abroad. Family add-ons apply: €15,000 for a spouse and €10,000 for each child.

Processing takes 2–3 months. To keep permanent residency, applicants must visit once every two years.

Cyprus has no wealth tax, inheritance tax, or gift tax. For non-domiciled residents, there is zero taxation on dividends and interest for up to 17 years. Foreign pensions are taxed at a flat 5% rate above the tax-free threshold.

Malta

The Citizenship by Exceptional Services by Direct Investment program ended in April 2025 following a ruling by the Court of Justice of the EU. At the same time, Malta Permanent Residence Programme (MPRP) remains open and grants permanent residency from day one.

The MPRP is a combination of: a contribution to the state, buying or renting property, and a charitable donation. Total costs start at around €150,000 for renting (then depend on the property choice and family size).

Malta stands out for including a family “spanning four generations”: spouse/partner, children, parents, and grandparents—and in some cases, great-grandparents as well. No minimum presence requirement applies. English is the official language. Citizenship follows the standard naturalisation process, which requires longer residence.

What has been shut down and why

The overall pattern of closures in Europe repeats: political pressure driven by housing affordability combined with resistance from EU institutions to passive investment schemes.

Spain ended its “golden visa” on 3 April 2025 under Organic Law 1/2025. Prime Minister Pedro Sánchez linked the closure to the housing crisis: in 2023, about 27,000 properties were bought by non-EU buyers—mainly for short-term rentals rather than living.

At the same time, other Spanish residence options remain available: Non-Lucrative Visa, Digital Nomad Visa, and Entrepreneur Visa, but they require a minimum of 183 days of physical presence per year.

Malta’s CBI (citizenship by investment) program also “fell” after the CJEU ruling in April 2025, while the residence track MPRP was preserved.

Ireland closed its Immigrant Investor Programme in February 2023. The UK ended Tier 1 Investor Visa in February 2022, with no replacement announced.

The Netherlands also quietly discontinued the investor residence option.

Romania, in November 2025, proposed a “golden visa” for €400,000, but later reversed course: the National Defence Council (CSAT) cited risks for Romania’s Schengen membership, Visa Waiver Program status, and the country’s ambitions within the OECD.

The EU continues tightening its approach. ETIAS—the pre-entry authorisation system—should launch in late 2026 and become mandatory by October 2027. Estimates suggest that one-third of executives in the migration sector believe ETIAS may function as a discrimination mechanism for holders of CBI passports: pre-screening could turn visa-free access into a more conditional format.

Quick guide to the programs

• Cheapest option: Latvia — from €50,000 (business investment).
• The only program with immediate permanent residency: Bulgaria — €512,000.
• No physical presence requirement: Greece, Hungary, Bulgaria, Latvia, Malta, and Italy. Portugal requires 7 days per year. Cyprus requires a visit once every two years.
• Fastest timelines: Hungary and Cyprus (about 2–3 months).
• Longest queue: Portugal (up to 39.6 months).
• Low tax burden for residents: Bulgaria — flat 10% income and corporate tax.
• Most recent launch: Hungary (July 2024).
• Most recent closure: Spain (April 2025).
• Most recent cancelled proposal: Romania (proposal in November 2025, then cancelled).

Considering a European “golden visa” in 2026 and want to know which programs are still active and which were closed due to housing reforms and tighter rules? At Digital Nomad, we break down eligibility by country, acceptable investment routes, stay requirements, and timelines to status—so you can choose a path with fewer risks. Explore the up-to-date options and process here: https://digital-nomad.gr/en/goldenvisa

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr