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Residence by Investment · 2026

Golden Visas in Europe

Spain and Ireland have closed theirs, Portugal no longer accepts property, Latvia has cut its routes to one and Hungary's may end. Here is what is really still open for American investors in 2026 — and what each programme leads to.

In short

Seven European countries still offer residence by investment in 2026. Greece (€400,000–800,000 in property), Cyprus (€300,000, with permanent residence from the start) and Malta (about €99,000 in fees plus property) remain property-based. Portugal now accepts only non-property routes such as €500,000 in qualifying funds; Italy has no property route (€250,000 in an innovative startup upwards); Hungary takes €250,000 in an approved real-estate fund but may end the scheme; and Latvia keeps only a €50,000 company share-capital route. Spain closed its golden visa on 3 April 2025 and Ireland in February 2023; Malta and Cyprus no longer sell citizenship. For Americans the US side matters too: Portuguese funds are PFICs with heavy US tax reporting.

7
Programmes open in 2026
€50,000
Latvia — company share capital
€250,000
Italy (startup) and Hungary (fund)
Closed
Spain — since 3 April 2025
Golden visas in Europe: key factsLast verified 27 September 2026
Golden visa (ARI)Five routes in 2026: €500,000 in qualifying non-real-estate funds, €500,000 research, €250,000 culture, €500,000 company capital with 5 jobs, or 10 jobs; real estate and €1.5M capital transfer closed since October 2023 Source: Lei 23/2007 consolidated text (PGD Lisboa) art. 3 · Lei 56/2023: Diário da República
Golden visa (real estate)€800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands over 3,100 residents; €400,000 elsewhere; one property of at least 120 m² Source: Law 5038/2023 art. 100 (Migration Code): golden visa real-estate thresholds
Investment permanent residenceRegulation 6(2): at least €300,000 (excl. VAT) in new residential property, other real estate, a Cypriot company with 5+ staff, or Cyprus investment funds Source: Chambers: amendments to the permanent residency by investment criteria (2023) · Philippou Law: Cyprus permanent residence by investment, Regulation 6(2) · M. Hadjitofi: revised permanent residency by investment scheme
Golden visaClosed: Organic Law 1/2025 repealed the investor visa from 3 April 2025. Applications filed before that date are decided under the old rules, and existing holders can renew Source: Inversores – Unidad de Grandes Empresas (Ministerio de Inclusión)
Investor routes openShare capital only (bank deposit and real estate closed 15 Sep 2026; bonds closed 20 May 2026) Source: PMLP: New Immigration Law takes effect, key changes · Amendments to the Immigration Law (in force 20 May 2026), likumi.lv
Funds and US taxPortuguese investment funds are PFICs for US investors: Form 8621 each year and punitive default tax unless the fund provides a PFIC statement for a QEF election Source: IRS Instructions for Form 8621

Closed or Changed

Programmes That Have Closed or Changed

  • Spain — closed

    Closed: Organic Law 1/2025 repealed the investor visa from 3 April 2025. Applications filed before that date are decided under the old rules, and existing holders can renew. See what replaced it.

  • Ireland — closed

    The Immigrant Investor Programme closed to new applications on 15 February 2023.

  • Portugal — no more property

    Real estate and capital-transfer routes closed in October 2023; funds, research, culture and job-creation routes remain.

  • Latvia — one route left

    Share capital only (bank deposit and real estate closed 15 Sep 2026; bonds closed 20 May 2026).

  • Hungary — under review

    Still listed by the immigration office, but the government elected in April 2026 has signalled it may end the scheme.

  • Citizenship by investment — gone in the EU

    Malta: Closed: Malta removed the investment route in July 2025 after the EU Court of Justice ruling C-181/23 (29 April 2025). Cyprus: Ended 1 November 2020.

Which Fits

Which Golden Visa Fits Your Plan?

Buy property

Greece and Cyprus

Greece: €800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands over 3,100 residents; €400,000 elsewhere; one property of at least 120 m². Note: Banned — Airbnb-style rental of the property means a €50,000 fine and loss of the permit; long-term leases are allowed.

Greece golden visa →
Permanent residence at once

Cyprus and Malta

Cyprus: Target about 2 months from a complete application. Malta: About €99,000 in fees and contributions for the main applicant, plus the property; applications only through a licensed agent.

Cyprus golden visa →
Invest in a business

Italy and Latvia

Italy: €250,000 in an innovative startup, €500,000 in an Italian company, €1 million donation or €2 million in Italian government bonds; no property route. Latvia: €50,000 (company with ≤50 staff and ≤€10m turnover or balance).

Italy investor visa →
Funds, no property

Portugal and Hungary

Portugal: Often 12–24 months or more in 2026; the government has said investors are processed after other cases. Hungary: Still listed by the immigration office, but the government elected in April 2026 has signalled it may end the scheme.

Portugal golden visa →

US Tax

What American Investors Must Check

  • Funds are PFICs

    Portuguese investment funds are PFICs for US investors: Form 8621 each year and punitive default tax unless the fund provides a PFIC statement for a QEF election.

  • Your residence does not change US tax

    US citizens stay taxable in the US on worldwide income; Greek tax can be credited, but the 7% regime does not lower your US tax.

  • Reporting

    FBAR if foreign accounts exceed $10,000 at any time; Form 8938 from $200,000 at year-end ($300,000 at any time) for a single filer living abroad.

  • Get both sides checked

    Have the investment reviewed by a US tax adviser as well as a local lawyer before you commit.

Head to Head

Golden Visa Comparisons

Two programmes side by side

Detailed pair comparisons, and the golden visa calculator for your own figures.

Portugal vs Greece →Portugal vs Cyprus →Portugal vs Spain →Italy vs Greece →Greece vs Spain →Latvia vs Portugal →Latvia vs Malta →All golden visa comparisons →Golden visa calculator →

Every Open Programme in One Table7 programmes · with sources

Minimum investment, what the permit requires and where it leads. Click a country for the full guide with sources.

CountryInvestmentPermit and stay rulesLong-term status
PortugalFive routes in 2026: €500,000 in qualifying non-real-estate funds, €500,000 research, €250,000 culture, €500,000 company capital with 5 jobs, or 10 jobs; real estate and €1.5M capital transfer closed since October 20237 days in the first year and 14 days in each later 2-year periodSince 19 May 2026: 10 years of legal residence (7 for EU and Portuguese-speaking countries), counted from when the first permit is issued; applications pending before then keep the old 5-year rule
Greece€800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands over 3,100 residents; €400,000 elsewhere; one property of at least 120 m²5 years, renewable while you keep the investment; no minimum stay; no right to work7 years of legal, continuous residence (usually after long-term residence; 12 years on other permits); PEGP exam (B1 Greek + civics, €150); fee €550; dual citizenship allowed
CyprusRegulation 6(2): at least €300,000 (excl. VAT) in new residential property, other real estate, a Cypriot company with 5+ staff, or Cyprus investment fundsVisit Cyprus at least once every 2 years; card replaced every 10 years; yearly proof of investment, income and health insurance8 years (7 of the last 10 + the final 12 months continuous), Greek B1 and the "Knowledge of Contemporary Cyprus" exam; dual citizenship allowed
Malta€60,000 admin fee, €37,000 contribution, €2,000 donation, plus a €375,000 property purchase or €14,000/year rent for 5 years; assets of €500,000 (€650,000 with fewer financial assets)About €99,000 in fees and contributions for the main applicant, plus the property; applications only through a licensed agentBy naturalisation after 1 year of continuous residence plus 4 years in the preceding 6, at the minister's discretion; dual citizenship allowed
Italy€250,000 in an innovative startup, €500,000 in an Italian company, €1 million donation or €2 million in Italian government bonds; no property route2 years, renewable for 3 while you keep the investment; no minimum stay; MIMIT committee clearance first10 years of legal residence, B1 Italian and enough income; €250 fee; dual citizenship allowed
Hungary€250,000 in units of an approved real-estate fund (held 5 years) or a €1,000,000 donation to a public-interest trust; the €500,000 property route was cancelled in December 2024 before it started10 years, extendable once for 10; guest-investor visa first; no minimum stay; may work; family can joinUsually 8 years of residence, plus an exam on the constitution in Hungarian; dual citizenship allowed
LatviaShare capital only (bank deposit and real estate closed 15 Sep 2026; bonds closed 20 May 2026); €50,000 (company with ≤50 staff and ≤€10m turnover or balance)Up to 2 years (was up to 5)After 5 years on a temporary permit, with Latvian at A2 level and a culture and history course

Every value comes from the country's key-facts register (official sources, checked 2026).

FAQ

Frequently asked questions

Which European golden visas are still open in 2026?

Portugal (non-property routes), Greece, Cyprus, Malta, Italy, Hungary and Latvia (company share capital only). Spain closed on 3 April 2025 and Ireland in February 2023.

What is the cheapest golden visa in Europe?

Latvia's €50,000 share-capital route (plus a €10,000 state fee), but it means investing in a qualifying Latvian company. Among property routes, Cyprus starts at €300,000 and Greece at €400,000 outside the high-demand areas.

Can I still get a Portuguese golden visa by buying property?

No. Real estate routes closed in October 2023. The 2026 routes are €500,000 in qualifying funds, €500,000 for research, €250,000 for culture, €500,000 of company capital with 5 jobs, or creating 10 jobs.

Is the Spanish golden visa still available?

No. Organic Law 1/2025 repealed it from 3 April 2025. Applications filed before then are decided under the old rules, and existing holders can renew.

Does a golden visa lead to citizenship?

Only through normal naturalisation — for example 7 years of residence in Greece, 8 in Cyprus and 10 in Portugal and Italy, with language tests. Malta and Cyprus, which used to sell citizenship, have closed those routes.

Across Europe

Every guide and comparison

Written by US GO EU TeamResearched from official sources in each country · How we research and update

✓ Facts verified 27 September 2026

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