2026 status at a glance
Between 2024 and 2026, the European investment-migration landscape changed materially. Spain’s investor-residence scheme closed to new applicants in April 2025. Portugal removed the real-estate route from its ARI programme and faces a significant processing backlog. Greece introduced tiered property thresholds and added rental restrictions. Hungary relaunched a new Guest Investor programme. Italy, Malta’s MPRP residence programme, and Cyprus remain open without major structural changes.
Sources cited per-section below. Figures verified as at June 2026 and subject to change.
Portugal ARI fund/business thresholds are published on the AIMA portal; My Golden Visa does not publish specific figures while an internal legal reconciliation is active. See the Portugal section below for context.
What is a European residence-by-investment programme?
A European residence-by-investment programme — commonly called a “golden visa” — is a national legal route that allows third-country nationals to obtain a residence permit in a European country in exchange for a qualifying investment. Depending on the country, that investment may take the form of real property, qualifying fund shares, business capital, government bonds, or a charitable donation.
Two distinctions matter from the outset.
Residence is not citizenship. A residence permit allows you to reside in the issuing country. It does not grant citizenship, a national passport, or EU citizenship. Citizenship requires a separate naturalisation process with its own residence-period and physical-presence conditions — typically five to ten years of qualifying legal residence. The recent Portugal nationality-law change illustrates why this distinction is critical; it is discussed in the Portugal section below.
Residence in one EU member state is not residence across the EU. A Greek residence permit, a Hungarian Guest Investor permit, or a Cyprus immigration permit grants the right to reside in that specific country only. It does not automatically grant the right to live, work, or study in other EU member states. Schengen-zone travel rights are a separate question from long-term residence rights.
What changed in 2024–2026?
The main moves between 2024 and 2026:
- Spain repealed its investor-residence scheme under Organic Law 1/2025, effective 3 April 2025. No new applications are accepted.
- Portugal removed the real-estate qualifying route from the ARI programme. Fund-based and business-based routes remain, but AIMA is managing a multi-year application backlog.
- Greece introduced tiered property investment thresholds effective 2024 and added rules restricting short-term rental use of qualifying properties.
- Hungary relaunched a new Guest Investor programme with fund-share and donation routes.
- Luxembourg was at a parliamentary stage of repealing its investor-residence scheme as at June 2026 (not yet enacted).
- Ireland closed its Immigrant Investor Programme in 2023.
- Italy, Malta MPRP, and Cyprus have not made material structural changes to their routes.
Discover 9 most popular Golden Visa programs and choose the best one for your goals.
Spain — CLOSED
Status from 3 April 2025: CLOSED to new investor-residence applicants
Spain’s investor-residence route was established under Law 14/2013 (Ley de Apoyo a los Emprendedores) and repealed by Organic Law 1/2025 (Spain BOE). Applications from new investor-residence applicants are no longer accepted. The closure took effect on 3 April 2025.
Legacy and transitional holders: Existing permit holders and applicants whose files were received before the closure date are treated under UGE (Unidad de Grandes Empresas) transitional criteria (UGE repeal criteria, June 2025). If you hold or held a Spanish investor-residence permit, consult a licensed Spanish immigration lawyer for advice on your specific transitional position.
Tax context: Spanish residents pay income tax on worldwide income under standard rules. A special inbound-worker and investor regime applies to certain individuals relocating to Spain, but eligibility is determined individually and requires a qualified Spanish tax adviser. The closure does not affect existing residents’ Spanish tax position.
Naturalisation: Spanish citizenship by residence ordinarily requires ten years of legal residence. Existing holders may count their residence periods toward naturalisation, subject to conditions (Spain Ministry of Justice — nationality by residence).
Portugal — CHANGED
Status as at June 2026: CHANGED — fund and business routes open; real-estate route removed
Portugal’s ARI (Autorização de Residência para Investimento), codified in Article 90-A of the Foreigners Law, remains open but no longer accepts real-estate investment as a qualifying route (Portugal AIMA — Art. 90-A).
Current qualifying routes are fund-based and business-based. Exact thresholds are published on the AIMA official portal. My Golden Visa does not publish specific Portugal ARI fund/business-route figures on this page while an internal legal-database reconciliation is active; consult the AIMA website directly or contact our advisers for verified current figures.
AIMA processing backlog: AIMA is managing a large queue of ARI applications. An AIMA pendency-recovery plan addresses how backlogged applications are being prioritised (official AIMA FAQ). Prospective applicants should build a multi-year pre-biometrics window into their planning.
Who it suits: Investors comfortable with a fund or business-based qualifying investment — not direct property purchase — who have a long planning horizon given current AIMA timelines.
Family: The ARI permit extends to spouses, minor children, and financially dependent adult children. Confirm current family-reunification criteria with a licensed adviser.
Residence permit type: Temporary residence permit, renewable. A minimum annual presence in Portugal is required to maintain qualifying status; confirm the current minimum with a licensed adviser.
Path to permanent residence and naturalisation: Portugal Lei Organica n. 1/2026, effective 19 May 2026, amended the qualifying residence-period requirement for Portuguese nationality (Diario da Republica). The current naturalisation residence requirement must be confirmed with a licensed Portuguese immigration lawyer; the law was recently amended and interpretation continues to develop. ARI holders do not obtain Portuguese citizenship at the end of the investment holding period. Residence and citizenship are separate processes with separate requirements.
Tax position: Portugal taxes residents on worldwide income under standard rules. The Non-Habitual Resident (NHR) regime applied to qualifying individuals who registered before the applicable cut-off. A successor regime (IFICI) has been introduced. Both the NHR transitional position and IFICI eligibility are individual-specific and complex. Consult a qualified Portuguese tax adviser before making any decision based on Portuguese tax-regime expectations (Portugal Tax Authority — guidance).
→ Portugal ARI: what changed | Portugal Golden Visa benefits
Discover 9 most popular Golden Visa programs and choose the best one for your goals.
Greece — OPEN
Status as at June 2026: OPEN
Greece’s Golden Visa programme grants a five-year residence permit to third-country nationals who make a qualifying investment, primarily in real property. The programme is administered by the Ministry of Migration and Asylum under Law 4251/2014 as amended, with significant updates introduced by Law 5100/2024 and Circular 9/2024 (Ministry of Migration — Golden Visa).
Qualifying investment — property tiers (as at June 2026):
Properties under 120 sqm in the standard-tier zones do not qualify unless under the conversion or listed-building exception. Properties used for short-term rental via digital platforms during the permit-holding period are excluded from qualifying status.
Other investment routes: Greece also permits qualifying investments in company capital. Exact thresholds for this route are under internal legal reconciliation and are not published here; contact My Golden Visa for current verified figures.
Who it suits: Investors seeking European residence with a direct property holding, at a EUR 400,000–800,000 minimum in most areas. The programme is well-established and suits investors who intend to use the property as a residence or long-term asset.
Family: The permit extends to spouses, minor children, and adult children up to 21 who are financially dependent. Parents of the investor and their spouse may also qualify. Confirm current family-reunification criteria with a licensed adviser.
Permit type: 5-year renewable residence permit. No minimum number of days in Greece is required to maintain the permit. Physical presence is required to pursue naturalisation.
Path to permanent residence and citizenship: After seven years of legal residence in Greece with standard physical-presence conditions, the investor may apply for Greek citizenship. Naturalisation involves a language test and civic knowledge assessment. Holding the Greek Golden Visa residence permit does not fulfil the physical-presence threshold for naturalisation unless the investor actually lives in Greece.
Tax position: Standard Greek residents are taxed on worldwide income. Greece has introduced special tax incentive regimes for new tax residents under Articles 5A, 5B, and 5C of the Income Tax Code, administered by AADE (AADE — incentives for new tax residents). Eligibility depends on individual circumstances, including whether the investor transfers tax residence to Greece and meets the applicable non-domicile conditions. The 183-day presence threshold is separately relevant for Greek tax residence. All regime eligibility should be assessed by a qualified Greek tax adviser.
Italy — OPEN
Status as at June 2026: OPEN
Italy’s Investor Visa route is administered by the Ministry of Enterprises and Made in Italy (MIMIT). It gives qualifying investors a two-year entry visa; they then convert to an Italian residence permit in-country.
Qualifying investment routes (as at June 2026):
Application process: The investor applies online through the official Investor Visa for Italy portal. MIMIT issues a pre-screening document (nulla osta), typically within approximately 30 days of a complete application. The investor then applies for the Italian investor visa at the Italian consulate in their country of residence and, on entering Italy, converts to an Italian residence permit.
Who it suits: Investors interested in a productive-capital route — particularly those looking at innovative companies or business capital — rather than real-estate acquisition. The EUR 250,000 startup route offers the lowest qualifying threshold among the Italian options and suits investors with an interest in Italian business.
Family: The investor visa and subsequent residence permit may extend to dependent family members. Confirm current family-reunification criteria with a licensed Italian immigration adviser.
Permit type: 2-year investor visa, convertible to Italian residence permit. Renewable while the investment is maintained.
Path to permanent residence and citizenship: EU long-term resident status is available after five years of legal residence in Italy. Italian citizenship by naturalisation ordinarily requires ten years of legal residence for most third-country nationals, with physical-presence conditions.
Tax position: Standard Italian residents pay IRPEF (personal income tax) on worldwide income. Italy’s Article 24-bis substitute-tax regime for qualifying new residents was updated by Legge 30 dicembre 2025 n. 199, effective from 1 January 2026 (Gazzetta Ufficiale 25G00212). Under the updated regime, a qualifying new resident pays a flat substitute tax of EUR 300,000 per year on foreign-source income in lieu of ordinary Italian income tax on those amounts. A qualifying family member who also transfers tax residence to Italy may pay EUR 50,000 per year on their foreign-source income. Grandfathering provisions apply for those who accessed the previous structure before 2026. Qualification requires the individual to have been a non-Italian tax resident for at least nine of the preceding ten tax years. A qualified Italian tax adviser is required before any investment decision is made on the basis of Italian tax planning.
Discover 9 most popular Golden Visa programs and choose the best one for your goals.
Malta — OPEN (Permanent Residence Programme)
Status as at June 2026: OPEN
Malta’s main residence route for third-country nationals is the Malta Permanent Residence Programme (MPRP), administered by the Residency Malta Agency under S.L. 217.26 MPRP Regulations.
Important distinction: The MPRP is a residence programme. It grants permanent residence status in Malta — not citizenship and not a Maltese passport. Malta has a separate legal route for citizenship by naturalisation, operating under entirely different criteria and legislation. This page covers MPRP residence only. Many online articles conflate Malta residence and Malta citizenship; that conflation is legally inaccurate.
MPRP structure: Qualifying for the MPRP requires a non-refundable contribution, a qualifying property commitment (purchase or lease), and meeting applicable financial-resource requirements, as set out in the S.L. 217.26 MPRP Regulations. Current fees and financial-resource thresholds are published in the official MPRP Regulations and on the Residency Malta Agency website (residencymalta.gov.mt). Permanent residence cards are subject to periodic renewal.
Who it suits: Investors seeking permanent residence status in an EU member state with English as an official language, a Mediterranean location, and an established financial services sector, without a minimum-stay requirement.
Tax position: Malta taxes individuals on foreign-source income only when remitted to Malta. Personal tax planning for MPRP holders depends on the individual’s specific tax-residence position, the source of their income, and applicable double-taxation treaty provisions. No automatic tax result is associated with MPRP residence status. All tax planning should be undertaken with a qualified Maltese tax adviser.
Sources: Residency Malta Agency — MPRP legal framework; S.L. 217.26 MPRP Regulations
Cyprus — OPEN (Permanent Residence by Investment)
Status as at June 2026: OPEN
Cyprus offers permanent residence to qualifying investors under Regulation 6(2) of the Aliens and Immigration Regulations, administered by the Cyprus Migration Department.
Route type: The Cyprus investor immigration permit grants permanent residence in Cyprus to third-country nationals who meet the qualifying investment and financial criteria set by the Migration Department. Current qualifying criteria and application requirements are published on the official Cyprus Migration Department page (gov.cy).
Key clarifications:
- The Cyprus permit grants permanent residence in Cyprus specifically. It is not citizenship or a Cypriot passport.
- It does not confer EU-wide residence rights or the right to live in other EU member states.
- Cyprus permanent residence under this route does not automatically grant permission to work in Cyprus; work rights require separate authorisation.
Who it suits: Investors seeking a relatively fast permanent-residence outcome in an EU member state with an English-language legal tradition, a Mediterranean climate, and an established property and financial sector.
Tax position: Cyprus tax residency is determined by standard rules, including a 60-day presence test for qualifying individuals and a 183-day general test. Cyprus has a non-domicile regime affecting how certain dividends and interest are taxed for qualifying individuals. The specifics of Cyprus non-dom status and individual tax planning must be assessed by a qualified Cypriot tax adviser.
Source: Cyprus Migration Department — Immigration Permits for Investors
Hungary — OPEN (Guest Investor Programme)
Status as at June 2026: OPEN
Hungary’s Guest Investor Programme is the newest active European investor-residence route. It is administered by the Office of Immigration and Nationality (OIF) and grants a 10-year guest investor residence permit to qualifying third-country nationals.
Qualifying investment routes (as at June 2026):
Process: The investor first obtains a guest investor visa from the Hungarian consulate in their country of residence, then enters Hungary and applies for the 10-year guest investor residence permit from OIF. The permit is renewable.
Key conditions: The qualifying fund shares are subject to a five-year blocking period — they cannot be sold or transferred while the permit is held. Fund managers must meet conditions set by OIF. Confirm current qualifying fund managers with OIF or a licensed adviser before committing.
Who it suits: Investors seeking a long-duration (10-year) European residence permit at a relatively low investment entry point, without a minimum physical-presence requirement. The EUR 250,000 fund route is one of the lower thresholds among open European programmes.
Family: Guest investor permits may extend to dependent family members. Confirm current family-reunification criteria with a licensed Hungarian immigration adviser.
Tax position: Hungary taxes tax residents on worldwide income. Non-residents are taxed on Hungarian-source income only. There is no special expatriate tax regime specific to the Guest Investor programme. Individual tax planning should be done with a qualified Hungarian tax adviser using NAV guidance (Hungary NAV — taxation of private persons).
Choosing a route: a brief decision aid
Different goals point to different programmes. This is not a personal recommendation — every investor’s situation requires individual advice.
Minimal physical-presence requirement: Greece (no minimum-stay for permit maintenance), Malta MPRP, Cyprus, and Hungary. Portugal ARI has a low minimum-stay requirement but factor in AIMA processing timelines.
Eventual path to European citizenship / naturalisation: Portugal has a naturalisation pathway, though the 2026 Lei Organica change must be carefully assessed. Greece naturalisation requires significant physical presence. Italy standard naturalisation is 10 years. None of these are guaranteed outcomes.
Productive-investment preference over property: Italy (startup, company, donation, or bond routes) or Portugal (fund/business routes).
Lower investment threshold: Hungary (from EUR 250,000 via qualifying fund shares) and Italy (EUR 250,000 via innovative startup) offer the lowest open-programme minimums.
Fast permanent residence: Cyprus PR and Malta MPRP confer permanent-residence status at the outset rather than a temporary permit.
Capital-returning vs capital-consuming investment: This distinction matters for your first comparison cut. Fund shares (Portugal ARI, Hungary’s EUR 250,000 route), property (Greece), company capital injection (Italy’s startup and company routes), and government bonds (Italy’s EUR 2,000,000 route) are capital-holding structures — the invested amount is not donated and may be recoverable after applicable holding periods, subject to programme conditions and market factors. The philanthropic donation routes — Italy’s EUR 1,000,000 donation and Hungary’s EUR 1,000,000 institutional donation — are capital-consuming: the amount paid is not returned.
Discover 9 most popular Golden Visa programs and choose the best one for your goals.
Residence, permanent residence, and citizenship: the key distinctions
Temporary residence permit: Allows the holder to reside in the issuing country for a fixed period (e.g., 5 years for Greece’s programme). Renewable while qualifying conditions are met. Country-specific only — not EU-wide.
Permanent residence: Long-term or indefinite status in the issuing country (e.g., Cyprus investor immigration permit, Malta MPRP). Still country-specific. EU long-term resident status under EC Directive 2003/109/EC is a separate, additional status obtainable after five years of legal residence and confers additional rights within the EU.
Citizenship / naturalisation: Full legal membership of the nation-state, conferred by a separate application process after a qualifying residence period. Typically 5–10 years of legal residence, with physical-presence conditions, language and civic-knowledge requirements, and good-character assessments. No European investor-residence programme converts automatically to citizenship at the end of a holding period.
How to apply: the general process
While each programme has its own steps and authorities, the general flow for most European investor-residence routes is:
Source-of-funds preparation and due diligence
All European programmes require demonstration that qualifying investment funds come from legal sources. This involves financial documentation — typically bank statements, tax returns, asset ownership evidence, and notarised translations where required.
All European programmes require demonstration that qualifying investment funds come from legal sources. This involves financial documentation — typically bank statements, tax returns, asset ownership evidence, and notarised translations where required.
Investment commitment
Identify and commit to the qualifying investment (property, fund shares, business capital, bonds, or donation). The sequencing of investment and application varies by country.
Identify and commit to the qualifying investment (property, fund shares, business capital, bonds, or donation). The sequencing of investment and application varies by country.
Application submission
Submit the residence application to the relevant national authority (AIMA for Portugal, the Ministry of Migration for Greece, OIF for Hungary, MIMIT/consulate for Italy, the Migration Department for Cyprus, Residency Malta Agency for Malta) with required documents and applicable fees.
Submit the residence application to the relevant national authority (AIMA for Portugal, the Ministry of Migration for Greece, OIF for Hungary, MIMIT/consulate for Italy, the Migration Department for Cyprus, Residency Malta Agency for Malta) with required documents and applicable fees.
Biometrics and in-country appointment
Most programmes require a physical appointment in the host country for biometric data collection.
Most programmes require a physical appointment in the host country for biometric data collection.
Permit issuance
On approval, the residence permit or residence card is issued. Processing timelines vary significantly by country and volume — from several months to several years in the case of Portugal.
On approval, the residence permit or residence card is issued. Processing timelines vary significantly by country and volume — from several months to several years in the case of Portugal.
Maintenance and renewal
The qualifying investment must typically be maintained throughout the permit period. Renewal requires evidence that qualifying conditions are still met.
The qualifying investment must typically be maintained throughout the permit period. Renewal requires evidence that qualifying conditions are still met.
Every application is assessed individually. Qualifying criteria, required documents, and processing timelines can change. This is general guidance only.
Important note
This article provides general information about European residence-by-investment programmes as at June 2026. Immigration and investment-migration rules change frequently. Thresholds, processing timelines, and programme conditions may change after this page is published. Nothing on this page constitutes legal, immigration, or tax advice. Consult a licensed immigration adviser and a qualified tax professional in the relevant jurisdiction before making any investment or residency decision.
The European investor-residence market shifted significantly in 2024–2026 — Spain’s closure, Portugal’s backlog, and Greece’s new thresholds have changed what the right route looks like for most applicants. My Golden Visa’s advisers are licensed investment-migration specialists with direct working knowledge of every programme covered on this page. If you are trying to narrow your shortlist or understand how recent changes affect your situation, speak with us — we are here to help you think it through.
