Two of Europe's most popular golden visa programmes have undergone significant changes in recent years. Spain closed its golden visa on 3 April 2025 — one of the most-used routes into EU residency for non-EU investors. Portugal, meanwhile, has reformed its fund investment route and significantly restricted property-based options. For investors seeking EU residency or a second residency in a stable, well-governed country, the question is: where now?
The good news is that strong alternatives remain. Here is a practical overview of the most competitive programmes available in 2026.
Greece: the standout European golden visa
Greece's golden visa has emerged as arguably the strongest remaining EU property-based golden visa programme in 2026. The core structure:
- Investment threshold: €800,000 for high-demand areas (Attica region including Athens, Thessaloniki, Mykonos, Santorini, islands over 3,100 inhabitants). €400,000 for lower-demand areas. A reduced €250,000 threshold applies for completed commercial-to-residential conversions anywhere in Greece.
- Residency: A five-year renewable residence permit for the investor and immediate family.
- EU rights: Full rights to reside in Greece and travel freely within the Schengen Area.
- Physical presence requirement: No minimum days in Greece required to maintain the permit.
- Path to citizenship: After 7 years of legal residence with physical presence, naturalisation as a Greek citizen is possible — though this requires meeting more substantive residency requirements.
Greece has one of the highest foreign property ownership rates in the EU, a well-established legal framework for real estate transactions, and a property market that, particularly in prime areas, has seen substantial growth over the past five years. The combination of an investment with genuine capital appreciation prospects and an EU residency permit makes it one of the most compelling options currently available.
UAE: the global favourite for non-EU residency
For investors not specifically requiring EU residency, the UAE's Golden Visa is the programme that has attracted the most attention globally in recent years:
- Investment threshold: AED 2 million (approximately €500,000–€530,000 depending on exchange rates) in real estate.
- Residency: A 10-year renewable UAE residency visa for the investor and immediate family.
- Tax benefits: The UAE has no personal income tax, no capital gains tax and no inheritance tax — making residency here substantively different from EU residency in fiscal terms.
- No minimum stay requirement: The visa can be renewed without maintaining minimum days in the UAE.
- Path to citizenship: UAE citizenship is not easily accessible through investment alone — this programme grants residency, not citizenship.
The UAE has become a genuine hub for internationally mobile HNW individuals, particularly from Europe, the UK, Russia, India and South Africa. Dubai's infrastructure, connectivity, international business community and tax efficiency make it a serious long-term base as well as a tax planning tool.
Malta: EU citizenship by investment
Malta offers one of the most direct routes to European citizenship available anywhere:
- Malta Citizenship by Naturalisation for Exceptional Services (MEIN): Requires a combination of a non-refundable government contribution (€600,000–€750,000 depending on residency period), a property purchase or rental, a charitable donation, and a period of genuine residence.
- Outcome: Full Maltese (and therefore EU) citizenship, with an EU passport, freedom of movement across the EU, and all associated rights.
- Residency first: The programme requires 12 or 36 months of Maltese residency prior to citizenship (shorter period for higher contribution).
Malta's programme is among the most scrutinised in the EU — it has faced political pressure from the European Parliament — but remains operational in 2026. It is expensive relative to residency programmes, but offers citizenship rather than just residency.
Cyprus: residency and the non-dom advantage
Cyprus offers a relatively accessible property-based residency programme that is often overlooked in favour of the more heavily marketed alternatives:
- Investment threshold: €300,000 in qualifying property (one of the more accessible EU thresholds)
- Residency: Permanent residence permit (Category F) for the investor and immediate family, with no physical presence requirement to maintain it
- Tax advantage: Cyprus tax residency (via the 60-day rule) offers one of the most attractive non-dom regimes in the EU — no CGT on share and securities disposals, no inheritance tax, and dividend/interest exemptions for non-domiciled residents for up to 17 years
- EU membership: Full rights to reside and travel within the EU/EEA
Cyprus residency and tax residency are separate — but for investors who do intend to spend meaningful time in Cyprus, the combination of residency permit and the non-dom tax regime creates a genuinely compelling package. Our dedicated Cyprus tax residency guide covers the tax dimension in detail.
Caribbean CBI: fastest route to a second passport
For investors whose priority is a second passport rather than EU residency, the Caribbean citizenship-by-investment programmes remain the most straightforward and cost-effective options globally:
- St Kitts and Nevis: From USD 250,000 via the Sustainable Island State Contribution. Visa-free access to 157+ countries including the UK, EU/Schengen, and most major jurisdictions.
- Dominica: From USD 200,000 government contribution. One of the most cost-effective CBIs globally.
- St Lucia: From USD 240,000. Strong passport, efficient processing.
- Grenada: From USD 235,000. Unique feature: includes an E-2 treaty investor visa pathway to the United States.
- Antigua and Barbuda: From USD 230,000.
Caribbean passports do not offer EU residency rights, but they provide a genuinely useful second nationality — particularly for those from countries with limited visa-free travel, or for those who want a second citizenship for travel flexibility and estate planning without committing to a European base.
Vanuatu: fastest passport globally
For investors who need speed above all else, Vanuatu's Development Support Programme offers one of the fastest routes to a second passport globally — typically 30–60 days from application. The contribution level is approximately USD 130,000. The Vanuatu passport provides visa-free access to around 96 countries, including the UK and EU Schengen Area.
Vanuatu is appropriate as a travel document for speed and cost, not as a long-term residency option. Those seeking substantive residency rights or EU-level privileges will find it insufficient.
How to choose
The right programme depends on what you are actually trying to achieve:
| Goal | Best options |
|---|---|
| EU residency with property investment | Greece, Cyprus, Malta residency |
| EU citizenship | Malta MEIN |
| Tax-efficient second residency | UAE, Cyprus |
| Fastest second passport | Caribbean CBI |
| Lowest cost second passport | Dominica, Vanuatu |
| EU residency + non-dom tax planning | Cyprus |
What due diligence should you do?
The residency and citizenship industry contains a significant number of advisers and agents who earn commission from steering applicants toward specific programmes — often the most expensive ones, or the ones with the highest agent fees. Questions to ask before engaging any adviser:
Are you independent? An adviser who recommends only one or two programmes, or who cannot explain why they are not recommending alternatives, may have commercial incentives driving the recommendation.
What is the total cost? Application fees, government contributions, legal fees, property costs, ongoing compliance costs, and adviser fees should all be quantified upfront.
What are the physical presence requirements? If you do not intend to live in the country, ensure the permit can be maintained without residency. Greece and Cyprus have no minimum stay requirements; Malta requires genuine presence before citizenship.
How stable is the programme? Spain's closure and Portugal's reform showed that programmes can change or close. Understand the political risk around the programme you are considering.
Frequently asked questions
Is the Greece golden visa likely to close or change?
As of mid-2026, the Greece programme remains operational. The Greek government has shown no indication of following Spain's approach. The threshold increases in high-demand areas (to €800,000) were introduced in 2023 and have remained in place. Any significant change would typically be announced well in advance.
Can I rent out my Greece Golden Visa property on Airbnb or short-let platforms?
No. Greek law prohibits Golden Visa properties from being used for short-term rentals (Airbnb-type lettings). The property may be used for long-term letting (six months or more) but short-term rental use can result in cancellation of the residency permit and an administrative fine of €50,000. Investors should factor this restriction into their yield assumptions.
Can I use a UAE golden visa to establish tax residency?
Yes — UAE golden visa holders who establish genuine residence in the UAE (and cease to be resident elsewhere) can qualify as UAE tax residents, benefiting from the UAE's zero personal income tax regime. However, ending UK tax residency, for example, requires meeting the Statutory Residence Test conditions, and a 10-year IHT tail applies for those who were UK-resident. Professional tax advice should be taken before relying on UAE residency for tax purposes.
Does a Caribbean passport allow me to live in the EU?
No. Caribbean citizenship-by-investment passports provide travel access to the EU Schengen Area (typically 90 days in any 180-day period) but do not confer any right of residence within the EU. For EU residency rights, an EU-member-state programme (Greece, Malta, Cyprus) is required.
How long does it take to get a Greek golden visa?
Processing times in Greece have improved, but the process typically takes 6–12 months from submission of a complete application. The investment (property purchase or payment) must be completed before the permit is issued, and notarial and registration requirements add time.
How Global Investments can help
We advise on 18+ active citizenship and residency programmes globally — from initial programme selection and investment structuring through to application management. We take an independent view, matching the right programme to your objectives rather than promoting whichever programme offers the highest referral fee.
Contact our citizenship and residency team to discuss which programme is right for your situation.
Programme details, investment thresholds and visa rules are subject to change. This article reflects available information as of June 2026. This does not constitute legal or immigration advice. Please consult a qualified adviser before making any investment or citizenship application.
This article is for general information only and does not constitute financial, legal or tax advice. Rules, prices and regulations change; verify current requirements with a qualified adviser before acting.