The EU Golden Visa Landscape in 2026: What Changed and What Remains
The European Golden Visa market looked significantly different in 2026 from what it did in 2020. Several major changes reshaped the landscape:
- Portugal removed residential real estate as a qualifying investment category in 2023, ending what had been the most popular property-based Golden Visa programme in Europe. Fund investment remains available.
- Spain abolished its Golden Visa programme with effect from 3 April 2025 (under Organic Law 1/2025), citing housing market pressures. The programme had required €500,000 in Spanish property.
- Greece raised its investment thresholds to €800,000 in high-demand areas (Athens, Thessaloniki, Mykonos, Santorini and other premium zones) and €400,000 elsewhere; the former €250,000 minimum now applies only to qualifying conversion/restoration projects.
- Malta lost its investor-citizenship programme after the Court of Justice of the EU ruled it unlawful on 29 April 2025; the scheme has been withdrawn and the EU no longer has any active citizenship-by-investment route. Malta still offers a permanent-residency-by-investment programme (the MPRP).
- Cyprus lost its citizenship by investment programme in 2020 (see our abolished programme page) and now offers only permanent residency by investment.
For investors who had been tracking EU Golden Visa options, this means the menu is narrower in some respects and the pricing in premium areas has increased. However, genuine routes to EU residency and citizenship by investment remain available and are widely used.
Portugal: The Fund Route Remains Active
Programme: Golden Residence Permit Programme (ARI) Investment options (2026):
- Qualifying investment funds: minimum €500,000 in a Portuguese CMVM-regulated investment fund
- Capital transfer of €500,000 into Portuguese private equity or venture capital
- Job creation: 10 permanent jobs created in Portugal
- Cultural/artistic production or rehabilitation: reduced thresholds applicable in low-density areas
What residential property investors should know: The 2023 reform (under the Mais Habitação programme) removed residential property as a qualifying Golden Visa investment, citing housing affordability concerns. Commercial real estate and property rehabilitation in interior, low-density areas retain some eligibility under specific conditions — but the straightforward buy-a-Lisbon-apartment route is gone.
Processing time: Six to eighteen months for initial residency card. Significant backlogs have been reported at AIMA (the immigration authority that replaced SEF); timelines have varied.
Residency card validity: Two years initially, then two-year renewals.
Physical presence requirement: Seven days in the first year; fourteen days in each subsequent two-year period. This is minimal — less than two weeks per year — and is one of the programme's primary attractions.
Path to citizenship: Portugal's nationality law was reformed by Lei Orgânica 1/2026 (in force from 19 May 2026), extending the residence requirement for naturalisation from five years to seven years for nationals of CPLP and EU member states and ten years for other nationalities. Applicants must also pass an A2-level Portuguese language test (basic competency) and have no serious criminal record. Applications filed on or before 18 May 2026 remain under the previous five-year rule.
Portuguese passport: One of the most powerful in the world — access to approximately 188 countries, including the USA (Visa Waiver Programme), UK, and all Schengen states. Portuguese citizenship also gives EU citizenship and the right to live and work in any EU member state.
Tax considerations: Portugal's NHR (Non-Habitual Resident) regime, which had made Portugal especially attractive for relocating high-net-worth individuals, was abolished at the start of 2024 and replaced by the narrower IFICI regime. See our separate guide on post-NHR tax options.
Best for: Investors who want a pathway (seven years for CPLP/EU nationals, ten years otherwise) to one of the world's most powerful passports; those comfortable with fund investment rather than direct property; those who value minimal physical presence requirements.
Greece: Strong Value, Longer Citizenship Timeline
Programme: Golden Visa Programme (Law 4251/2014 and amendments) Investment options:
- Residential real estate in premium zones (Athens, Mykonos, Santorini, Thessaloniki, South Athens, and Attica): €800,000 minimum
- Residential real estate in all other areas: €400,000 minimum
- Commercial real estate (any area): €400,000 minimum
- Qualifying investment funds: €350,000 (recently introduced route)
- Capital contributions to registered companies: €800,000
- Government bonds: €500,000
Note: The differentiated threshold system (€250,000 having previously applied to all areas) was reformed in 2023–2024 to address demand concentration in Athens. Verify current zone boundaries before investing.
Processing time: Initial application to residency card: three to nine months; processing times have fluctuated with application volumes.
Residency card validity: Five years, renewable while investment is maintained.
Physical presence requirement: No minimum physical presence required to maintain the Golden Visa. This is the most permissive of all EU Golden Visa programmes on this metric.
Path to citizenship: Seven years of continuous lawful residency, a Greek language and history test (B1 level Greek), and standard naturalisation requirements. The Greek language requirement is more demanding than Portugal's A2 requirement.
Greek passport: Access to approximately 186 countries, including Schengen, UK, and USA. Full EU citizenship and rights.
Tax: Greece offers a lump-sum tax regime for foreign retirees (7% flat rate on foreign income for up to 15 years) and a non-domicile option for high earners (€100,000 annual flat fee). The country also has an attractive tax regime for those who transfer their tax residency and had not been Greek tax residents for seven of the previous twelve years.
Best for: Investors who want EU residency at a lower price point than Portugal (in non-premium areas), who do not need or want minimal physical presence requirements, and who have patience for the seven-year citizenship timeline; property investors who want genuine Greek real estate.
Spain: The Programme's Status
Spain's Golden Visa programme — which had required €500,000 in Spanish real estate — was abolished by the Sánchez government under Organic Law 1/2025, with the closure taking legal effect on 3 April 2025, citing housing market distortions. The programme is now closed to new applicants: applications filed before 3 April 2025 continue to be processed under the old rules, and existing Golden Visa holders retain their status. Buying Spanish property no longer grants any residency right.
Spanish citizenship remains available through naturalisation after ten years of residency for most nationalities (two years for nationals of Ibero-American countries, the Philippines, Equatorial Guinea, Portugal, Andorra, and the Sephardi Jewish community). Spain does not permit dual nationality for most applicants; this is a significant drawback compared to Portugal and Greece.
Cyprus: Permanent Residency by Investment (Not Citizenship)
Programme: Category F Permanent Residency by Investment Investment: €300,000 minimum in new-build residential property from a licensed Cypriot developer
What you get: Permanent residency in Cyprus — not citizenship, and not a Schengen residence permit. Cyprus is an EU member state but not in the Schengen Area (as of 2026). A Cypriot residency permit does not give Schengen travel rights.
Path to citizenship: Seven years of continuous legal residency in Cyprus, plus Greek language requirements.
Cypriot passport (via standard naturalisation): Full EU citizenship, access to 173+ countries, Schengen (via EU citizenship).
Tax advantages: Cyprus offers significant tax benefits for non-domiciled residents: no tax on dividends or interest (under Special Defence Contribution rules for non-doms), 60-day tax residency rule (can qualify as Cyprus tax resident with only 60 days' presence, if not tax resident anywhere else), and no inheritance tax. These make Cyprus residency particularly attractive for individuals managing investment income.
Best for: Investors who genuinely want to live in Cyprus (or at least spend significant time there) and who value the tax environment; those who want EU residency but for whom Schengen access is less important; investors who want a Mediterranean property at the €300,000 level and are happy with a residency benefit rather than citizenship fast-track.
Malta: Investor Citizenship Withdrawn; Residency Programme Remains
Programme (now closed): Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment
Malta was, until 2025, the only EU member state offering citizenship by investment. On 29 April 2025 the Court of Justice of the EU ruled the programme unlawful, holding that it amounted to the commercialisation of EU citizenship and breached the principle of sincere cooperation under Article 4(3) TEU. Malta has since withdrawn the investor-citizenship route. There is no longer any citizenship-by-investment programme anywhere in the EU. Those interested in Maltese citizenship must now pursue ordinary naturalisation, or watch for the proposed merit-based citizenship route Malta has signalled it will introduce.
What remains — the Malta Permanent Residency Programme (MPRP): Malta continues to offer permanent residency (not citizenship) through investment, combining a government contribution, a property purchase or rental, and a charitable donation. The MPRP grants Maltese permanent residency and Schengen access, but does not itself lead to citizenship on an accelerated basis.
Maltese passport (via ordinary naturalisation): Access to approximately 190 countries, including the USA (Visa Waiver Programme), UK, and all EU member states. It remains one of the most powerful passports in the world, but it can no longer be obtained through direct investment.
Best for: Investors who want Maltese permanent residency and Schengen access via the MPRP. The fast-track-to-citizenship proposition that the former programme offered is no longer available.
Comparison Table
| Programme | Investment Type | Min Investment | Processing | Citizenship Timeline | Passport Rank |
|---|---|---|---|---|---|
| Portugal GV | Fund / other | €500,000 | 6–18 months | 7 yrs (CPLP/EU) / 10 yrs (others) | ~188 countries |
| Greece GV | Property/fund | €250k–€800k | 3–9 months | 7 years | ~186 countries |
| Spain GV | Property | €500,000 | Closed 3 Apr 2025 | 10 years | ~190 countries |
| Cyprus PR | Property | €300,000 | 2–4 months | 7 years (residency path) | ~173 countries |
| Malta MPRP | Contribution+ | varies | n/a (residency only) | No CBI route (CBI closed 2025) | ~190 countries |
Which Programme for Which Investor?
- EU citizenship by investment: No longer available anywhere in the EU (Malta's CBI was ruled unlawful and withdrawn in 2025). Citizenship now comes only via residency programmes plus standard naturalisation.
- Best value pathway to an EU passport: Portugal (€500,000 fund; seven years for CPLP/EU nationals, ten otherwise)
- Lowest entry cost EU residency: Greece (€400,000 non-premium areas) or Cyprus (€300,000 property)
- No physical presence: Greece Golden Visa
- Cyprus lifestyle + tax planning: Cyprus Permanent Residency
- Most powerful passport outcome: Portugal (Maltese citizenship can no longer be bought)
Compliance Note
EU Golden Visa and CBI programme rules are subject to change under EU Commission pressure, domestic political decisions, and bilateral agreements. The information above reflects conditions as of mid-2026. Independent legal advice is essential before committing. Investments can fall as well as rise. Tax implications require individual advice from a qualified adviser.
How Global Investments Can Help
We maintain active programmes in Portugal, Greece, Cyprus, and Malta, with relationships with authorised local legal counsel in each jurisdiction. Our property division also maintains qualifying investment properties in Greece and Cyprus. We can guide you through the full process from programme selection through to citizenship application. Contact us for a confidential initial consultation.
Frequently Asked Questions
Can I still get a Portuguese Golden Visa in 2026?
Yes, through qualifying investment funds and a limited range of other investment types. Direct residential property investment was removed as a qualifying route in 2023. Fund investment from €500,000 remains the primary route used by most applicants.
Did Spain close its Golden Visa programme?
Yes. Spain's investor Golden Visa was abolished by Organic Law 1/2025 and the closure took legal effect on 3 April 2025. New applications are no longer accepted, though applications filed before that date continue to be processed and existing holders retain their rights. Buying Spanish property no longer confers any residency right.
What is the fastest route to an EU passport through investment?
There is no longer a citizenship-by-investment route in the EU. The Court of Justice of the EU ruled Malta's investor-citizenship programme unlawful on 29 April 2025, and Malta has since withdrawn it. The remaining routes are residency programmes that lead to citizenship only through standard naturalisation after a qualifying period: Greece after seven years, and Portugal after seven years (CPLP and EU nationals) or ten years (other nationalities) following the nationality-law reform in force from 19 May 2026.
Is a Golden Visa residency card enough to live in the EU?
Yes. A Portuguese, Greek, or Spanish Golden Visa residency card gives the holder the legal right to live in that country. It also allows travel throughout the Schengen Area without additional visas. Many holders use the card primarily for travel while not residing full-time in the country.
Are EU Golden Visa programmes under threat from the European Commission?
The EU Commission has expressed concern about Golden Visa programmes that it believes are being exploited for money laundering or that allow circumvention of standard immigration controls. Some programmes have been modified under this pressure. The Commission's challenge to Malta's investor-citizenship programme succeeded: the Court of Justice of the EU ruled it unlawful on 29 April 2025 and the programme has been withdrawn. The landscape is evolving, and investors should take note of the regulatory direction.
This guide is for general information only and does not constitute legal, financial or immigration advice. Programme details change; verify current requirements with a qualified immigration lawyer before making any investment or application. Investment values can fall as well as rise.