In 2026 the European residency‑by‑investment landscape has shifted dramatically. Spain’s Golden Visa program is closed, Portugal has introduced a fast “Highly Qualified Activity” route, Italy now approves visas before any capital is transferred, and Hungary has relaunched a low‑cost fund‑based option. The following summary captures the current terms, thresholds, physical‑presence requirements, processing times and paths to citizenship for the main programmes.
Portugal
Golden Visa (fund‑based)
- Minimum investment: €500,000 in a regulated investment fund (other options include capital transfer, job creation, or donations to scientific research starting around €150,000).
- Physical presence: average of 7 days per year.
- Processing: multi‑year backlog at AIMA (Portugal’s immigration agency).
- Path to citizenship: 10 years of residence (legislative extension from the previous 5‑year framework).
Highly Qualified Activity (Global Talent Programme)
- Basis: documented collaboration with a Portuguese university (research, academic development, or innovation), typically structured as a donation‑backed Letter of Commitment.
- Minimum investment: varies; often a donation rather than a market‑rate investment.
- Physical presence: generally higher than the Golden Visa, but applicants can obtain an exemption letter if they have genuine international business commitments.
- Processing: approx. 4 months for the residence card; renewal first for 2 years, then for 3 years.
- Family inclusion: spouse and dependent children can be added to the same application.
- Path to citizenship: 10 years of residence.
Greece
- Minimum real‑estate investment: €250,000 for certain commercial‑to‑residential conversions; €400,000 for most regions; €800,000 for high‑demand areas such as central Athens, Thessaloniki, Mykonos, and Santorini.
- Physical presence: none required.
- Processing: about 6 months.
- Path to citizenship: 7 years of residence plus Greek language and culture requirements.
Malta
Permanent Residence Programme
- Government contribution: €98,000.
- Additional requirement: purchase or rental of property and a donation to a registered NGO.
- Physical presence: none required.
- Processing: roughly 8 months.
- Citizenship: not granted; residency only.
Citizenship‑by‑Investment
- Total cost (including contributions, donation, and property): €600,000 – €750,000.
- Due‑diligence: rigorous, reflecting direct grant of an EU passport.
- Processing: about 18 months.
- Citizenship: immediate upon approval (no residency period).
Italy Investor Visa
- Qualifying options:
- €250,000 investment in an innovative startup.
- €500,000 in an Italian limited company.
- €2 million in government bonds.
- €1 million philanthropic donation.
- No real‑estate route.
- Sequencing: applicants receive a Nulla Osta (certificate of no impediment) and visa approval before transferring capital (typically within 3 months of arrival).
- Physical presence: none required for renewal.
- Processing: approx. 6 months.
- Flat‑tax regime (2026): new residents may elect a substitute tax of €300,000 per year on foreign‑sourced income, regardless of actual earnings.
- Path to citizenship: 10 years of continuous residence.
Spain
- Golden Visa: permanently closed as of April 2025; no investment route available.
- Digital Nomad Visa (introduced 2023):
- Minimum monthly income: €2,850 – €3,000 (adjusted annually with the minimum wage).
- Requirement: primary professional activity performed outside Spain; limited Spanish‑source work allowed.
- Physical presence: 183 + days per year triggers Spanish tax residency.
- Tax options:
- Beckham Law (available to employees of foreign companies): flat 24 % tax on Spanish‑source income up to €600,000 for up to 6 years; foreign income generally exempt.
- Self‑employed/freelancers: standard progressive rates 19 % – 47 % on worldwide income plus mandatory social security contributions.
- Processing: weeks for visa issuance.
- Path to citizenship: standard naturalisation timeline (generally 10 years).
Hungary Guest Investor Programme
- Investment routes:
- €250,000 into a real‑estate fund.
- €500,000 direct real‑estate purchase.
- Donation to a Hungarian higher‑education institution (amount not specified).
- Physical presence: none required.
- Processing: approx. 4 months, among the fastest in the EU.
- Path to citizenship: longer‑term residency required; language proficiency needed for naturalisation.
Side‑by‑Side Comparison (2026)
| Programme | Minimum Investment | Physical Presence Requirement | Typical Processing Time | Path to Citizenship |
|---|---|---|---|---|
| Portugal – Golden Visa | €500,000 (fund) | 7 days/yr | Multi‑year (AIMA backlog) | 10 yr |
| Portugal – Highly Qualified Activity | Donation/commitment (varies) | More than 7 days/yr, exemptions possible | ~4 months | 10 yr |
| Greece – Golden Visa | €250,000 – €800,000 (property) | None | ~6 months | 7 yr |
| Malta – Permanent Residence | €98,000 + property/rental + NGO donation | None | ~8 months | Not applicable |
| Malta – Citizenship | €600,000 – €750,000 (total) | Varies | ~18 months | Immediate |
| Italy – Investor Visa | €250,000 – €2 million (various) | None | ~6 months | 10 yr |
| Spain – Digital Nomad Visa | No investment; income €2,850 – €3,000/month | 183 + days triggers tax residency | Weeks | Standard naturalisation |
| Hungary – Guest Investor Programme | €250,000 (fund) or €500,000 (property) | None | ~4 months | Longer‑term, language test required |
Key considerations for applicants (2026)
- Speed: Portugal’s Highly Qualified Activity route and Hungary’s fund‑based programme both deliver residence permits in about four months.
- Capital risk: Italy’s visa allows approval before any funds are transferred, reducing upfront exposure.
- Physical presence: Greece and Hungary impose no stay requirement, while Portugal’s Golden Visa remains the most lenient at 7 days per year.
- Citizenship vs. residency: Malta’s citizenship‑by‑investment offers an EU passport within 18 months but at a substantially higher cost.
- Tax implications: Spain’s Digital Nomad Visa combined with the Beckham Law can be tax‑efficient for employees of foreign firms; self‑employed individuals face standard Spanish rates. Italy’s flat‑tax option may benefit high‑net‑worth individuals with significant foreign income.
Prospective investors should align the programme’s investment threshold, processing timeline, residency obligations, and tax regime with their personal and family goals before proceeding.
Source article: knightsbridge.ae
