Europe’s golden visa market has narrowed sharply after closures and restrictions in Spain, Ireland, the Netherlands, Luxembourg, the United Kingdom, and other jurisdictions. Under a practical definition of a golden visa as passive investment-based residency with no requirement to live in the country or become tax resident, eight European programs remain active: Portugal, Greece, Hungary, Bulgaria, Latvia, Italy, Cyprus, and Malta.
Portugal
Portugal’s golden visa remains open, but its structure has changed significantly.
The real estate route ended in October 2023. The main surviving options are:
- €500,000 investment fund subscription
- €250,000 cultural or artistic donation
- €500,000 donation for scientific research
- Business creation with at least 10 jobs
The program’s main advantage has been its light physical presence requirement: about seven days per year on average until year five, when permanent residency or citizenship eligibility becomes relevant.
Portugal’s citizenship timeline is uncertain. Parliament voted in October 2025 to extend naturalization to 10 years for non-EU, non-CPLP nationals, but the Constitutional Court struck down parts of the law in December 2025, and the president vetoed the decree. The bill returned to parliament, and the final outcome remains unclear in the transcript.
Portugal also has a major processing problem. More than 20,000 applicants are waiting for appointments with AIMA, the migration agency. Processing times have reached 39.6 months, or more than three years from application to appointment.
The government has promised to resolve the backlog in 2026, with expected revenue of about €85 million.
Portugal’s value proposition has weakened compared with earlier years:
- Real estate investment is no longer available.
- The non-habitual resident regime was reduced.
- Contribution thresholds have increased.
- Processing delays are severe.
- The citizenship timeline may become longer.
Even so, the program still offers a residence permit, Schengen access, and a possible path to citizenship.
Greece
Greece has attracted more attention as Portugal became less predictable.
The Greek golden visa was overhauled in September 2024 with a zone-based property pricing system.
Property thresholds are now:
- €800,000 for Athens, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants
- €400,000 for other regions
- €250,000 for commercial-to-residential conversions and restoration of listed buildings anywhere in the country
For the €800,000 and €400,000 categories, the property must be at least 120 square meters.
Non-real estate options include:
- €500,000 in Greek government bonds
- €500,000 fixed-term bank deposit
- €800,000 in equities and corporate bonds
Greece grants immediate permanent residency to successful applicants and requires no minimum stay to maintain the golden visa.
Citizenship is much harder. Eligibility begins after seven years of tax residence in Greece, plus a language exam. Most golden visa holders do not meet those requirements.
A major restriction now applies to property investors: short-term rentals are prohibited. Listing a golden visa property on Airbnb can lead to a €50,000 fine and visa revocation.
Greece also proposed legislation in January 2026 to fix backdated residence permits and streamline renewals. The backlog was about 42,390 pending applications. Decentralized processing has reportedly reduced approval timelines from almost two years to a few months.
Hungary
Hungary launched its Guest Investor Residence Permit in July 2024.
Two routes are available:
- €250,000 in a government-accredited real estate fund
- €1 million donation to a Hungarian higher education institution
A planned €500,000 direct real estate route was abolished in January 2025 because of housing price concerns.
The permit is valid for 10 years and can be renewed for another 10 years.
Key advantages include:
- No physical presence requirement
- Immediate Schengen travel rights
- Pre-approval before committing capital
- Broad family inclusion
Dependents may include:
- Spouse
- Children under 18
- Children up to 26 if financially dependent and studying
- Parents aged 65 and over
Hungary is less attractive as a citizenship strategy. Naturalization requires at least eight years of continuous full-time residence, a Hungarian language and cultural knowledge exam, and proof of financial self-sufficiency.
The program is best suited as a long-term EU mobility tool, not as a fast passport route.
Bulgaria
Bulgaria’s golden visa is less visible but offers a rare feature: immediate permanent residency.
The route requires a €512,000 investment in alternative funds or exchange-traded funds licensed by Bulgaria’s Financial Supervision Commission. According to the transcript, only two qualifying options currently exist.
Investors must maintain the investment for at least five years.
The permanent residency card can be issued within six to eight months, with no physical residence requirement to maintain status.
Bulgaria joined the Schengen area in January 2025 and adopted the euro in January 2026, removing earlier currency risk from fund subscriptions.
Tax residents benefit from a 10% flat income tax and 10% corporate tax, the lowest in the EU.
Citizenship eligibility begins five years after permanent residency is granted, subject to an A1 Bulgarian language requirement, described as achievable after a few months of remote study.
Children of Bulgarian citizens acquire citizenship by descent regardless of age.
Latvia
Latvia has one of Europe’s oldest golden visa programs, operating since 2010, and is described as the cheapest remaining option.
Three investment routes are available:
- €50,000 investment in a company with fewer than 50 employees and under €10 million turnover
- €250,000 local real estate purchase plus a 5% government fee
- €280,000 Latvian bank deposit for five years plus a €25,000 government fee
The bank deposit route returns the investor’s capital in full after the five-year residency period.
Real estate accounted for 45% of approvals in the first half of 2025.
Latvia processed 44 main applicants in the first half of 2025, putting the program on track for its strongest year since 2021.
No minimum stay is required to maintain the residence permit.
Citizenship is a much longer process. It requires at least 10 years of physical residency, Latvian language proficiency, and history exams.
Italy
Italy’s investor visa offers four routes:
- €250,000 in an innovative Italian startup
- €500,000 in shares of an Italian company
- €2 million in Italian government bonds
- €1 million philanthropic donation
Processing usually takes three to four months.
No minimum stay is explicitly required, although applicants must show an intent to reside.
Italy may appeal to investors who actually want to relocate because of its special tax regimes. The transcript mentions:
- A 7% flat tax for retirees moving to southern municipalities with fewer than 20,000 inhabitants, valid for up to 10 years on foreign-source income
- A €300,000 annual flat tax on all foreign income, regardless of how much is earned or generated
Italy is therefore both a residency option and a possible tax planning jurisdiction, depending on the applicant’s profile.
Cyprus
Cyprus offers permanent residency through a €300,000 investment.
Qualifying routes include:
- New residential real estate plus VAT
- Commercial property
- Investment fund units
Applicants must also demonstrate foreign income of at least:
- €50,000 per year for the main applicant
- €15,000 extra for a spouse
- €10,000 extra per child
Processing takes around two to three months.
The presence requirement is light: one visit every two years is enough to keep permanent residency active.
Cyprus is especially notable for tax planning. The transcript highlights:
- No wealth tax
- No inheritance tax
- No gift tax
- Non-domiciled residents pay zero tax on dividends and interest for up to 17 years
- Foreign pensions taxed at a flat 5% above an exempt threshold
Cyprus can be attractive for retirees and passive-income earners who want a favorable European tax environment.
Malta
Malta’s direct citizenship by investment program ended in April 2025 after an EU Court of Justice ruling, but the Malta Permanent Residence Program remains active.
The MPRP combines:
- Government contribution
- Property purchase or lease
- Philanthropic donation
The lease route is described as the more popular option.
Total costs start around $130,000 when leasing, depending on property choice and family size.
Malta is described as the most affordable entry point for direct permanent residency in Europe with Schengen access.
Its strongest feature is family inclusion. The program can cover up to four generations:
- Spouse
- Children
- Parents
- Grandparents
- In some cases, great-grandparents
No minimum stay is required, and English is an official language.
Citizenship should not be assumed. Although a five-year naturalization path exists in law, the transcript says most investors do not naturalize without at least a decade and a half of substantial physical presence.
Overall comparison
The remaining European golden visas serve different purposes.
Portugal still offers a well-known fund-based route, but faces long backlogs and uncertainty over citizenship timelines.
Greece offers immediate permanent residency and multiple investment options, but higher property thresholds and short-term rental restrictions have changed the economics.
Hungary offers a long 10-year renewable residence permit, no presence requirement, and pre-approval before investment, but citizenship requires real relocation and language integration.
Bulgaria offers immediate permanent residency from a fund investment, low taxes, Schengen access, and a five-year citizenship timeline after PR.
Latvia offers the lowest entry point at €50,000, but citizenship requires long physical residence and integration.
Italy offers flexible investment routes and strong tax regimes for certain residents, but citizenship is not fast.
Cyprus offers quick permanent residency, light presence, and one of Europe’s more favorable tax environments for non-domiciled residents, but it is not yet in Schengen in the transcript.
Malta offers Schengen access, permanent residency, English, no minimum stay, and broad family inclusion, but citizenship is not a realistic short-term outcome for most investors.
Practical assessment
The European golden visa market is shrinking because of housing affordability pressure, EU scrutiny of passive investment migration, and political resistance to investor residency.
Programs that remain open are likely to become more expensive, more restrictive, or slower over time.
Applicants should compare:
- Minimum investment
- Whether capital is recoverable or sunk
- Processing time
- Schengen access
- Physical presence requirements
- Family inclusion
- Tax residency consequences
- Path to permanent residency
- Citizenship timeline
- Language requirements
- Rental restrictions
- Backlogs and administrative reliability
- Probability of future tightening
The practical takeaway is that Europe still has golden visas, but the easy era is over. Portugal, Greece, Hungary, Bulgaria, Latvia, Italy, Cyprus, and Malta remain open, yet each now serves a different purpose: mobility, tax planning, family relocation, permanent residency, or long-term citizenship planning.
